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Remodel, Renovate, or Sell? (Your FAQs Answered)

Remodel, Renovate, or Sell? (Your FAQs Answered) - Proline Range Hoods

Before embarking on your home remodel or renovation, there are several things to consider. A remodel can really add value to your home, if done correctly. Wise budget allocation to get the most for your renovation is also critical. We've gathered some frequently asked questions from the web and included the expert answers below.

kitchen remodel finished project with hood vent, cabinets, countertops, and appliances

What renovation adds the most value?

In today's homes, kitchens and bathrooms are two of the most valuable remodels. Most people use the kitchen and bathroom multiple times a day, so they want it to be one of the nicer areas of the home. So, a renovated kitchen and bathroom is a great selling point for your home. They typically add the most value to your home compared to other renovations.

"Value" can also be subjective, though. For example, an avid cook will prioritize a nice outdoor kitchen, outdoor range hood, and patio more than someone who likes to stay indoors. Or, if you live in a cold climate, an outdoor kitchen may not be as attractive to the potential buyer. So, it's good to consider who your potential buyers are before pulling the trigger on a renovation.

In terms of cost, you won't find a renovation that makes you money immediately. The most cost-effective renovations will recoup about 90% of the money you put in. According to Remodeling's Cost vs. Value report, replacing your garage door has the highest return in 2021.

Remodel Type Project Cost ($) Resale Value ($) Percentage Recouped (%)
Garage Door Replacement $3,907 $3,663 93.8%
Manufactured Stone Veneer $10,386 $9,571 92.1%
Minor Kitchen Remodel - Midrange $26,214 $18,297 72.2%
Fiber-Cement Siding Replacement $19,626 $13,618 69.4%
Vinyl Window Replacement $19,385 $13,297 68.6%
Vinyl Siding Replacement $16,576 $11,315 68.3%
Wood Window Replacement $23,219 $15,644 67.4%
Wood Deck Addition $16,766 $11,038 65.8%
Steel Entry Door Replacement $2,082 $1,353 65%
Composite Deck Addition $22,426 $14,169 63.2%
Home Remodel Cost and Value Table

What brings down property value?

There are several things that bring down your property value. You may need to do some basic maintenance, perhaps a couple of renovations, before selling your home. Your location may also bring down property value for many reasons; we'll go over those below.

  • Building a home or remodeling without a permit
  • Mold or mildew damage
  • Deteriorating foundation
  • Damaged driveways or pathways
  • Damaged or old roofing
  • Leaky plumbing
  • Rotten wood
  • Poor or damaged air conditioning or heating systems
  • Frayed wires
  • Outdated kitchens and bathrooms
  • Near a registered sex offender
  • Near junkyards, power plants, hospitals, or factories
  • Next to a neighbor's unsightly home
  • Wallpaper
  • Ugly landscaping
  • Old carpet
  • Warped floors
  • Paint chips or uneven coating
  • Near a poor neighborhood
  • Next to a freeway, busy city, or other noisy areas

Is it better to move or renovate?

Cost and the scope of the renovation are the biggest factors when deciding to move or renovate. If you are remodeling your entire home, it will be quite difficult to live in during the remodel. Not to mention the cost will be steep. Map out all of the possible expenses for moving vs. renovating before making this crucial decision.

You will have more expenses if you're moving, such as moving companies, but they may be worth it if you're doing enough renovation.

Be sure to consider the time it will take to tackle the move or renovation, too. Typically, moving will take longer than renovating. It's important to write out a timeline so you get a rough idea of the time for the project.

Check out this article for more tips on determining whether to remodel or move. We break down all of the different expenses you may have when moving and renovating, and provide other helpful tips.

Is it cheaper to renovate or build new?

In most cases, it's cheaper to renovate a home than build a new one. But, if you live in an area where the housing market is favorable, it might be worth it to build a new home. If you live in an area with a competitive housing market, it's probably best to renovate.

To help you make this decision, estimate the total cost of renovation and the total cost of building a new home. You can find average remodeling and building costs online and use those as an estimate. Or, even better, message a few contractors in your area and take the average of their bids for each home project. Renovation and building costs will vary depending on the area you live.

When calculating the budget, also consider expenses. They may include required materials, labor costs, moving trucks, and more. Once you've calculated the budgets for remodeling and building a new home, compare the two.

