With the housing market still hot, some homeowners might think it’s a good time to sell and maybe profit on their real estate investment.
But before you make any changes to get your home ready for the market, take a step back and decide if this new project is really worth taking on.
Here are some home improvements you may want to avoid if you plan to put up the “For Sale” sign in your yard anytime soon.
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1. Kitchen remodel
A kitchen renovation can be an expensive and time-consuming project, which is unlikely to be among the the moves you want to make before house prices drop.
If you’re worried your kitchen will look dated or not upscale enough for buyers, consider cosmetic changes that might not cost as much as a total remodel, but will still look good. For example, repaint your cabinets a light color to make the room brighter or replace your outdated window treatments above the sink with something more modern.
2. Bring down the walls
Some buyers may prefer a more open floor plan, but not everyone is looking for this type of one-room space for everything. In fact, some people may prefer to have a separate space for children to play. Others may want a room they can turn into an office if they continue to work from home.
If you want to attract those looking for an open floor plan, invite an interior designer or artist to map out potential open concept options for buyers to review so they get an idea of what’s possible. for their needs.
3. Reduce the number of bedrooms
You may think that your small bedroom closet won’t be attractive, but maybe turning a bedroom into a master closet oasis to entice buyers isn’t the answer. Home prices can depend on how many bedrooms you offer, and more often is better.
If you’re worried about buyers seeing your cluttered closets, declutter them before showing your home. Storing extra clothes and shoes is a quick fix to make the closet more inviting.
4. Rethink the living room
Bold pops of color and modern graphic wallpapers have become more popular in recent years. However, the time to experiment with color isn’t right before you put your home on the market.
Instead, you might want to opt for simple upgrades that can increase your home’s value, like giving the walls a fresh coat of paint in a neutral color so they appeal to a wide variety of buyers.
5. Bathroom renovation
If you’re about to put your home up for sale, it may be too late to worry about how your bathroom will look when a buyer comes along. A bathroom remodel can be a major project that takes months, and you may not have that long before you put your home up for sale.
Also, consider the possible return on investment — or lack thereof — for an expensive bathroom renovation project. According to Remodeling magazine’s latest Cost vs. Value report, a midrange bathroom remodel has an average cost of $24,424 but an average return on investment of $14,671, recouping only 60.1% of the cost.
Pro Tip: If you decide to take on an expensive project like a new bathroom, consider home improvement loan to help cover costs if necessary.
6. Overdo the landscaping
Curb appeal is real, and you want your home to make a good first impression when a buyer comes to your home. So, don’t hesitate to refresh the look of your home with new flowers and plants, and don’t forget to clean up your garden by pulling weeds and adding extra mulch to flower beds.
On the other hand, you may want to think twice about more expensive investments, such as additional masonry work like a walkway or a brick patio in the backyard.
7. Buy new furniture
Are you worried about those outdated living room sofas and the bed that’s too big for your guest room? Investing in new furniture may not be the best course of action to fix these issues now.
Instead, consider putting the furniture away and asking your Real estate agent to get recommendations on how to stage your home from someone. A home stager may have modern options that may work for the space you have available at a cheaper price than buying new. You can then take those savings to the home you buy and get the furniture that best suits the new space.
Pro Tip: If you decide it’s a good time to buy furniture, because your existing set is too worn and may be negatively impacting your home’s curb appeal, consider buying it with one. of this furniture. three credit cards that will get you a break on interest until nearly 2024.
8. Furnish a loft
A loft space can be a great place for a sitting area or an office – or it can be wasted space that you never quite figured out how to manage. Turning it into an extra bedroom can be a good idea in theory as it increases the number of bedrooms in your home. However, such a project might be easier to imagine than to execute.
Consider any type of construction needed to complete the project and remember that there may be building permits that need to be approved as part of the process.
9. Rewiring lights
Lighting can make a room bright and inviting to shoppers. But changing and rewiring lighting can be a significant additional cost that you may want to avoid just before putting your home on the market.
Instead of adding extra recessed lights or installing pendant lights in kitchens and bathrooms, consider replacing your current bulbs with brighter, more energy-efficient replacement bulbs. This small change can warm up a room while allowing buyers to make their own changes when they move in.
10. Add a deck
A patio can be a good thing to have in your garden during the warmer months, but you might not recoup as much of the cost as you had hoped when selling.
Adding a wood deck costs an average of $16,766, according to Remodeling’s cost-to-value ratio, but returns $11,038 in resale value. This means that you could recover 65.8% of the game’s value when you sell.
At the end of the line
It can be wise to invest money at home before putting it on the market. Some small changes can pay off big when it comes to selling. But be careful where you spend your money and focus on the right projects to get the best return on investment.
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