Making renovations based on current buyer trends instead of your personal preference will net you a higher ROI.
Thinking about selling your home? Renovating for sale is very different from renovating for personal enjoyment, and not knowing the difference can cost you thousands. I’ve seen sellers invest in high-end upgrades only to find that buyers don’t care or plan to change them. The truth is that renovations that help sell a home fast aren’t always the ones that add value. Knowing what matters can make or break your sale.
Renovating for buyers vs. yourself. When you’re renovating to sell, you need to think about what appeals to buyers, not what you or your family like. A fresh coat of neutral paint or spruced-up landscaping can do wonders to speed up a sale, but it won’t necessarily increase your home’s value. On the other hand, smart updates to your kitchen and bathrooms tend to both add value and help your home sell faster. The key is finding the balance.
Essential vs. unnecessary renovations. Some updates are necessary to make your home market-ready. However, be careful not to fall into the trap of unnecessary renovations. I remember sitting across from a seller who had just spent $50,000 on a kitchen upgrade. At the closing table, the buyer casually mentioned that they planned to rip it all out! That $50,000 would’ve been better off in the seller’s pocket. The lesson? Not all renovations are worth it; sometimes, buyers want to customize spaces themselves.
Low return on investment (ROI) renovations. You’ve probably heard that home renovations increase value, but here’s what you need to know: Not all updates provide a dollar-for-dollar return. For example, a bathroom renovation might only return 40% to 45% of what you spend, while kitchen renovations typically bring back 41% to 80%. The only two renovations that genuinely deliver a full return are front doors and HVAC. So, think twice before committing to significant upgrades.
Start renovating early. The best time to start those home improvements was yesterday. I often hear sellers say that they’ve been putting off renovating their home or they’ve recently spent $30,000 or $40,000 right before listing their home. The truth is, they should’ve spread out those costs over time—$10,000 here, $10,000 there—so they could enjoy their investment while living in the home. Your home is your biggest asset, and renovations are better enjoyed while you still live there, not just for the next buyer’s benefit.
There’s no guaranteed ROI. Lastly, remember that no renovation comes with a guaranteed return on investment. Labor and material costs have skyrocketed in recent years, and buyers are pickier than ever. You need a strategy to ensure your updates meet market expectations without overspending.
If you’re considering selling and need expert advice on where to invest in renovations, you can call me or text me at (571) 210-1818. I can help you balance updates with market realities, ensuring you don’t pour money into unnecessary projects. At the end of the day, you want to sell fast and get the best possible price, and I’m here to help you do just that.
