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Renovate Your Home – What You Need to Know

Dec 11, 2020 | Selling a Home

A home renovation before selling can breathe new life into your home, make it much more appealing to buyers, as well as fetch top dollar. The whole process should start with taking the time to plan. Work together with your realtor to come up with a plan for which projects should be tackled for the best return on investment. Proper planning will ensure the project runs smoothly and stays on budget.  

The actual meaning of ‘renovation’ refers to the process of returning the home to a good state of repair. A major renovation is described as a project that involves renovating more than 25% of the surface area of the building envelope. It can be structural, cosmetic, or a combination of the two. Renovation projects can repair, improve, or modernize an older home.  

Why You Should Use Fix2Sell to Sell Your Home

Discover the many benefits of using Fix2Sell to help you earn more money when you sell. As a part of our solution, we offer the option of no costs until closing on your home renovation project.

Remodel vs Renovate

The terms remodel and renovate are often confused and used interchangeably. However, they have two different meanings. To renovate means to restore something to how it used to be. Remodeling means to make something new.

Renovation Projects Usually Offer a Better Return on Investment

A renovation typically costs less than a remodel because it involves making repairs to, or updating, the basic features of a home. A remodeling project, such as adding a new room or taking down a wall, can cost big bucks, whereas fixing the roof, replacing an entry door, a new driveway or having new siding installed, can really bring in a high return on investment.

More Opportunities for DIY

Tackling projects yourself can save you big bucks. Of course, just don’t bite off more than you can chew, or try to do a project that requires a licensed professional. However, homeowners can take care of things like painting, applying wallpaper, updating trim, hanging new doors, or even installing new flooring. When bypassing labor costs, the return on investment can be huge.

Remodeling Usually Costs More than Renovating

Remodels are generally more complicated and require modifying the physical structure of the home. These changes require the help of a professional, which is costly. It is time consuming to do things like change wiring, ductwork, or plumbing, and materials and labor for additions are quite pricey.

Who is Fix2Sell and Why It Matters to You

Fix2Sell is a pre-sale home renovation company that partners with local real estate experts. Together, we provide a complete solution that helps you maximize your home selling price while streamlining the renovation and selling process. As a part of our solution, we offer the option of no costs until closing on your home renovation project.

Where to Start When Renovating a House?

It all starts with a great plan and doing the necessary prep work. This includes coming up with a project list and a budget. Be sure to leave some room in your budget for unexpected costs, as these always pop up, especially in older homes. 

Consider having a home inspection to help alert you to any issues with the home that need to be fixed. You might as well take care of problems before getting the home on the market. After an offer is accepted, the potential buyer will have a home inspection. 

If problems are found at that time, it could delay the closing process and cause you extra stress from trying to fix problems before closing. Once you have made a list of projects, have a chat with your real estate agent about their thoughts on your list and prioritize what is important and what makes sense. Also figure out where the money is coming from to complete the renovation. 

Do you have enough money saved up, or will you need to take out a loan to complete the project? Be sure to take loan fees and interest payments into consideration.

Cost vs. Value

When you are drawing up your plan, it’s really important to make sure the renovation is worth it. This is especially important to consider if you are doing these projects right before selling a home. After you have gathered all information and have a list of potential projects, look at how much each will cost and then how much the project will benefit you. 

Finding the right balance between the cost of the projects and their overall benefit to the value of the home is very important.

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Your Home Renovation Checklist

When deciding on projects to move forward with, think about every room of the house. Go through each room and asses what needs to be done and then what could be done to make it better. To help, go through this list and think of the possibilities. Once you have a good list, do your research and figure out how much each project will cost. 

Do more research and figure out what the return on investment should be for the project. That should help you narrow things down.

Attic

  • Ensure that your attic is adequately insulated if there is no living space involved.
  • If your attic is large enough, consider adding living space. This project is a great option because it can add additional living space without needing to expand your home’s footprint.  
  • An attic conversion generally involves installing insulation, ducts, vents and a new HVAC system, building dormer windows, adding stairs and adding electrical wiring.

Bathroom

  • If your bathroom has suffered from water damage or is in disrepair, a full remodel may be needed.
  • If the majority of your bathroom is in good shape, some small and simple upgrade can be effective.
  • Small and simple improvements include new paint, new hardware, new lighting, adding technology, using mirrors to make the space look larger, adding proper ventilation, concealing pipework and adding storage.

Basement

  • The basement is one of the biggest sources of problems for potential buyers because of moisture, foundation cracks, sketchy utility installations and weird smells.
  • The first step is to address any of the problems listed above.
  • Second, if your basement has some space that can be turned into living space, this may be a great idea. Just as with an attic, any time living space can be added without changing the footprint of a home, the project will be much more affordable.

Garage

  • A nice garage with a new floor and plenty of storage space could really win over a potential buyer.
  • Remove all of your junk from the garage before putting your home on the market. Brainstorm how you can add more storage to your garage. Also consider coating the floor to add a wow factor.

Kitchen

  • here are many options for renovating a kitchen, from very small projects to a complete overhaul.
  • For the smallest project, consider fresh paint, new hardware and new lighting.
  • For a medium project, in addition to all items mentioned above, consider painting your cabinets and installing new countertops.
  • For a big project, completely gut the kitchen and install all new cabinets, countertops, appliances, lighting and hardware.

Living Room

  • A new coat of paint in a bright, neutral color will freshen up a living room.
  • Consider new flooring and trim, and try to find ways to bring in as much natural light as possible.

Lighting

  • Today’s lighting renovation projects include lighting that is eco-friendly, practical and beautiful.
  • Think about using layers of light to accent the functionality of each room.
  • Also think about the atmosphere you wish to create in each room as well as the color temperature of light sources (how warm or cool the light is).

Pool

  • If your pool shell is in disrepair it may require a facelift. It might be possible to keep the pool shell you have and replace the finishes. However, if the conditions are too poor, you may need to start from scratch.
  • Check for cracks and assess the condition of heaters and pool pumps. Make repairs as necessary.

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Finding Expert Renovation Contractors

After coming up with a plan and a budget, write up a schedule of work for renovating your home. This will outline the list of projects to be done, and in the proper order. Be sure to include the cost of the project and then start figuring out who will be completing the work. 

Once all of the prep work is finished, the projects can begin. Once you have a plan for your project, it’s important to take the time to nail down funding for your projects and find qualified, licensed, insured and reliable contractors to complete the work. Shop around for the best home improvement loan to ensure a good rate and favorable terms. 

When it comes to finding contractors, reach out to people that you know and ask for recommendations. Once you have a group of potential contractors, have them come by to give a quote. Compare quotes and also use this opportunity to get a feel for the contractor. Ask about licensing and insurance. See if they communicate in a timely fashion, show up when the say they will and if they behave in a professional manner.

If you would really like to simplify your home renovation experience, consider working with Fix2Sell. Our company partners with real estate experts in the area to help sellers streamline the home renovation and selling process. This gives sellers the opportunity to pay for the renovation project with their profit at closing. This means no loan is needed and the professional team can help sellers fetch the highest possible return on investment.  

Ready to Sell?

TheMLSonline.com can help you sell your Minnesota home today.

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