Often when I am showing homes the current (or previous) owner has done some sort of renovation. Sometimes they are great and add a lot of value and other times my Buyers will say things like "I wish they hadn't done that" or “It would have been better if they had left it alone”.
As a Seller you don’t want people to say that about your house because if it doesn’t turn them off completely it will usually cause them to offer a lower price. After showing thousands of homes and hearing just as many comments from Buyers I can offer the top 4 tips from their perspective.
1.) Get your permits. Buyers want to know that the work has been done to code and has been approved by the City. If the reno is complete and you never got permits you can still get them but it will cost more than if you had done it in the first place. You are probably better off to get the permits before you start the work and go through the proper process. It might take a bit longer but scrambling at the last minute to obtain permits when you have an offer on the table is worse.
2.) Know your limits! There are so many poor DIY jobs out there that they have made several shows about it on HGTV. If you are trying to save on costs by doing it yourself you could end up costing yourself more in the long run because a future Buyer may not be willing to pay what you want for your workmanship. I showed a house last week with a terrible mudding and taping job. It makes the final room look sloppy and to fix it can be a huge job depending on how bad it is. If you are trying to meet Bryan Baeumler, this is a good strategy and let’s me honest he is cute.
3.) Think about the future. What I’m really saying is be realistic. Realistic means that if you are going to spend $60,000 developing your basement with a media room, stone fireplace, wet bar with granite, a mini dishwasher and keg-o-rator then understand that you are doing it for yourself. People will probably like the bells and whistles you put in but they aren’t necessarily willing to pay for them.
4.) Have a plan. Think about how the space could be used universally. You may have a plan as to where you are going to put your TV but there may be other logical places to put it so putting in a few cable outlets in different places is a good idea. I was in a house the other day that had a walk-out basement and one of the bedrooms was framed around the area where the door to the backyard was. While this might work great for the current owners it’s likely not something most people would like (including the people I showed it to).
Balance is the key here. If you are putting the time and money into a renovation you want it to be something you like that works for your family. Just take a moment to consider how your decisions could impact the resale of the home.
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