When the time eventually comes to sell a property that you’ve been living in for some time, there’s a lot that needs to be done long before the point where any potential buyer comes knocking on the door.
When it comes time to sell, the advice of a professional real estate broker is essential. And they will normally recommend that you make a few changes before taking the listings photographs and putting the home on the market.
But what are those changes? Well, there are the basics to see to first. Every home going on the market needs to be properly cleaned and staged, repairs need to be made, and all overly personal furniture and ornaments need to be removed to give potential buyers the best chance of visualizing themselves living in that property.
CityHome Collective, a real estate brokerage out of Utah who offer luxury homes in Salt Lake City, say that this is the bear minimum. They go on to say that there are some more ambitious plans you can make to seriously boost the value of the home.
The Power of Renovation and Expansion
If you have the money to invest and you’re in the business of significantly boosting a property’s value, then making some home renovations or adding an extension (ahead of a sale) can be a very wise move indeed.
To be clear though, we’re not talking here about fixer-upper properties – the types of run-down properties which are purchased specifically to renovate and sell-on. That’s a whole other discipline that requires specific expertise. No, here we are talking about expanding an already existing home to boost its value.
There’s a specifical way of going about this (although much also naturally depends on the type of property in question and what type extension or renovation you are planning) but the way to success in this endeavor all comes down to a simple consideration – how do I ensure I spend less on renovating/expanding this property than the extra I will make on the sale price?
Top Extensions and Renovations
To answer this question effectively, you need to consider all the renovation or expansion options. Then, it is time to enlist the realtors to get a good idea of how much value this will add.
Much of the advice here involves the expertise of the professional. Nonetheless, one of the things you can certainly do yourself is to learn about the extension options for homes, which ones are typical, and which add the most value. Here follows some of the most popular:
An Extra Bedroom
Naturally, the cost of this – and the profit you will ultimately make – is highly dependent on the bedroom you add, how big it is, what features it has, etc. However, an extra bedroom adds, on average, 20% to the value of the home, meaning this could be a very worthwhile investment.
If there is one room in the entire home which always has the most appeal when it is new and modern, it is the kitchen. This means that a kitchen renovation is nearly always a value booster.
A Loft Conversion
Not the cheapest home improvement, but one which pretty consistently adds a lot of value (above the cost of installation) for those homeowners who have the funds to make such an investment.
Having a good idea of the options is the best place to begin when it comes to expanding or converting a home ahead of a sale. After that, it’s time to enlist the professionals, consider your own budget, and work out how you can see the most profit from your home improvement.