Renovating for Resale
The pandemic brought the world to its knees. Many people died because of this disease. CBS reported that roughly 9 million small businesses might not survive. The government even financially intervened to keep individuals afloat.
Strangely enough, experts are pushing consumers to invest more. Is it the right time to do so? Indeed, it is, especially with the mortgage rates at an all-time low. But this investment can be a bit complicated if you are still financially attached to your current home.
Your worries that your current house will stay on the market for a long time are valid. But you can prevent this from happening by doing some minor works. Banks and mortgage companies suggest doing some renovation to boost your home’s value and to entice prospective buyers.
Freshening up your exterior walls will surely catch the attention of pedestrians to your for-sale sign. It is also cheap. But before you proceed with this task, you should ask yourself the following questions:
- Should I hire a professional to do the job for me?
- If I were to do the paint job myself, how should I prepare the walls?
- What is the appropriate color scheme for the type of garden I have?
Of course, you can do the work yourself. But it is wise to ask for professional help, especially when preparing the walls. This task might involve power washing. It is a good idea for specialists to handle a water and electricity job.
After the preparation work, you can proceed with the fun part. This task involves matching the color scheme to your garden or home layout. Let us say that you have a Mediterranean-style home. Instead of going for browns, you can choose white as the predominant color. Then you can paint the architectural trims black.
Of course, you can stick to traditional colors for Mediterranean-style homes. You can use brown as the prevalent color. To make your house pop, you can paint the accents red. Another option for this type of layout is to use pale pink. Then you can apply white as the architectural trim.
Now that you have worked on getting your house attractive to possible buyers. Let us work on getting the deal sealed. HGTV mentioned that the kitchen does that, so you might want to splurge a bit on this one. But you have to remember not to go overboard.
The HGTV article mentioned that the budget should be within 6-10% of your home’s value. Many homeowners make the mistake of going beyond that. Thus, they end up not getting back their investment.
With this said, you might want to reconsider some of your renovation plans. Instead of buying new cabinets, why don’t you repaint the current ones? Doing this will save you a lot of money. You can use your savings on a new kitchen backsplash.
If your current kitchen appliances are still in good condition, you can repaint them in a local body shop. We have to emphasize that this has to be done by professionals. Doing it yourself can result in shoddy output. Thus, you might end up buying new ones.
You can impress prospective buyers with the bathrooms. But you must check your overall budget. Keeping tabs on your expenses will help you not go beyond your allocation. If you spent a good chunk in the kitchen, you might scrimp a bit in this room.
Instead of using granite countertops, you can use HD laminate countertops. Doing this will save you a lot of money. Another option is faux-stone tile backsplashes. You can also have your bathtubs refinished rather than replacing them.
Installing new faucets is another cheap trick. You can also save money by installing a prefabricated shower. As much as possible, do not do extensive plumbing works. We cannot emphasize enough that you must not go beyond your budget.
When renovating your bathroom, it is a good idea to hire professionals. Asking for their help will prevent any injury. Take note that this room is small and involves both water and electricity. Delegating this project to a contractor will ensure that no one gets hurt.
As a rule of thumb, you should keep the changes superficial. You do not need to hire an interior designer. But hiring a general contractor to do the work will keep you in line with your goals. They will act as the project manager and help you stay within budget. These steps can help you minimize the cost of renovating your home. It will also ensure that you can quickly unload your property.