While it is true that you will not get your money back, renovating is not a lose-lose situation. People still renovate their homes before selling because it makes a house easier and quicker to sell. Apart from that, there’s the obvious reason that it’s an improvement to the quality of life.
To help you decide which renovation is worth it in terms of return on investment, you can do a little research online and find cost vs. value reports that will tell you, in percentage, what monetary value a renovation project adds to the sale price of the home. You can find a yearly report at remodeling.hw.net or go to renofi.com to educate yourself more on the subject.
Many factors must be taken into account when deciding whether a renovation is worth the money, including the timing, market, and location of your home. There is also a differentiation between long-term value and short-term value. Knowing all that is key in making the right decision- it is a big investment, after all.
Wallpaper hits home when it comes to personal style. Our advice is to dial down on personal taste when approaching home renovations. Go for something classic, timeless, and agreeable that won’t evoke any objections in potential buyers. Chances are, any new buyer you encounter will want to remove the wallpaper you put up. This type of chore can either deter someone from making an offer or lower their offer significantly.
The same thing goes for carpeting, exceptionally personalized interior design, or outer landscaping. The more you personalize it, the harder it is to sell.
Carpets pose a double threat as they may also increase the bill with maintenance and cleaning work.
Each bedroom adds value to your home. Altering one, converting it into an office, combining two small bedrooms, or even remodeling the garage into a bedroom could be a costly mistake. Converting the garage into a bedroom, in particular, could reduce your home value by as much as 25%- buyers want that garage for their car!