Saturday, January 1, 2022 / by Meagan Henry
Put down that sledgehammer! If you’re preparing to undertake major home renovations in order to sell your home, stop for just a minute and reassess. Any avid HGTV fan can tell you just how frequently the channel’s professionals suggest sizable renovations as a way to increase home values before putting the property on the market. But where is the line between renovations that increase your property’s value and those that won’t earn you much extra equity? If you’re not a professional home flipper or real estate guru, that can be a hard line to find. Before you dive into home renovations and selling real estate in Georgetown, take a moment to ensure the renovations you’re thinking about will actually help your home.
Is It Necessary?
Before you dive into painting, replacing counters, or any more aesthetically-based projects around your home, it’s important to ensure your home is in good repair. It may not be the most exciting way to spend your renovation budget, but if your home’s roof looks like it might peel up and fly away with a stiff breeze, buyers won’t care how much work you’ve done inside. Replacing old windows is, according to HGTV, one of the home remodeling projects with the highest rate of return on investment. So, while it may not be glamorous, the first step to renovations that sell is ensuring your home is in good repair, or buyers won’t waste time seeing what’s inside your home.
Is It Cost Effective?
Once you’ve ensured that your home doesn’t need any structural or functional renovations, it’s time to move on to the projects you’re likely to see the most of on home renovation shows: the flashy ones that catch buyers’ attention. This may mean a kitchen overhaul, replacing the flooring, or knocking down a wall. However, before you let your sledgehammer fly, get a cost analysis—your real estate agent can help with this. Is the cost in materials and work going to be more or less than the increase in home equity you’ll see?
Bathroom and kitchen renovations are the most likely to give you a better return on investment but, unless you’re updating a decades-old room, a complete overhaul is not likely to be as successful as smaller more cosmetic changes. This means upgrading countertops and painting or restaining cabinets instead of knocking out your kitchen entirely. Add in a second vanity to the master bathroom, but don’t necessarily gut your bathroom and start from scratch. The caveat here is if your home has three or more bedrooms and only one bathroom. If you have the space, adding a second bathroom can greatly improve your home’s value.
If you’re thinking of selling real estate in Georgetown, whether that is a condo or a home on acreage, trust the knowledgeable professionals of the Russ Phillips Team. When you choose us, you get more than local real estate agents, you get family! We want to create a relationship with you that provides the education and assistance you need through every step of the buying and selling process—and extends beyond that final signature. Contact us today to get started selling real estate with the best in Georgetown!