Tracy Ellis

Real Estate Magazine

Buying and Selling Edition 7

Planning to Sell? Six Things to Keep in Mind Before Renovating

It’s no secret that home renovations are hard work and can be a real pain in the you-know-what.  There’s a lot of time and stress that goes into completing even the smallest
home updates, and that’s why it’s so important to make sure your renovations are adding the value you want to your home.  Especially if you plan on selling in the near future, there are home renovations that can actually cause you to lose money.  To help you avoid making those mistakes, here are a few things to think about before swinging that hammer into your dining room wall.

Don’t get demolition happy.
An open-concept floor plan is popular in today’s market, but if you’re planning to sell, it could turn buyers away.  Remember, what works for one family might not work for another.  Opening up a room here and there can brighten up the space and make an area seem larger, but knocking out too many walls can make a main floor seem more like a warehouse to a buyer who prefers a more traditional layout.  If you’re looking to renovate and plan to sell, less is definitely more when it  comes to taking out walls.

Pools don’t always make a great selling point.
There’s a reason why everyone loves to have a neighbor with a pool.  Why?  Because then you can enjoy the sunshine and water, without taking on any of the hassle.  For many homeowners, having a pool is worth all of the extra maintenance.  On the other hand, there are buyers out there who see nothing but dollar signs and unnecessary work when it comes to keeping up a private pool.  If you’re thinking about adding in a pool, don’t let the possibility of wary buyers stop you.  However, it’s important to keep in mind that you might not get a huge return on your investment.

Keep it cohesive.
We all know renovations take time.  If you’re planning on staying in your home for a while, you have the luxury of making updates whenever you have the time and money.  Sure, the kitchen might not match the living room for a month, but you’re making good progress.  Unfortunately, that idea just doesn’t hold true if you’re getting ready to sell. Making renovations to a single room with the intention of appealing to more buyers is a huge mistake.   You might be proud of your updated office space with all new wood beams, custom cabinets, and a rustic chandelier, but it’ll most likely distract and confuse buyers if the room doesn’t match the rest of the house.  If you plan on staying in your home for the long haul and you have the budget, you can really customize your home to fit your specific lifestyle.  However, if you have plans to sell in the future, it’s best to keep other potential homeowners in mind when taking on a new renovation or design project. Focus on what really adds value to your home and skip the rest.  You’ll be glad you did.