Sell your home for more. Renovate with R.O.I. in mind.
Home prices aren’t unchangeable. Homeowners do, in fact, have a degree of control over what their property will bring – if they choose to exercise it. One key to gaining that control is remodeling with R.O.I (Return on investment) in mind.
For homeowners who intend to remain living in their homes for the foreseeable future, it’s less of a concern. They can be happy putting their remodeling project dollars in the areas that make the home more pleasant and satisfying to their own family lifestyles. They can securely pursue their own preferences without worrying too much about where prevailing tastes and trends are destined, unless you are someone who just enjoys being among the fashion leaders.
But if you’re reasonably confident that you will list your Nashville or Franklin home sometime soon, you should remember that the remodeling route that’s taken can considerably influence a property’s salability. Rather than making those decisions based entirely by your personal preferences, think about your potential buyer, if for no other reason than the probability that those dollars will come back!
Remember The Big Three
- Kitchens always seem to get the most attention when it comes to raising home prices. A homeowner may prefer a warm, comfortingly cozy space for the center of family activity that the kitchen usually becomes – but many prospective buyers go the other way. Light and bright is immensely favored over cramped and dark for buyers who are comparing kitchens – and the ensuing home prices offered usually reflect it. If your property will be among the Nashville/Franklin listings anytime soon, think about directing some remodeling energy there.
- The master bedroom is increasing in importance, too. Many buyers who in earlier eras may have valued a formal dining room, now do without it altogether – favoring an appealing master as a sanctuary from the stresses of the outside world.
- Living rooms can also add to the bottom line a home winds up attracting. An open, bright multi-purpose area that’s easily envisioned as a center for family entertainment and social gatherings can give a big jump to perceived value. Simple renovation ideas like removing dated window coverings or replacing worn carpet can be dollars well spent.
You can find more exhaustive lists on what you should renovate and what you can expect in return. However, if you want to keep it simple, just remember the Big Three: Kitchen, Master, and Living Room.
As a companion to this article, my home staging tips page also offers some handy info on how to present your home in its most favorable light.
If selling is anywhere on your horizon, it won’t be long before keeping tabs on trends in Nashville home prices becomes a new personal priority. Whether early-on or last-minute, calling me for a no-obligation consultation can make a big difference for maximizing your sale’s result!