Home Renovations That Actually Pay-Off
(And a Few That Don’t)
Choosing which home repairs and renovations to spend your hard-earned money on can be particularly challenging, especially if you plan on selling your St Louis home someday. But there’s a lot of misinformation out there about which repairs, upgrades and renovations will actually pay off when it comes time to sell your home. And it could cost you a pretty penny in the end!
If you’re thinking of selling your St Louis home, and want to prepare it to get the best possible price, then follow these tips for making repairs and renovations that will actually pay off at the closing table.
First of all, simple maintenance and repairs
will generally give you the most ‘bang for your buck’. Cleaning everything thoroughly, decluttering your whole house, and painting rooms neutral colors like kilm beige from Sherwin Williams will help your house sell faster and for more money. Fancy upgrades won’t mean much to your potential buyers if they have to crawl over the huge kitchen table that takes up the entire room. Decluttering large furniture in small spaces can do wonders to your house’s appeal to buyers. So, before jumping into any aesthetic renovations or upgrades, make sure that the basics are all taken care of first.
If the basics are in good condition, then a good rule-of-thumb with renovations is to focus on the kitchen or bathrooms first.
Buyers that fall in love with your home’s kitchen and bathrooms are buyers that end up writing offers on your house. Hands down, these are the most popular rooms in any home, and potential buyers will always be drawn to an upgraded kitchen or bath. If your funds are limited, but you still want to spruce these rooms up a bit, consider making simple improvements like adding new hardware and paint. Modern sinks are always a plus, as well, and don’t cost nearly as much as a marble countertop or expanded square feet.
Keep in mind that extravagant renovations are sometimes ok, but they don’t pay off nearly as well in weak real estate markets as they do in strong ones.
And while our housing market in St. Louis is definitely on the rise and gaining strength, it’s still in rebound mode, and not yet at its best. Your best bet is to choose smart renovations that will make your home noticeable, but aren’t so extravagant that they exceed the means of your potential buyers.
Last, but not least, think ‘Curb Appeal.’<./h2> The exterior of your home is the first thing potential buyers see; usually via pictures before they even arrive. One upgrade that can provide major bang for your buck is new siding. The cost is relatively low compared to what buyers will be willing to pay for it. It means low-maintenance for them, and it’s aesthetically pleasing, which will make the home more inviting from the get-go.
When deciding on home renovations and upgrades, there are a few you should generally avoid
Swimming pools, manicured gardens, and customized windows, in particular, may seem like great ideas, but you’re not likely to get your money back when you sell. These types of upgrades mean high-maintenance, high-cost for the buyer, and they’re usually not willing to pay extra for them at the closing table.
At the end of the day, you have to make repairs, renovations and upgrades that make sense in your neighborhood, your home, and your current housing market, when you’re preparing your home to sell.
I couldn’t recommend more that you consult a qualified real estate professional to help you make any and all decisions on your house.
Check out a couple of STL Real Estate LLC’s previous articles here!
My St Louis House has been on the Market for Months, Why Hasn’t it Sold?
Long-Awaited ‘Qualified Mortgage Rule’ Released