How to Save a Lot of Money on Home Renovations and Repairs When Selling Your Home!

Hello Hampton Roads,

The spring selling season is upon us! Many home owners thinking of selling may have to spruce up their home before putting it on the market.  Selling a home can be an expensive process but making repairs and renovations before putting your home on the market can be a great way to increase its value and sell it for more.  However, its important to be strategic with your repairs and renovations to save money and get a good return on investment. 

Below are a few tips and tricks for saving money with home repairs and renovations when selling your home:

Prioritize Your Repairs

Before diving into repairs and renovations, it's important to prioritize which projects will bring the most return on investment. Focus on the repairs and renovations that will make the biggest impact on your home's value, such as fixing any major issues like roof leaks or foundation problems, updating bathrooms and kitchen, or enhancing your home's curb appeal.

Do It Yourself (DIY) Repairs and Renovations

DIY repairs and renovations can save you a lot of money, especially if you have some experience with home improvement projects and even if you don't there are a lot of free videos and resources online that can guide you through simple repairs and renovations.  However, it's important to be realistic about your abilities and know when it's time to call a professional otherwise what was a simple repair could end up costing your more than it should have. 

Hire a Handyman or Contractor for Smaller Projects

A handyman can handle a variety of different tasks such as fixing a leaky faucet or installing a light fixture at a lower cost than a specialized contractor. For larger projects, get quotes from multiple contractors to find the best price. 

Choose Fixed Costs vs Costs Plus

Many home sellers face the challenge of deciding whether to pay fixed costs or costs plus repairs and renovations. My opinion from what I have seen in the industry is to opt for fixed costs. Fixed costs is the most popular option and this also offers the lowest risk to the seller. Fixed costs means the sellers pays a known fixed price that covers materials, labor and other associated costs. Costs plus on the other hand, is where the seller pays for materials, labor and associated costs plus an additional percentage above this. This benefits the contractor more than the seller because the costs can go above what was originally quoted. 

Negotiate with Contractors

Don't be afraid to negotiate with contractors to get the best price. You can also negotiate the costs of materias, buy the materials yourself, or negotiage the timeline of the project to save money. If you're not in a rush to have something done, you may be able to negotiate a better price versus if you needed something right away.

Consider Your Home's Energy Efficiency

Upgrading your home's energy efficiency can not only save you money but it can also increase your home's value and attractiveness to home buyers. Consider upgrading to energy efficient appliances, or installing energy efficient windows and doors. 

Know When to Sell "AS IS"

While repairs and renovations can increase your home's value, sometimes it's better to sell "AS IS." If the costs of renovations and repairs outweighs the potential increase in value, it may be better to sell "AS IS"  This can save you time and money in the long run. 

If you are thinking of selling your home now or in the near future and want to know which repairs you should do to best increase it's resale value, you can schedule a free home valuation with a room by room walk-through here: https://freehomesellerswebinar.com/schedule

Thanks for Reading,

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