If you’re considering selling your South Carolina home, you’ll also want to consider whether a few renovations might be in order before you put the “for sale” sign in the yard. You might be thinking, “Why would I invest more money into a house I’m trying to sell when my goal is to make a profit?” By choosing renovations with a high ROI (return on investment), you can increase the value of your home, which, in turn, enables you to list it at a higher price.
To determine which type of projects will help you gain as much profit from a home sale as possible, ask yourself whether a particular renovation will add or improve living space or functionality. If you answer “Yes,” to either question, it’s an upgrade that might be worth your while.
Home sellers should avoid luxury upgrades
A luxury upgrade might look nice, but it doesn’t necessarily increase the value of your home. Sometimes, a boost to aesthetics helps attract buyers, such as a fresh coat of paint on the walls or new bathroom or kitchen fixtures. When your goal is to increase value, however, try to avoid luxury renovations, and, instead, go for quality improvements that take your home to a higher level for a list price.
These renovations typically have a high ROI
The following list includes several home upgrades that are likely to give you the best ROI at the closing table:
- Building an addition
- Kitchen upgrades
- Enlarging or adding bedrooms
- Adding bathrooms
- Installing a swimming pool
- Professional landscaping
- Adding a deck or patio
These renovations will cost something upfront. However, you might be glad that you invested when the offers come rolling in, and you close a deal for a price higher than you ever imagined possible.
Discuss renovations with an experienced agent before you sell your home
It’s understandable that you would want to meet with an experienced real estate agent when you’re ready to list your house. However, it’s also helpful to speak with an agent ahead of time. An agent can check comp sales in your area to help determine the market value of the house and can offer recommendations regarding which types of renovations might be beneficial.
You can also read more online about renovating a home, including what types of costs to expect, which upgrades might cost more than they’re worth, as well as other tips and ideas for getting your house ready to sell.