How Remodeling Can Help You Sell Your Maryland or DC Home Faster
Putting your home up for sale can be exciting, stressful, and busy. It means you’re moving on up in the world!
Of course, before you move on to the newest phase of your life, you have to go through the process of selling your current home. This, in itself, is no small feat. From listing to closing, selling a property can be a long, strenuous, and drawn-out process. Not only do you have to find a buyer, but you also want to ensure that it sells for a good price. Striking that perfect price balance is never easy.
Buyers want to know that they’re getting the most bang for their buck, and one sure way to catch their interest is to give your home a long-awaited makeover. Not only can a remodel increase your home’s comfort and functionality, but it will also help you sell it faster and for a higher price.
The trick to remodeling for profit is finding that happy medium between renovation expenses and return on investment when it comes time to sell. So what are your best options for home improvement when it’s time to enter the real estate market? Read on to find out.
Food for Thought
Before we go on, it’s worth considering a few questions.
How soon do you intend to move? If the answer is, “within the next two to five years,” a remodel might be in the cards for you. Investing in home improvement projects increases your overall quality of life, whether that’s through convenience, comfort, or aesthetic pleasure. After you’ve spent time enjoying your home’s new features, you may choose to sell. In this case, the rewards of your investment may be more about personal gratification as opposed to profit.
What’s More Important? A Fast Sale or Max Return?
Where do your priorities lie? Would you rather sell your home faster? Or do you want the best return on investment? The thing about remodeling before selling is that making changes to your home can be costly. Hardly anyone can recoup 100 percent of the money they spend on remodels. For those who are investing with the intent to sell, there are a handful of preferred renovation projects you should focus your efforts on.
As a general rule, the longer your home sits on the market, the lower the final sale price tends to be. So it’s in your best interests as a seller for your home to make an impact when it first hits the market. Keep in mind; the splashiest renovations also tend to be the most expensive, which is why it’s essential to consider your priorities carefully.
A beautiful, modern, updated kitchen is one of the most sought-after features for homebuyers. According to Rebecca Weiner Group real estate in DC, homebuyers are looking for a kitchen that features an efficient layout, sleek appliances, lots of storage and lighting, and fine finishings.
While it’s clear that kitchens are high on the list of reasons to buy, the Cost vs. Value 2020 report states that minor kitchen remodels at a midrange level are likely to scoop a return on investment (ROI) of around 77 percent. A major kitchen remodel at the midrange level, on the other hand, may only recoup 58 percent of the cost.
Bottom line, while a major remodel is more likely to capture the attention of prospective buyers and result in a faster sell, a minor renovation will give you the best return on investment when the sale goes through.
It’s generally agreed that kitchens and baths are the most sought-after renovations for homebuyers. Like the kitchen, a bathroom can be a pricey project, but quality upgrades are sure to get noticed.
A mid-range bath remodel can net you a 64 percent ROI, a universal design bath remodel can yield 62 percent, and an upscale remodel can produce a 56 percent ROI.
Garage Door Replacement
When you look at the exterior of a home, what’s the first thing that you see? In most cases, the answer is the garage door. Replacing your existing garage door yields an almost 100 percent return on investment, recouping 94 percent of costs—down three points from last year’s 97 percent. A garage door is a surefire improvement project that will give your home a facelift and a leg up on the competition!
No matter where your priorities lie, working with the right design-build team will make your remodeling project work for you. When you’re ready to invest in improvement, Winthorpe Design & Build is here to help. Connect with us today, and let’s get started.