2023 is shaping up to be an active year for the real estate market, so it may be time to get started on your most pressing home improvement projects. If you’re renovating to sell, the never-ending list of projects to complete before showings can be overwhelming. So, how do you prioritize one project over another? Here are some tips for planning your renovation to-do list prior to putting your house on the market.
1. Get critical investments out of the way.
When renovating for sale, the initial projects to tackle include anything that would deter future buyers from viewing or purchasing your property. Critical issues in need of an overhaul can inspire prospective buyers to work a renovation cost into their offer, and can bring down the overall value of your home. Fixing universally unattractive spaces is the first step to facilitating sale of the rest of your property.
2. What traditionally brings in the highest ROI?
A main consideration for your smart renovations for sale, is always what traditionally brings in the highest return on investment. High ROI projects often include roof refurbishments, kitchen and bathroom remodels, and quality flooring installations. When renovating for sale, it’s important to go with up-to-date, yet generic options to avoid polarizing prospective buyers.
3. What is desirable for your target market?
Now that you’ve considered what’s generally in demand for prospective buyers, think about the specific market your property is geared towards, and be location specific. Are most prospective buyers around you young families, older couples, or singles? What’s the median age of buyers of similar properties? These factors are essential to take into account, especially if the majority of buyers in your area are part of the same demographic, like young families, for example. In this case, making decisions like installing a tub vs. a shower may be far more important than for a different target market.
4. Fix minor negative distractions.
The next factor worth looking into, is whether small imperfections are distracting from your home’s best qualities. In this case, inexpensive fixes may be worthwhile, in order to give your home a more polished appearance. Completing small projects like painting trim and door frames, having your siding cleaned, and touching up drywall makes your home appear cleaner and eliminates distracting flaws.
