Selling your home and getting a return on investment can be a challenging task. Many factors go into how quickly and how efficiently your home sells. You will need to tailor your home to the market to assure the property will sell. With some renovation projects ahead of you, it is vital to avoid as many costly mistakes as possible. Fortunately, with proper preparation, you can avoid some of these common renovation mistakes. Here is everything you need to be aware of going into this project:
Renovating your home to be tailored to a broad, general audience is critical. Too often, homeowners are too attached to their homes. Personalizing your home is great but not optimum for reselling. Go with neutral colors in your home. Your bold colored walls may look great to you but may not appeal to others. Home buyers are deterred from purchasing homes they need to invest in right away. Keeping everything neutral will make a home “move-in-ready” for a much larger audience.
Expecting a Return on Investment
Your home’s value is strongly influenced by the neighborhood’s homes’ value. While some aesthetic projects may look great, do not expect a substantial return on investment. Invest in everything essential in your homes sale such as electrical and plumbing before aesthetics. Avoid “overly” improving your home. Substantial investments do not always equal large returns.
Not Accounting for The Unexpected
Start with creating a budget. Know the price you plan on listing your home. Any project can open up unexpected issues. Account for at least an extra ten percent for the unexpected. Contractors are a safe way to go to ensure everything is done efficiently, but be wary of going with the “cheapest” contractor. You do not want to find yourself hiring another contractor to fix your prior one’s work. Find good reviews or recommendations before hire.
As daunting as some of these tasks may seem, with proper awareness of common costly expenses, you can avoid these unwanted mistakes. To avoid over-optimism, do not expect to sell your house in a week, especially if you have a lot of renovations to finish. Remember that most buyers do not want to purchase a home with a ton of unfinished projects. Prioritize, budget, and conquer. Best wishes!