Recently, a study conducted in the UK found that the average buyer took just eight minutes to decide if they wanted to buy a house. So, it goes to show that first impressions count. For this reason, if you are looking to sell your home, it pays to renovate it, as this will make it more saleable and increase its value.
However, renovating your home can be a daunting proposition, which involves recognising what areas of it need improving and practical elements like creating a budget, incorporating modern design trends and adding energy-efficient features.
To help you do this, we’ve put together this guide on how to best enhance the overall visual appeal of the property and its market value. Ultimately, we hope it helps you get top dollar for a place many buyers fall in love with.
Understanding the Market
Before starting any renovation project, it’s worth taking the time to understand the local real estate market and, in particular, what buyers in your area are looking for in a home.
The best way to do this is to research what properties are currently for sale and determine what features they have that you can introduce into yours, e.g. extra bedrooms or bathrooms, a media room or a backdoor deck.
The properties available on the market right now represent your competition. So, they should be seen as a marker to help you make sure your home is comparable to theirs in terms of what it offers.
Creating a Budget
The cost of renovations can quickly get out of hand. So, once you know what type of renovations you need to make, the next stage is to create a budget for the work.
The scope of the budget will, of course, depend on how much money you can devote to the refurbishment. However, you should allocate significant parts of the budget to what will add most value to your home.
When it comes to budgeting, it is important to overestimate the costs of materials and the hiring of equipment if you can’t get specific quotes. In addition, you should add in a contingency part to the budget to account for unexpected repairs or any unforeseen circumstances that might require attention.
It is also worth bearing in mind that just because you have a budget, it doesn’t mean you need to use it all!
Before embarking on any renovations, it is a good idea to go through a thorough decluttering of your home. This will help create immediate space which you can better use to add value to your home.
If you are serious about doing renovations to increase the value of, and your chances, of selling your home, this is a time to be ruthless. Sell or donate anything you no longer need or want. In addition, use a company like 1300 Rubbish to responsibly dispose of anything you want to recycle or throw away. You can click here for more information.
It is amazing how much easier it is to conduct renovations on the back of a major decluttering.
Open Up Spaces
One of the most popular renovation projects you can do in your home is to open up spaces.
Knocking down walls creates an open flow and a sense of space that allows potential buyers to enjoy a more flexible and connected living experience. At the same time, it also enables light to flood through the area and provides a more versatile use of the available square footage.
Whether you do so to make a bigger kitchen, living room or common area, this simple tactic of opening up spaces can transform the look and feel of a home and add significant value to it.
Focus on the Kitchen
For many buyers, the kitchen is the most important room in the house. It is where families often congregate as meals are cooked and memories are made.
One of the most prudent upgrades to make is to increase the bench space. This gives people more room to prepare their food and set up appliances such as coffee machines, airfryers and juicers which might otherwise be packed away.
At the same time, increasing storage space is always a good idea because it enables families to keep more of their possessions within easy reach.
As a general rule, the more modern a kitchen you can create the better. So, try to add upscale fixtures and fittings and upgrade your appliances, where possible to smart and state-of-the-art ones.
Along with the kitchen, buyers place huge importance on the master bedroom, so it is worth refurbishing yours if it does not have the wow factor it could have.
For many homeowners the master bedroom is a sanctuary to relax in away from their kids or the pressures of their work. Hence, it is a good idea to incorporate en-suite bathrooms, walk-in wardrobes or dressing room into the floorspace.
If you are able to, it would also add substantial value to your property if you could build a balcony extension.
Add Extra Bedrooms or a study
Another way to increase the value of your home is to add extra bedrooms or a study to the floorplan. As a rule, the more bedrooms you have the more you increase your home’s appeal to families. Subsequently, when it comes to selling, if your home has two, three or more bedrooms you are able to attract a bigger pool of buyers.
Likewise, as people are increasingly working remotely, a home office is becoming more desirable and something buyers are willing to pay extra to secure.
Add or Redecorate Bathrooms
A bathroom is something we use several times a day, every day of the year. Therefore, it follows that the more appealing and functional a bathroom is, the more it will attract buyers.
It is amazing how much installing a new toilet or vanity and upgrading your fixtures can transform the overall look and feel of a bathroom. In particular, try and make sure the bath and shower are stand-out features.
As a general rule, the more people the house can accommodate the more bathrooms you will need. If you are able to incorporate at least two bathrooms and toilets in your property, it will significantly improve how much your home is worth.
One of the easiest ways to breathe new life into a home is to paint it in a neutral tone like white, gray, and beige. This helps to give each room a modern and fresh feel and contributes to a sense of openness and light, which makes them appear larger.
Freshly painting homes also gives it the impression of cleanliness and that it has been well looked after. Additionally, this redecoration adds more personality and a sense of warmth to the property, creating an inviting pull to potential buyers.
Spruce Up the Flooring
Whilst the walls of your home will benefit from a lick of paint, it pays to spruce up the flooring. Doing so can significantly add to the visual appeal of the property and its practicality too.
Adding hardwood or laminate flooring will create an elegant look that will stand the test of time. Congruently, installing heated floors in your bathroom or high-quality tiles in the kitchen should also increase the property’s market value.
Curb Appeal Matters
While it is important to renovate the interior of your home, if you intend to sell it, you should also focus some attention on its curb appeal.
The front of your house is the first thing potential buyers see and as first impressions count, it pays to make a good one. Conducting simple yet impactful upgrades like a fresh coat of paint for the front door, beautiful landscaping and attractive lighting fixtures can give your home an instant wow factor.
Moreover, from the moment they first see them, prospective buyers are often drawn to homes whose exteriors exude charm and attention to detail. So, by enhancing the overall appearance of your home, you are giving it every chance of making the right first impression.
If you really want to get top dollar for your house, it is worth calling in the experts. Professionals are called professionals for a reason and while you might be quite adept at handling certain DIY projects, you won’t necessarily be able to replicate the finish and high quality, attention to detail that will define the work of experienced and highly skilled contractors, architects or designers.
Moreover, professionals won’t make any costly mistakes (if they do, they will have to pay for them) and they will ensure that any work done is to code. They can also obtain any necessary permits and will most likely be able to complete the work at a much quicker pace than yours.
Of course, using professionals will come at a cost. But doing so can also significantly increase the value and, therefore, profitability of your home.
Whether you are open to selling immediately or at a time in the future, it is a good idea to renovate your home to increase the value of it.
However, in order to get top dollar, you are going to need to take a strategic approach to enhancing its saleability. In this article, we have highlighted several ways on how you can do that.
Ultimately, all you really need is vision, careful planning and attention to detail. If you have that, you should have no trouble transforming your home into an attractive and marketable property that potential buyers will love.