Learn more about what costs you'll face when remodeling vs. when moving in this complete article.

What sells a house fast after a remodel?

  • Set the price to sell (Don't overprice)

If you set the price on your home listing too high, selling will take longer. You might end up knocking the price down anyway because you aren't getting offers.

Typically, a better approach is to underprice the home slightly. This can create a scenario where you have dozens of offers and a bidding war ensues. Sometimes, buyers will bid competitively and the price will increase!

  • Clean the home and declutter the space

A clean home will look more attractive than a dirty one with things lying around. This is one of the easiest things you can do to prepare your home for selling.

  • Do any quick fixes

This may involve replacing some doorknobs or hinges, patching up paint chips, replacing light bulbs, or other small projects. You want your home to look as presentable as possible before opening it up to buyers.

  • Invest in some small upgrades

This could involve updated doorknobs and cabinet handles, new modern appliances, new paint, light switches, and more.

  • Spruce up the landscaping

Mow your lawn, trim trees, pull weeds, and double-check that your sprinkler system is working, to start. The front yard is the first thing people will see when they pull into your home. So it's important to leave a good first impression. And of course, don't forget about the rest of the yard!

  • Hire a professional photographer

Before people visit your home, they'll probably have found you online. The pictures alone can decide whether someone wants to visit. Make sure you get them done professionally to maximize your chances of getting offers.

  • Take time to write a compelling listing

This is the one place where you can really capture potential buyers. Be sure to emphasize the best features of your home first. Leave out anything negative or that could be interpreted as a negative.

You can also talk about the area you live in; again, focus on the positives. If the area is not great, don't talk about it.

And be sure to add professional photos into your listing. They can really make a difference!

  • Sell at the peak time

The peak time for buying homes is around March to the end of July. This can vary depending on your area, but most people look to buy homes in the spring and summer. If you know any real estate agents, ask them about the best time to sell. Or, ask friends and family who have sold recently in your area.

Time can make all the difference. If people simply aren't buying, no matter how nice your house is, you won't get many offers. But you'll get several offers if you sell at the right time. This gives you a lot of options when it comes time to sell.

  • Flex to potential buyers' schedules

If you want to sell fast, be flexible. If you skip out on a few offers because of scheduling conflicts, you might regret it down the line.

  • Host an open house.

An open house is a great way to get several potential buyers to check out your home at the same time. Yes, an open house takes some time to prepare. But it cuts down on the time that it takes for you to schedule individual visits, and it can be exciting to see a lot of people checking out your home!

Can I sue my neighbor for lowering my property value?

It's unlikely that suing your neighbor for lowering property value would be successful. In fact, between attorney costs and paperwork, it will be much more trouble than you probably want.

If you've already sold your home, it's especially unlikely. It’ll be difficult to recoup the difference between the home's anticipated value and actual selling price.

Talk to your neighbor and ask them to clean up a little bit before you sell your home. You can't guarantee they'll do it though, so it's best for you to focus on other aspects of your remodel.

Don't get consumed with your neighbor's property. If you're in a nice area, or if the home is nice enough, something like that will often be overlooked.

Check our 5 Quick and Easy Ways to Cover Kitchen Countertops.

Does a messy house affect an appraisal?

In most cases, a messy house will not affect an appraisal. Appraisers ignore the clutter to determine the true value of your home. But, you are better off cleaning your house to give a good first impression when getting your home appraised.

It’s more common that structural damage or cracks in the foundation will affect an appraisal.

Do kitchen remodels add value?

Yes, kitchen remodels absolutely add value to your home! A minor kitchen remodel costs about $26,214 and returns $18,927 on average. This means you recoup 72.2% of the cost, according to Remodeling's 2021 Cost vs. Value report.

A major remodel (flooring, cabinets, and counters) is not as cost-efficient, but it can be valuable if your kitchen is outdated. You may not like spending the money for the project, but a new kitchen can last you decades. So, it may be well worth it!

Conclusion

Now that you've learned more about home remodeling, renovating, or selling your home, it's up to you to figure out which direction you'd like to go. Both remodeling your home and selling have their risks and rewards. Considering things like emotional attachment to your home or monetary investment can help you make your decision.

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