Are you thinking about renovating your home before you list it on the market? If you execute the plan correctly, you might be able to raise your asking price, not to mention attract more buyers with updated materials and finishes. Here are some home remodeling tips to help the process go smoothly.
- Set a realistic budget and secure financing: You won’t have an accurate idea of how much things cost until you hire a contractor. However, it’s still helpful to arrange financing to see what you can afford. You might pay with savings, take out a personal loan, open a home equity line of credit, or refinance your mortgage. Whatever you plan to spend, set aside a 10 percent contingency budget to cover unexpected costs.
- Define wants vs. needs: To help you stay on budget, categorize the updates you plan to make as “needs”—including fixing structural issues or safety concerns—and “wants”—such as adding customizations or luxury items. Remember, when renovating a home to prepare it for sale, you should anticipate the average buyer’s wishes, not your own.
- Get a home inspection: Before any work begins, hire a home inspector to assess the roof, foundation, siding, windows, plumbing, electrical, and HVAC system to ensure they’re in good condition. The last thing you want is to discover an underlying problem halfway through your project.
- Determine your living situation during the remodel: It may be possible to continue living in your home while it’s being remodeled, but large-scale renovations may require you to relocate temporarily. Either way, figure out where your family will live until the project is complete.
- Focus on value per square foot: Bigger isn’t always better. If your home is small, you don’t necessarily have to blow out the walls and gain square footage to compete on the market. Many buyers look for high quality in a relatively small footprint for luxury living with less upkeep.
- Consider doing some of the work yourself: For home renovations on a budget, you may want to complete the demolition, install floors, tile the bathroom, and paint the walls yourself. Just remember, no matter how appealing DIY home renovation seems, you should leave certain tasks to the professionals, including plumbing, electric, and HVAC work.
- Renovate in the off-season, if possible: Summer and fall are the most popular seasons for home renovations. This means suppliers are busier, deliveries take longer, and contractors charge more. If it works with your schedule, remodeling in the winter can potentially save you thousands.
Once your renovated house is ready to sell, team up with Vutech | Ruff, Corcoran Global Living. We have over 60 years of combined real estate experience to help us deliver a smooth, low-stress process. We’re here for you every step of the way, from maximizing your listing’s exposure to helping you attract qualified buyers to accepting the right offer. For more helpful resources as you prepare to sell your home in Columbus, OH, please call 614-897-0618 or contact us online.