These home improvements make your dollar work the hardest. When selling your home, renovations often come in the picture of what you'll likely be doing. Renovations can get very costly. It's important that you get the most bang for every dollar that you spend. Especially, since it will cut into your bottom line.
If you’re remodeling your home to potentially sell it, focus on these high return on investment home renovation projects. Focus on the projects that offer the best return on investment.
Some people may think that replacing outdated features, dingy appliances, and worn carpeting will increase the value of your home, but don’t be too quick to assume. Some of the projects that you can do around the house have a poor return as you go to list your home on the market.
The kitchen deserves all the extra attention you can muster if you’re looking to sell your home. That doesn’t necessarily mean that you should make a complete overhaul of your entire kitchen. Always think affordable. Upgrading your kitchen could include refacing cabinets or updating finishes depending on the age of your home. Think small and affordable changes.
The bathroom is another great place to use your money on renovations. Sprucing up an old bathroom is an ideal way to see your dollar stretch to the max. Now, adding a bathroom, on the other hand, is a major investment, and most times it doesn’t have the best return. Reports from both the National Association of Realtors and Remodeling Magazine say homeowners will recoup slightly more than half their investment back. However, a bathroom may be essential to making a sale, especially if there is only one bathroom in the house.
The National Association of Realtors and the National Association of Landscape Professionals conducted a survey in 2018 to determine which outside projects offer homeowners the best value. An overall landscape upgrade topped the list with an estimated 105 percent return on investment. I've always believed that the bulk of your renovation budget should be spent on upping your curb appeal. How your house looks from the curb is usually the first impression buyers will have of your home. Most times, it's also the first impression the buyer will receive online as well. Money spent upgrading your curb appeal goes a long way in attracting more buyers to your home.
Replacing old windows can brighten a room and increase your potential resale value. There’s no need to splurge though. You’re not going to get all your money back with a top of the line window. I think Avista still gives a bit of a rebate for homes upgrading windows as well.
In Conclusion, when you’re looking to sell your home, it is best that you use your money wisely and focus your attention on the 20% of remodeling projects that will yield you the greatest results. Remember, not all home renovations are created equal. A little forethought goes a long way.