So, you’ve decided to buy that cute little fixer-upper at the back of the neighborhood. You’ve weighed the pros and cons of your decision, and you’re game to tackle several moderate (and a couple major) renovations.
Congratulations! This will be an adventure.
We understand you’re excited about making the home yours, inside and out. But before you start knocking down walls and installing new heat pumps, put down that sledgehammer—just for a second. Here are three helpful renovation tips that add big value to your new home.
1. Consider What Renovations Add the Most Value
Not all home updates are created equal. The value of renovations in the eventual resale of your home are dependent upon several factors, including how long ago they were made before your home hits the market and what features were updated. For instance, nearly every professional will advise a kitchen renovation. However, if you’re planning on living in the home for 10 years, don’t drop $20,000 into kitchen updates on Day 1 and expect to see that translate directly in the eventual sale of the home. It also helps to consider how future owners may want to use certain rooms and spaces. Here’s a rundown of 10 simple home improvements that add value to your home, and four that do not.
2. Record Your Renovations as You Make Them
What renovations have been made is among the most important questions you must answer to successfully prepare your home for listing. Any updates made within the last five years should especially be noted. When you’re ready to sell, your agent will ask you to go room by room and list the date, description, and cost investment of all your updates. Save yourself the time and hassle later by keeping records as you go. Don’t forget to consider the roof and windows, plumbing and electrical systems, room additions, and significant landscaping.
3. Take Your Time and Know Your Limitations
When you move into a new home, it’s easy to get caught up in the need to make everything perfect immediately. You know how you want things, and you’re excited as a new homeowner to make those changes yourself. But where renovations are concerned, sometimes slow and steady is a better strategy. You’ll regret rushing through projects that may time a little extra time and effort to get right, like painting kitchen cabinets. And you’ll regret cutting corners for cheap supplies when you could save up for a few months for higher quality materials. It’s also important to know when to hire a professional. YouTube videos won’t save your botched electrical work, but a local expert will be happy to charge you double what you would have paid if you’d only called him in the first place.
Do these home improvement tips make you more confident about moving into your charming fixer-upper? If you still have questions, our EXP professionals are here to help. Contact your agent today for a list of local renovation and home repair experts.