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Why Expensive Renovations May Not Increase Your Home’s Resale Value

As we begin shifting to a ‘buyers’ market’ in Charleston, you may start to consider undertaking a home renovation project to help boost the value of your home against the competition. Kitchen and bathroom upgrades are among buyers’ most desired features in a home and can help increase your overall sale price, according to the National Association of Home Builders. But, even as the market changes and the remodeling demand rises, the NAHB predicts that home improvement activity will actually increase by 1.6% in 2019 and 1.1% by 2020. But is it worth remodeling a portion of your home in hopes of increasing the sales price?

There’s no doubt that home improvement can increase a property’s value, but renovating can certainly be costly! And there’s no guarantee that you will recoup all of the costs at resale. With that in mind, small projects versus large-scale projects may be well worth your time. If there’s an area worth considering renovating on a smaller scale, the master bath and kitchen are the best contenders!

Another option would be to virtual stage or have professional renderings created of what a space could look like. This removes the burden of cost and yet still allows a potential buyer the opportunity to visualize the renovated space. 

However, some form of home improvement is necessary to elevate your home, especially before your home hits the market. It’s best to be particular with which projects you undertake but projects like refinishing floors, refreshing paint, installing new countertops or painting cabinets are important and can be a “make or break” decision for buyers. It’s best to tackle those projects before the home is photographed and listed so your agent can showcase the most recent updates. Then, you save yourself the time and hassle of taking the home off the market months down the road, making changes, and trying to sell it again. 

There are important factors to consider when undertaking any kind of home renovation project, but even more so when considering listing your home for sale. Focus on making small changes that make big impacts rather than tackling larger scale projects that ultimately may cost you money in the long run. 

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