Over the last four years, “the amount of starter homes available in Austin decreased by 82.9 percent,” says Molly McManus of Austin Culture Map. With this in mind, it may be an ideal time to put your home on the market and acquire an upgrade for yourself!
Austin has also been declared the best real estate market to invest in. With that knowledge, what remodeling construction projects should home owners consider in order to capitalize on their property and maximize their resale value? Selling your home can sometimes feel like complicated alchemy, but we are here to help!
We’ve put together this list of suggestions:
1. Upgrade Appropriately
Before you begin planning how to upgrade your home, Dina Petrakis of remodelingconsultants.net recommends going to open houses in your area. This will help give you a sense of what’s popular and likely to sell in that market. Granite in the kitchen? Jets in the tubs? Make sure that the upgrades you intend to make are going to be appealing to people looking to buy.
Also keep in mind that over-remodeling can be worse than under-remodeling! If the houses near yours appraise in the $150K range, and upgrades bump your home into the $250s, you will have trouble attracting buyers. Either buyers will love your house and not be able to afford it, or ones who can afford it will be looking in other neighborhoods.
2. Consider the Structural Integrity
Some of the most beautiful houses in your neighborhood may be functionally unsellable. Sure, they look pretty, but how are their foundations? When was the water heater last replaced? What’s the state of the roof?
While it’s appealing to focus on the more exciting –and cosmetic– elements of home renovation, homes with infrastructure issues will be hard to sell. Homes can be sold as-is, but acknowledging structural issues can mean your sale price will take a hit. In some cases, the seller could be legally liable for any issues they knew about but didn’t disclose before the sale!
Consider the example of Jessica Huang on the television show Fresh Off The Boat. She invested in a property with the intention of flipping it, but is losing money because the house has termites! The home looked beautiful at first glance, but needs fumigation and structural repairs.
3. Remember it’s Form and Function
When you think of ways people enjoy their homes, two rooms that come to mind are the kitchen and the master bath. According to hgtv.com, “springing for a kitchen or bath remodel is a sure-fire investment, often returning more than 100 percent of the cost.”
You don’t need to go overboard with your upgrades. Sometimes new hardware and fixtures can freshen a room as much as a complete refit. Make sure you’re not spending thousands of dollars to redo your cabinets when you can get a much higher return from a spend of a few hundred dollars at Home Depot or Restoration Hardware!
4. Focus on Curb Appeal
Have you ever driven through a new neighborhood and seen a house with a For Sale sign on the lawn, and it made your day? That the house was so gorgeous/perfect/awesome looking that you snapped a photo on your phone? That’s the reaction everyone wants the home they’re selling to get.
Curb appeal is the single most important part of selling your house. If you want potential buyers to see the inside of your house, they need to like its outside. The changes you make can be as extravagant as repainting or redoing the siding of your home, or as basic as landscape changes and updating shingles and sconces.
5. Use Neutral Colors
One of the most frequently recommended things to do for your home is to keep all color schemes neutral. Bright and extravagant decor is enticing, but it’s important to remember that your taste may not be same as the taste of a potential buyer.
When a buyer is looking at a house, they want to see it as a bare canvas, ready for their own embellishments. Sometimes it can be hard to see your vision over someone else’s, especially if their colors or textures are not the sorts you like.
No matter what sort of remodeling construction you’re considering, it’s important to have a professional opinion! We invite you to consult with us at Flenn Homes to explore what upgrades to your home we can help you with!