Getting ready to sell? With all the different blogs online or even conversations with realtors, phrases such as “remodelling can help boost your asking price” are thrown around. Be careful, that statement is equally wrong as it is true, and can potentially cost you more. Yes, home renovations = higher return on investment GIVEN that the areas of your home you decide to invest in are carefully chosen.
With DIY projects trending, another temptation could be to tackle few remodelling projects yourself, but when they are not done properly they can negatively impact the value of your home. We prepared a list of remodelling mistakes to avoid:
- When “staging” your home for potential clients, it is always a good idea to avoid limiting yourself to a niche market by showcasing distinctive tastes. I know it’s the little things that makes a house into a home, but that can possibly cost you a buyer. You can consult an agent or professional stager to borrow an extra set of eyes to scan your home.
- Color scheme – A good example is sticking with neutral tones to avoid distracting buyers from other assets in your home. It also echoes the feeling of added space, which can be beneficial.
- Yes, Carpets, No carpets? You might be worried about the state of your old carpet and whether you want it to play a role in creating the first impression of your home. Writers at HGTV tell us; make sure that the solution is actually helping and not adding more work. “If you are installing new hardwood or laminate flooring, remember to remove baseboards to ensure a proper fit” to avoid a messy look.
- You might be tempted to remove the extra space in the closet or turn that basement into another bedroom thinking it will improve your return on investment, but fight that temptation. Having that peace of mind that they have plenty of space to store their stuff, or the option to turn the basement into a Man Cave can go a long way too. Let them renovate based on their imagination.
- Curb Appeal – We all understand the benefits of home curb appeal, however, if the exterior paint jobs and landscaping are not done right, they might just scare off potential buyers instead of feeling inviting.
Because renovations often take long and are a costly project to take on, it is highly recommended to stick to fixes here and there and to avoid big-ticket items such as hot tubs.