7 BUDGET-FRIENDLY RENOVATION IDEAS THAT ATTRACT HOME BUYERS
When it comes to selling your home, you want to consider what renovations are most attractive to the home buyer. Small, less costly improvements, can have a bigger impact than you may think, and increase your odds of getting your selling price. Ask your Related Broker for help in deciding which upgrades will best meet the unique expectations of buyers in your market.
1. Be more efficient.
Improving energy efficiency in your home is not the sexiest of all upgrades, but arguably the most important. It increases your property value and lowers your own energy bills, while making your home more appealing for new buyers, who have come to expect it. Try upgrading water heaters, windows and HVAC first — these changes cost less than say, solar panels, and are more likely to provide a return on investment when you decide to sell.
TIP: Consider sharing copies of your utility bills with potential buyers so they can compare annual costs.
2. It’s all about that curb appeal.
First impressions are everything when selling your home. Luckily, improving your curb appeal, does not need to cost a fortune. Improvements can be made with some basic DIY projects. Try power washing your exterior, and getting out your garden tools to refresh mulch, trim shrubs, and plant some seasonal plants.
TIP: If you’re really on a budget, consider adding a fresh coat of paint to your front door, or even adding house numbers. Oh, and don’t forget a clean welcome mat!
3. The Kitchen: It’s the heart of the home.
The kitchen tends to be the focal point of your home. So, when your kitchen is updated, buyers tend to be more forgiving of other, more outdated rooms, and you don’t need to break your budget to make substantial change. Consider minor improvements to start, such as painting the cabinets, adding new cabinet doors, or upgrading counter-tops and appliances, especially if they are dated.
TIP: Stay on trend and get instant results by switching out cabinet knobs and handles.
4.The Bathroom: Refresh.
Next to kitchens, bathrooms are the number two selling point in most homes and again, you don’t have to spend a fortune to make a difference. Consider re-grouting tile; removing and replacing caulk around the shower, tub, and toilet areas; and maybe it is time to think about replacing the toilet for a more modern look. As with the kitchen, switching out mirrors and fixtures will go a long way to improve the look and feel of the room.
TIP: Save on a big renovation by simply reglazing or refinishing the tile you’ve got, rather than replacing.
Do not underestimate the effect a clean coat of paint can have on a property, both interior and exterior. It is also one of the cheapest updates you can make. New paint instantly lightens rooms, and makes the buyer feel as though the house has been well-maintained. As for colors, Patrick Ryan, a certified Residential Specialist and Senior Vice President and Managing Broker at Related Realty in Chicago, advises, “The colors most people have in their homes are personal, but they should be transitional and appeal to a larger pool of people.” We often suggest Benjamin Moore Gray Owl. It goes with every other color out there — it’s clean and just dark enough to contrast with white borders and make them pop.”
TIP: Paint the ceiling of the living room with reflective white lacquer, it will instantly lighten up a dated rooms.
6. When it comes to flooring; try to work with what you have.
Flooring of course makes a huge impact in how your house comes across to buyers. Like a fresh coat of paint, new flooring will instantly brighten the home and can make a big difference for the homebuyers, the challenge is, its expensive. So, if you have real hardwood floors, they should probably stay. Just because its old, doesn’t mean it should go. People love hardwood floors and they can often be sanded down and refinished to look like new again.
TIP: If you’re short on funds and you need a change, focus on replacing or refinishing smaller areas in public spaces, such as the kitchen and living room.
7. Go bigger!
If you’re up for a bigger investment, consider making your home bigger — or focus on making one area of your home more livable. It can make a huge difference. Clearly a home’s value is driven in large part by the square footage, so converting a basement or attic into a livable space can really pay off.
TIP: If you’re the only two-bedroom on the block, it may be difficult to sell your house without upgrading with a third.