These days, many people undertake some kind of renovation or “staging” before putting their home up for sale. The goal is to attract as many potential buyers as possible. Even if you plan to stay in your home, investing in a cozy patio is a long-term investment that creates wonderful new spaces for outdoor living. With shrubs, plants, and the right kind of boundary, you can create different “rooms” in the garden so that the outdoors becomes an extension of the indoors.
Staging for sale, move-out staging, home staging, or home staging can be done to varying degrees. Whether you’re painting a wall or renovating the kitchen, it’s important to be mindful of which changes you’re spending money on. Different renovations affect the value of your home to varying degrees. You’ll never recoup the cost of many improvements, while others can return as much as double your initial investment.
Renovate or Build a New Deck – Double Your Investment
One of the most profitable renovations you can do is to renovate your balcony. You can increase the return on your investment by as much as 200%. Of course, there are many factors that come into play, such as the home’s location and layout. A well-planned, large, south-facing balcony with a view is more attractive than a small balcony facing a backyard.
According to Göran Lindohf, a real estate agent at Länsförsäkringar Fastighetsförmedling, renovating a patio in the right location can yield as much as double your investment, while a small balcony facing a backyard might, in the worst-case scenario, only yield 80% of your investment upon a potential sale.
-“The location is, of course, the most important factor. But with a good location, you also have a great opportunity to make the most of it. A fresh and well-designed patio is something we real estate agents always value highly—especially if the house is going to be sold in the spring or summer.”
Best Chance for Appreciation – According to the Real Estate Agent
Kitchen
The old, worn-out kitchen is being replaced with a high-quality new kitchen in a timeless style.
Cost: 300,000 kronor
Percentage increase in property value relative to cost: 25–50 percent
Comment: In a higher-priced property, it’s easier to recoup a larger portion of the investment in a new kitchen. However, kitchens are often a matter of taste, which makes it difficult to recoup the entire investment.
Bathroom
The old bathroom gets a makeover with spa-like features and carefully selected materials.
Cost: 300,000 kronor
Percentage increase in value relative to cost: 20–40 percent
Comment: Just like kitchens, bathrooms are often a matter of personal preference, which means that the cost of a luxury renovation rarely yields a full return on investment when the home is sold.
Roof
The old, worn-out roof is being replaced with a new, top-quality roof.
Cost: 200,000 kronor
Percentage increase in value from the expense: 20–60 percent
Comment: A new roof is a plus when selling a home, but it’s most cost-effective to use standard materials rather than the most expensive options.
Patio
A new patio is being built with high-quality flooring and a stylish glass railing.
Cost: 80,000–150,000 kronor
Percentage increase in property value: 80–200 percent
Comment: A south-facing patio with a view can significantly increase property value, while a shaded patio facing a backyard can still provide a good return on investment.
Basement
A damp 75-square-meter basement is being renovated and repaired with drainage and insulation.
Cost: 150,000 kronor
Percentage increase in property value: 25–200 percent
Comment: Renovating an unusable basement can significantly increase property value, especially in areas with high prices per square meter.
