You’re preparing to sell your home when you begin to notice a few chipped paint spots around the house and a few cabinets in the kitchen that could use retouching. In fact, the kitchen could use a brand new set of cabinet fronts. But should you take the time and the money to renovate your Reno, Nevada home before selling?
The not-so-simple answer is maybe. The current housing market is still favorable toward sellers, however, that doesn’t mean you can neglect vital repairs and renovations if you are selling your home. So what renovations will help you sell your Reno, Nevada home fast and for a great price? Renovating your home is a good idea but only if the renovations increase your home’s marketability and final sales price. To ensure that you end up with a home that will stand out to buyers when they search for their next home, consider what you are renovating before selling. First, have a pre-listing home inspection completed. The inspection will bring to light any issues that could slow down the sale of your home and seriously reduce your sale price. General repairs that should be completed before selling are related to your home’s HVAC system, electrical, roof, plumbing, etc. When the required repairs are finished you can begin considering other renovations. Before you dive into renovating an entire room do a bit of research or ask your real estate agent how much you’ll recoup.
Interior renovations that will add value can be as simple as a fresh coat of paint or as complex as converting an unused room to a home office. Repainting in a neutral color scheme increases home value by an average of 5% and nets a return on investment of 107%. You can also invest in energy-efficient appliances and windows. These items are highly sought after by buyers and will recoup an estimated 80% at resale. Finally, take notice of the small things such as the hardware in your bathrooms and kitchen. If they are outdated, replace them.
Exterior home improvements have a relatively high return on investment and go a long way to boost your home’s curb appeal. On average, home buyers will pay 7% more for a house with great curb appeal compared to one with a neglected exterior. Fortunately, you don’t need to invest a lot for your curb appeal to make a difference. Basic yard care that includes weddings, cutting the grass, and freshening up landscaping yields about a 539% return on investment. You can also touch up or re-do your exterior paint. If your home has recently been painted or isn’t showing signs of aging, you can simply touch up your exterior paint. If your home has not been painted in a long time or if your paint is cracking and peeling in multiple places you can repair the entire exterior. While this project averages a little more than $3,000 it adds over $7,500 in resale value. While you are upgrading curb appeal you can renovate your backyard with a few simple additions. Add a deck or patio to entice buyers who are looking for comfortable outdoor living. A deck will add $7,000 in resale value and cost as low as $4,380 to build. If you are searching for a larger renovation to entice buyers you can add an outdoor kitchen, which will increase your home’s value by $9,000.
In the end, it is usually the simple renovations that increase your chance to sell your home fast. Evaluate your home and speak with your real estate agent to determine what renovations need to be completed, what renovations will increase your home’s value, and what renovations you should let slide.