Why the biggest renovations may not make the biggest difference.
Have you ever considered doing a DIY project, just to make your home more appealing to buyers? Someone who is house hunting may choose your home over someone else’s if they see it is updated or renovated. They will at least be relieved at the prospect that they don’t have to fix or update anything in order to move in! But do DIY projects guarantee a quick, profitable sale?
What do buyers want?
First of all, contrary to what home makeover TV shows depict, many people want a move-in ready home, not a fixer-upper. That being said, try to tackle cosmetic updates as opposed to electrical, plumbing, or structural related. Homebuyers want neutral, sophisticated colors on the walls (not bubble gum pink or lime green.) They want a clean, well-kept yard with landscaping and a clean, undamaged fence. Depending on the buyer, they may also want crown molding, new light fixtures, and new flooring. Ultimately, the best way to appeal to buyers is to try to think of visual changes you could make that they would like. To help with this, maybe have a few friends walk through your home and ask them what they would change.
Only tackle projects that:
A. would appeal to a wide audience of people
B. you actually know how to do!
Do DIY projects help my home sell for more money?
Secondly, some homeowners misunderstand how DIY projects and home renovations affect their home’s value. They think: My investments automatically increase the value of my home, correct? This is false because there’s no rule saying if you invest $20,000 in a kitchen reno you will get $45,000 (or even $20,000!) back when you sell. You have to weigh the investment. How much money do you want to invest in DIY projects just in case you don’t recoup that money when you sell? While DIY projects can potentially add value to your home, you still have to price your home at or around market value.
Are renovations worth it?
While some DIY renovations are necessary and make your home more livable, others simply add personality and charm to your home. Either way, instead of investing money in fixing your place up to sell, consider doing DIY projects while you’re still living there. That way you can enjoy the fruits of your labors! Above all, buyers are attracted to a home that looks well-loved and taken care of. Investing a bit of time and money into a DIY project can make your home look more warm and inviting, potentially giving you an edge over the competition.
