How Much Should I Spend On Renovations Before I Sell?
You're thinking of tackling some deferred maintenance and completing a few renovation projects before you put your house on the market, but you aren't sure how much to spend. Renovating your home is a smart move, and you're not alone! The typical seller completes three renovation projects to prepare their house to sell. It's an essential first step before putting your home on the market.
Here's the truth. Now is not the time to undertake that complete kitchen or bathroom remodel you have been dreaming about. Different buyers have different tastes, so you risk spending a lot of money on a renovation potential buyers might not like.
Instead, highlight your home's current features and perform cosmetic repairs. Your goal is to make your home more up-to-date and less personalized. You want a buyer to be able to visualize their family living there.
In the kitchen, consider painting the cabinets, white is a popular color, replacing old laminate countertops with stone, and upgrading the cabinet hardware.
Removing wallpaper and painting boldly colored rooms is a great first step. These projects are relatively inexpensive and can even be DIY if you choose. Go with a neutral color that is currently in style, like a light gray or white. Another plus is neutral colors will make the space feel bigger, brighter, and more open. Painting is time-consuming, so if you can't commit, find professional painters on Remodel It to get your project done in a few short days.
In the bathroom, paint or replace the vanity and update those bathroom fixtures. Swap out that dingy shower curtain for a new one, and you will have transformed your bathroom for a few hundred dollars.
Refinishing floors and replacing old carpets are another great option to consider. Gleaming new floors and fresh carpet will make the house feel new and clean. Again, go with a neutral color carpet that won't offend a potential buyer. We strongly recommend using professionals over DIY for any flooring projects.
In total, I recommend spending between 2-5% of your home value on renovations to get a great boost in the sale price and a shorter time on the market for your home. For example a $500,000 home should spend between $10k - $25K on renovations.