Selling your home can be a daunting process — but only if you’re ill-informed. To increase the chances of selling your luxury home, it’s important to put your best foot forward. Selling your home for the sale isn’t just about staging your house. In many cases, small renovation projects can go a long way in giving your home an added dose of value. The goal is to be able to put your price tag in a favorable position, and there’s no better way to do so than by making some fixes and upgrades.
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To do this, it’s critical that you focus on smart remodeling projects. Many sellers make the false assumption that if they undergo major renovations to their home, it will skyrocket its worth. However, most the time, this isn’t the case. The primary goal is to be able to recoup your money, and spending $60,000 on an expansive kitchen renovation will most likely not guarantee an additional $60,000+ value on the house. While those type of renovations make sense for a home you’re settling into for the long-haul, it doesn’t translate well when you’re renovating your home to sell. A general rule of thumb is to spend between 6-10% of the home’s value in order to expect a profit. Here are some smart ways to do this:
Smart Kitchen Renovation Projects
The majority of realtors will agree that your bathroom and kitchen are the most important areas of your home. For this reason, making smart kitchen renovation projects is the way to go. Kitchen cabinets and counters. Because they’re highly visible, they can make a major difference to the buyer. For example, ceramic tile and laminate countertops look cheap and most buyers would prefer something that looks more upscale. Granite is a huge with buyers, and you don’t have to choose a pricey slab.
The material of your cabinets can also thwart potential buyers. In addition to any obvious scratches or wear and tear, cabinetry made of MDF or melamine aren’t very popular. Sturdy, good cabinetry can go through a repainting. Accessorizing your cabinets with beautiful hardware will also make any kitchen pop. A kitchen with sleek, black cabinets would pair well with long brass and gold drawer pulls and faucet.
Add Some Ambiance
Ambiance isn’t about the dollar amount: for a much smaller price tag, you’re creating an atmosphere that buyers can picture themselves in. Ambiance can go a long way in adding some “wow” aesthetic to your home. Incorporating lighting into your house is a great way to do this. For example, adding under cabinet lighting is both functional and appealing. You can also add a chandelier or beautiful hanging pot rack above your island. It’s important to play to your design here: for example, a white kitchen could benefit from boho wood and industrial fixtures, color-pop carpets, or greenery.
Consider An Open Floor Plan
Open floor plans are all the rage in real estate — especially when selling luxury real estate homes. This requires a bit of a bigger budget, but knocking down a few walls can add major dollars and appeal. These open floor plans help potential buyers piece together photos on your site long before they’ve visited your home. With an open floor plan, there’s also more context to how a house flows from room to room.
Even more important is that an open floor plan makes it easier for buyers to visualize where their furniture will go and how they can decorate each area. The cost of knocking down walls varies, depending on complexity and structural integrity. A non-load bearing wall can cost up to $3,000 to remove, while a load-bearing wall can cost up to $10,000.
The majority of home buyers would rather have wood flooring than carpet. Even great carpets can make it difficult to determine the wear of the floorboards underneath, which can be letdown. For homes that already have wood flooring, a good sanding using a drum sander (for severely worn floors) or a circular sander (for floors with minimal wear). Otherwise, you may want to consider having wood flooring installed throughout the house to increase the chance of a sale. It’s more attractive, requires less upkeep, and provides the buyer with versatility.