You’re probably aware that you’ll have to perform some renovations in order to get your house ready for listing. The trap many sellers fall into is thinking that any and every renovation or improvement will drive up the sale price. The reality is that some improvement projects just won’t yield a very good return on the investment at sale time. The trick is to do only (or primarily) those things that promise a good ROI and to make sure you maximize what you do. Check out these 5 ways to maximize your renovation efforts before selling your house in Colorado Springs.
1. Check Out Trends in theLocal Market
In order to maximize your renovation efforts before selling your house in Colorado Springs, you must do first things first. And that means finding out what’s going on in the local market – what trends in renovation are popular among buyers.
You should, according to real estate experts, “[k]eepvyour eye on what’s working for others. Market trends may provide clues as to whether buyers will respond to a remodeling effort you’re pondering. Data suggests, for example, that homebuyers are hot on modern bathrooms but lukewarm on home theaters. Also trending are water-conserving landscaping and new garage doors.”
But those are broad trends. You also need to drill down and find out what is working for sellers in your local market.
A good way to proceed is by checking “out other homes in your neighborhood that have recently sold, paying special attention to those features that buyers have found most appealing. Knowing the details of how other sellers have been successful will help you determine which areas of your home deserve your attention first.”
Your Colorado Springs agent can be a huge asset here because she’ll have a handle on what’s working and what’s not in the local market. To discover more about how an agent can assist you, just call 719.642.0220.
2. See to the Basics First
Then, when you begin making renovations in preparation for selling your house in Colorado Springs, take care of the big basics first.
These are the “things that buyers expect when they purchase a home. This includes a roof that doesn’t leak, functioning gutters and downspouts, a dry basement, a reliable furnace, solid floors, walls that are in good repair, and retaining walls that work. Most potential buyers also expect your home to have functioning plumbing and HVAC systems. In upscale properties, the basics might also include a certain number of bedrooms, bathrooms, and multiple-car garages, and any other amenities that are common to the neighborhood.”
Now, this doesn’t mean you have to make major upgrades on all your home’s major structural components and systems. First, focus on maintenance and do what it takes to get all these basics in good working order. Don’t “make unwarranted upgrades that greatly exceed other properties in the area. Not only will you end up losing money; you may also scare off potential buyers.”
3. Don’t Neglect CurbAppeal
Networking on curb appeal makes maximizing your renovation efforts that much harder. So when selling your house in Colorado Springs be sure to work on curb appeal, maybe even first.
The landscaping, lawn, and exterior of your house are the very first things potential buyers see when they pull up and so are those things that create that critical first impression. And although “these projects may not add a considerable amount of monetary value, they will help your home sell faster.” Great curb appeal makes buyers want to go inside and see more – all the other renovations you’ve made.
4. Consider Some Value-Added Projects
You might also consider a few value-added projects when making renovations for selling your house in Colorado Springs. Renovation projects that add value “are big favorites of fix-it-and-flip-it advocates – and they should be high on a homeowner’s list too.”
Examples of these are “new siding, kitchen renovations (new countertops and state-of-the-art appliances), and new windows as projects with some of the highest return on investment, often recouping 80% or more of their costs during resale. Upgraded bathrooms, refurbished decks, and energy-saving improvements also offer a lot of bang for the buck.”
5. Admit Your Limitations
An important, but often overlooked, aspect of maximizing your renovation efforts before selling your house in Colorado Springs involves simply admitting your limitations. Mostly, that means determining whether you can actually DIY the renovations or whether you’d be better off hiring a contractor.
Yes, making the renovations yourself can save a lot of money. But if you don’t have the necessary skills or even the time to do a top-notch job, a DIY approach can cost you substantially more in the long run. If you botch the job and then have to call in contractors, it’ll cost more because it will take longer. So just be honest and admit your limitations.
And Lean on Your Colorado Springs Agent’s Expertise
A final way to maximize your renovation efforts is to call on your local real estate agent’s expertise. Your local agent will know which renovations will yield the best ROI in the local market and which will simply be a money sink. Also, buyers in different markets want different features and upgrades in a home, and your agent will be on top of these market peculiarities. So to maximize your renovation efforts before selling your house in Colorado Springs, be sure to contact us at 719.642.0220.