10 Budget Friendly Renovations Tips to Increase Your Home's Value
You've been thinking of putting a "for sale" sign in your front yard and you recognize your home needs some repairs and updates, but which updates? Which ones make sense and which ones don’t? You are selling the house after all and where do you get the best deal on these renovations once you know which ones? How are you going to cover the cost of those expenses?
Lots of good questions and you are not alone. In fact, the truth is that most sellers recognize their home could use some renovation before selling, but most often sellers ignore the need and let the buyer capture all of the value. Well, congratulations on taking this 1st step! We are going to show you statistically which repairs reap the biggest reward and we are going to answer all of your other questions because this is what we do for our clients every day.
Here is the Top 10 home updates ( With a bonus 1 at the end )!
1. Insulation
2. Plumbing/Electrical upgrade
3. Minor Kitchen Remodel
4. Minor Bathroom Remodel
5. Painting
6. Flooring
7. Pressure Washing
8. Window Cleaning
9. Garage Door Replacement
10. Landscape maintenance
11. Fix all needed repairs
1. Insulation: Anything that lowers the cost of owning a home adds value in the eyes of a buyer. Upgrading insulation will provide peace of mind and money savings for you as well as a new home owner. The attic is a great place to start for this project. Most homes currently loose a tremendous amount of heat through the ceiling in the Winter and cool air conditioned air in the summer. Many homes in our area only have an R13 rating of insulation in the attic. R30 is currently recommended and required in most areas. Buyers think about all of the costs of owning a home. Part of that thought process for buyers is the monthly bills, so if you can put their minds at ease on the gas and electric bill you are ahead of your competition.
2. Plumbing and Electrical upgrade: Most people don’t realize that your plumbing and electrical systems were only intended to last 40-50 years. Many homes in our area were built 60-70 years ago so many are on borrowed time so to speak. Upgrading these systems can cost less than you may think and you will gain safety and efficiency. A new buyer can check these off the list of deferred maintenance concerns and your home will garner a higher price.
3. Minor Kitchen remodel: It has been proven time and time again that a kitchen update is one of the very best renovations you can do for return on investment if done correctly. Extensive and/or expensive kitchen remodel or one that appeals to a selective audience is not the key to success here. You need to know which items should be replaced. Where to source the best materials for a renovation and who is the best contractor for this job. The key here is value! Not cheap. Not expensive either. What you are going for is moderately priced that looks more expensive than they really are. For example new cabinets in a small kitchen can easily cost $5000 for labor and material but resurfacing cabinets could cost closer to $1000. Would a new buyer prefer new cabinets over resurfaced ones sure they would but will the buyer pay $4000 more for the home for them? That is methodology that needs to be used. Think value. Its an artform and there is no replacing experience here. Sacramento Home Buyer has completed 100’s of remodels with resale in mind.
4. Minor Bathroom: Very similar to the kitchen remodel above a lot of value can be gained here. Update plumbing fixtures. Resurface rather than replace that cast iron tub. Loose the pink toilet. Update the light fixture and vanity. Sometimes there are no two ways around it things need to be replaced. There could be water damage or issues that just have to be replaced. Again experience pays real money here.
5. Painting: (interior/exterior) A possible home buyer needs to be able to picture themselves living in your home placing their furniture in each room. Just because you love orange walls doesn’t mean your home buyer will, so give them a chance to fall in love with the bones of the house. Picking neutral colors is usually best. It allows a buyer to focus on the space rather than the paint color. Lighter colors usually make rooms look larger too. There are modern colors such as light greys that are very popular and really help you attract a sophisticated buyer. Typically painting can be an inexpensive update but color selection can be tricky. Let us help we have certain color combinations that we know work great.
6. Flooring: There are so many options for updating your flooring, many will increase the value of your home. Before making a decision think about what the room is used for….. i.e. the kitchen, laundry and bathrooms all have possible water leakage from time to time, so carpet or hard wood floors may not be a great choice for those rooms. Just like with the paint, choose neutral colors that will look good with everyone's furniture and last for years to come.
7. Pressure Washing: Sounds obvious doesn’t it? But you would be surprised at how many home owners put their homes up for sales without cleaning the outside. Over time dirt and mold build up and when you are coming home to the same house everyday you don’t notice it, but you better believe those home buyers notice it. Cleaning the outside of the home also lets the home buyer know that you take good care of your house and sets the precedent for the interior to be clean and keep up as well.
8. Window Cleaning: The same goes for window cleaning as it did for pressure washing, but remember there's two sides to a window as well as the seals. Not just cleaning, but replacing seals and screens may be necessary.
9. Garage Door Replacement: Replacing the garage door ranks as one of the top home improvement projects that generates the highest return on investment at resale, according to Remodeling magazine’s 2016 Cost vs. Value report. Learn how the cost and the value of a new garage door has increased.
10. Landscape Maintenance: Landscaping subtly invites a person into your home. It says this home has been taken care of with love and pride. Need some help getting started? Check out the National Association of REALTORS 2016 Remodeling Impact Report: Outdoor Features. Very interesting data on how landscaping affects home value, so don’t overlook curb appeal as an important home update.
Bonus: Fix all needed repairs: No brannier right? But you may be surprised how often sellers ignore the leaning fence or the broken door knob or doors that don’t close. The leaky faucet the torn screen and hole in the wall will likely show up in the buyers inspection anyway, so why not put the best foot forward in advance and show them how much you care for your home. Don’t give them a reason to worry by repairing all the little things. The repairs are worth more to the buyer than the cost to you.
Is this all a little overwhelming? We understand. What items should you do and what about the costs? Well we have great news for you. We will come to your home, evaluate the potential projects give you a proposal all with no cost and no obligation. We will even show you the comparable sales given your home and the current condition vs. after the renovation. If you would like to move forward, great! We will cover the costs of these renovations until the house sells! So you come out of pocket for nothing! We Remodel. We Sell. You Profit. We believe there is no better way to sell your home in Sacramento. Give us a call today for your NO RISK in home consultation.
Chris Thomas is the owner of Sacramento Home Buyer. He has been remodeling, buying and selling homes in the Sacramento area since 2009. SHB specializes in remodeling and selling older homes and will help you finance your remodel while going through the process to sell your home.
