If you want to sell your home, but you want to invest some money into a kitchen renovation or adding a garage, keep in mind that not all renovations increase the overall value of a home. Before investing any money, you should research the property values in your area, determine the selling features that have the biggest return by learning more about what buyers are looking for in a home, and make sure you are financially able to afford the renovations regardless of the final outcome.
Popular Home Renovation Ideas
On Long Island, as in many regions of the US, a renovated kitchen or bathroom will typically yield a return of 75% or more when you sell the home. This means that while you will lose a little of your renovation investment, this type of renovation can help you sell your home faster.
While swimming pools are popular in this region, before you decide to invest in a pool that will make the back yard smaller, consider permit and labor costs. Most buyers are looking for in-ground pools with plenty of deck space. If your lot is too small, you will lose buyers who want to purchase with land. Many times it's best to let buyers decide if they want a pool after they purchase the home.
Other popular renovations that can increase the value of your home include:
Garages
Patios
New water fixtures
Hardwood flooring
Additional rooms (if you have ample lot size)
If you're unsure about which renovations to invest in, contact a real estate agent who is local to the area to learn more about which home features are attracting the most buyers.
Home Renovation Ideas to Avoid
Even though a renovation idea may sound like one buyer's would be interested in paying for, the truth is that all buyers are not the same. While some appreciate granite countertops, others are impressed with additional bedrooms. The following renovation ideas should be considered only if you're planning on enjoying them before selling and should not be completed in order to increase the overall value of the home:
Hot tubs
Finished basements
Converted attic spaces
Extensive landscaping
Sky lights
Fireplaces
While there will be buyers interested in buying your home after you make these renovations, if they have to choose between your home and a home with fewer renovations and similar square footage for a lower price, most buyers are will either buy the other home and renovate it themselves or they will offer a lower asking price for your home.
Survey the Market
The best way to get the most from the sale of your home is to research the home values of other homes in your area, make minor repairs, and stage the home so each unique feature is highlighted for buyers.
Most buyers will want to renovate a home to fit their own needs and style anyway, so unless the renovation is something they can use on a daily basis, you should keep your renovations to a minimum.
