Why Consider a Remodel when Planning to Sell your Home?
Many homeowners are looking forward to moving to a home with a better equipped kitchen or a master bath. Often, this is the primary reason for wanting to move home in the first place. This makes the reluctance of sellers to commit to a remodeling project, before listing their home understandable. However, this may be a mistake, since research has shown that a remodel can increase the chances of a quick sale, often with most of the cost recouped.
If you are considering a remodel before listing your property for sale, it will require some careful planning and thought. Market research has shown that a kitchen or bathroom remodel provides the greatest return. Other remodel projects, such as master bedrooms and family bathrooms can also yield great results. However, if you are seeking the maximum possible increase in value, your home should be sold within a year of the completion of the remodel.
The key to recouping the value of the remodel with a quick sale is to create a feeling of space. This will make your home feel new and fresh. Industry experts agree, that in most cases adding additional space, will add a greater value. While spending money on basic maintenance tasks, will not increase the potential value of your property, it could increase buyer curb appeal and help sell your home. However, you should consider, that the longer the time period, between completion of the remodel and when you sell your home, the smaller amount of value added.
Many homeowners assume that remodeling their home with an addition is the best way to add value. However, this is not the most efficient method of increasing value. Additions involve higher costs, which will generally only allow you to recoup eighty percent of the expense, on the value of your home. The most common method of adding value is with a kitchen remodel. The kitchen is a frequently used room by all members of the family, so a freshly remodeled kitchen holds great buyer appeal.
Before committing to a remodel, it is important to consider the curb appeal of your home. You will find it disappointing to spend money on remodeling your home, if the property lacks the wow factor to attract potential buyers inside for a viewing. You should also consider the existing properties in your neighborhood. For example, building a two story addition, is likely to yield a smaller increase in value if it is the only one in the area. Additionally, installing an updated kitchen, in an area where the surrounding properties have already remodeled kitchens, will only bring your property back to the standard set in the neighborhood. To increase value in this scenario, you will need to create something particularly special.
While you will wish to keep an eye on expenses, when remodeling your home for sale, it is important that the work is of a high standard. Cutting corners with cheap materials and workmanship will often be counterproductive. You should research your remodeling quotes properly and be aware that the cheapest estimate may not always be your best option. It is far better to obtain a referral from a friend or family member. A properly planned and implemented remodel will help to ensure that your home sells more quickly and commands a higher price. This can make it well worth any inconvenience and expense incurred during the remodel. While a remodel may not seem important when you are planning to sell your home, it could actually see you moving to your new home far more quickly.
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