These are all important questions, and the answer is- it depends how you go about it! If you make smart decisions and make the right changes to improve, but not over improve your home, you can expect to see anywhere from a 1.5 times to 2.5 times return on your investment. Of course these figures are generalities and may not be indicators on actual outcomes.
It's all about making the smart decisions. Which rooms to update when renovating your home;
Update your kitchen!
We know that in general kitchens and baths sell homes. So start in those areas first. Investing in updates to your kitchen from simple paint, to all new cabinets, and countertops will go a long way in generating a larger pool of interested buyers willing to pay top dollar. Expect to invest around $45,000 when doing a whole kitchen update, this would include fairly standard finishes that would be aesthetically appealing to a broad demographic of home buyers.
Then it's on to the bathrooms.
A relatively simply bathroom renovation could run in the $15,000 to $25,000 range when updating before the sale of your home. Remember, we're not talking custom finishes here. We're focusing on simple, clean updates that would effectively neutralize a space so a buyer can see themselves in the home, not your custom selections!
Other changes through out your home can also go a long way in enhancing the aesthetic appeal and brining your home up to today's selling standards; some of these updates would include; recessed lighting, interior and exterior paint, removing popcorn ceilings, refreshed landscaping, plus the finishing touch of staging.
A number of these items can be addressed on a budget. My tip for those on a more tight budget would be; spread the investment out consistently across the home. Don't sink all of the money into one bathroom, or just the kitchen and leaving totally dated bathrooms; it can be a better idea to lightly update all of the main spaces to make a clean and cohesive look where a buyer may be able to live with the space for a good deal of time first before needing to invest in a whole home renovation.
Brett Caviness is the top listing agent in the Bay Area and specializes in communities including Menlo Park, Redwood City, San Carlos, Atherton, Woodside, Portola Valley, Los Altos, Mountain View, and Palo Alto. Brett Caviness is known as an expert at renovating homes and preparing them for market to ensure the highest possible price. Brett Caviness is a top realtor in Menlo Park and the Bay Area.
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