If you are in Miami and thinking about selling your house quickly, you’ve probably wondered whether you should do any repairs or renovations to your home. At the same time, you are thinking, “I just want to sell my house fast in Miami!” Maybe it would be easier to sell the home without any improvements and let the new owners decide if they want to make changes. Here are some things to consider when determining if you’re going to renovate your Miami home before selling it.
Fixer-upper or move-in ready?
Most people tend to prefer a move-in ready house. This doesn’t mean that they won’t take on any home improvement projects, but that they prefer to hold off. You don’t need to undertake significant renovations, but it might behoove you to at least make minor upgrades; make your house appear ready for new property owners.
Many significant home remodels have a low return on investment
According to a 2018 survey of real estate professionals, the average return on the most popular remodeling projects was around 56%. This means if you spend $10,000 doing a bathroom remodel, you’ll likely only get back $5,600 when the house sells. The trend continues to move down each year.
Most remodeling projects that result in a loss are from trying to over-improve. Be aware of what buyers who are looking in your area want. It may also not be worth stressing about which color to put in the living room since a new owner might come through and repaint anyway.
Not all upgrades are equal
Some enhancements, as opposed to major overhauls, are certainly worth it: replacing street-facing vinyl siding, touching up exterior paint, and installing a new, steel entry door. These kinds of upgrades help the overall appeal to potential home buyers.
Upgrades to consider
- Improve your home’s energy efficiency. While this isn’t aesthetically appealing, this is something that potential buyers want. Sellers often recoup all, if not more, in their investment in this area. Upgrade attic insulation, HVAC, water heaters, and windows can be very appealing.
- Spruce up the exterior. You only get one first impression of your house to a potential buyer. Things like power washing the exterior, touching up paint, refreshing mulch and landscaping, or adding stone veneer can easily make your house more marketable.
- Focus on the kitchen. Most buyers pay extra attention to the kitchen. You don’t necessarily need to spend a fortune on new appliances; focus on colors and textures. You can affordably paint cabinets or update cabinet hardware, add a black splash, or upgrade countertops without breaking the bank.
- Spend time in the bathroom. Bathroom remodels often earn a full return of investment. Straightforward jobs like re-grouting the tile, replacing toilet seats, or converting a plastic tub into a title shower definitely help.
- De-clutter. One of the most natural things you can do to make your home more attractive is simply to tidy up. Clear out any trash or clutter, even if it means moving stuff into a short-term storage unit. A clean house just looks more inviting.
What has been your best return on investment upgrades? Let us know by commenting below.