A home renovation can be a great way to increase your home’s value; however, it can also have a detrimental effect when it comes time to sell. According to a study by Remodeling Magazine, it was found that 55 percent of homeowners feel a renovation negatively affected their home’s value, while 39 percent said it had no effect. While it’s hard to say how much renovations will affect your home’s value, keep in mind that buyers want a move-in-ready home that doesn’t always mean it needs all of the upgrades you hoped to do. Knowing when to stop renovating and listing your home for sale is half the battle.
When it comes to selling your home, waiting until the last minute is never a good idea, buyers want to see your home in its best possible light, which means having everything clean and in good repair. So, if your house needs a little updating, it may be time to start making improvements. Should you do the work before putting your house on the market, or should you wait until after you buy your next home? This is a question every homeowner has to consider, and the answer can depend on your personal circumstances.
Attracting a higher price
Property management might seem like an easy job, but in reality, there is a lot of behind-the-scenes work. One of the most important tasks is finding quality tenants, or, at the very least, people who are responsible enough to handle the responsibilities of a tenancy. But how do you find them? One way to find tenants is through advertising. This usually involves renting space on a real estate website specifically for rental properties.
Attention to detail shows the house is cared for
One of the most important aspects of renting out your home is keeping the property in tip-top shape. Tenants want to be comfortable in their new home, so a dirty, messy home instantly turns them off. Luckily, keeping a home clean and well-maintained doesn’t take a lot of time or effort. And, when you’re thinking of renting out your property, there are many different ways to show that you’ve properly cared for it, making you an attractive renter.
Items you love, but a home buyer might not.
When it’s time to move, it can be a bittersweet feeling. You love your house and neighborhood and hate to sell it. But at some point, you’ll need to sell your home. Fortunately, there are ways to make your home more appealing to buyers without spending much money. When it’s time to sell, it’s important to ensure you’re ready to put your home on the market.
Cover up wear by repainting walls
The art of cover-up has long been important in rental homes. And as such, lease managers have to figure out ways to maximize the amount they can charge for wear and tear while maintaining the home’s integrity. One way to do this is by repainting the walls whenever necessary. Cover-up wears by repainting walls is one of the ways to increase your rental home.
Replace outlets and switches
Take a look at some of your minor repairs and upgrades. Some are easy fixes, like replacing an outlet or light switch. Others are more involved, like replacing floors. Replacing outlets and switches can be costly. However, if you are able to install new outlets or switches in your rental home, your return on investment can be huge. It is one of those upgrades that renters notice right away, which will make a difference in your rental income.
No matter your reasons for wanting to sell your home, the renovations you make before putting your property on the market will definitely play a role in determining your final sale price. Whether you’re getting a big raise in your current job, are just starting out in the real estate market, or simply want to move closer to your family, you can’t go wrong by investing money into your house before you put it on the market.
