When it comes to home renovations anything is possible. But, if you’re looking for the best return on investment there are some projects you may want to move to the top of your list, and others to ditch all together.
Kitchen
We spend so much time in our kitchens. It’s the heart of the home and a gathering place not only for meals, but socializing and spending time with family. If you are working with a limited budget but still want to impress, consider re-facing your existing cabinets and having them professionally painted. Change up the hardware and you’ll be surprised what a difference it can make. You can even switch outdated light fixtures.
Looking for a bigger bang? Opt for new cabinets and upgrade your countertops. Granite is a big selling point for buyers and is such a statement on its own. Visit a local countertop store and pick out your own slab, there is nothing better than natural stone. Open concepts are also very popular, consult with a contractor and explore options for opening up your space. It’s important to involve a professional when removing walls because those walls could literally be holding your house together.
Bathroom
Bathrooms are still a key piece in selling a home. Buyers love seeing an updated bathroom so it just makes sense to spend the money to upgrade the space. We won’t mention all the time you spend in there, too! In older homes, a full gut may be necessary. In newer homes a simpler facelift may make more sense. A simple upgrade may include fresh paint, a new vanity and hardware.
Buyers love a spa like master bath with cool tones and tiled showers. For a really beautiful upgrade ditch the shower curtains and do glass. You would be amazed at how much of a difference glass can make in brightening a bathroom and it really makes you say, “Wow!”, especially when you can see your beautiful new tile work.
Finished Basement
Increasing your square footage with a finished basement is never a bad move, according to HomeAdvisor you could see up to a 75% return on your investment. Sometimes, it’s as simple as creating a space for a family room with some drywall and area rugs on your concrete floor.
Upgrade and add another bedroom or home office. A Fall 2021 survey by HomeLight found that 60% of top real estate agents cited a home office as a top priority for buyers. And, with the continued increase of work from home opportunities it makes sense that this trend will continue. If you are adding a home office to your basement, try making it dual function. Add an egress window and closet so you can market it as a bedroom OR home office when the time comes to sell.
Curb Appeal
The exterior of your home is the first thing potential buyers see, so of course upgrading your exterior is going to have a return. A 2021 survey of HomeLight’s top agents found that on average, buyers will pay 7% more for a house with great curb appeal compared to one with a neglected exterior. Curb appeal can be as basic as cutting the grass and adding fertilizer. Plant some simple plants or bushes and add mulch for a finished look.
Dressing up your front porch is also a great option. Make it welcoming, add some chairs, a new light, and replace your house numbers with something trendy. Paint your front door for a fresh look or install a new one. Another thing to consider is your garage door. If it’s seen better days, investing in a new one will show a return because again, it shows that you take care of your home, and buyers like that.
Now, since we’ve offered some ideas on what to improve we’ll offer these quick, don’t bothers.
Eliminating rooms
Don’t take away from your room count. Sure, it may seem like a good idea to merge two rooms for a luxurious master suite, but if it’s taking you from a 3 bedroom to a 2, skip it! And while we’re talking about eliminating things, keep the bathtub! Whether you use it or not, future buyers will want a tub in at least one bathroom.
Over the top renovations
Know your market and don’t get carried away. It’s easy to get caught up in your dream kitchen, but most future buyers aren’t going to want a gourmet kitchen with expensive appliances in their future home. You will not see your investment come back to you, so keep things simple and appropriate for your house. Also, say “no” to super personalized designs. Buyers are trying to envision themselves and their things in your space, that’s hard to do with your purple walls and giant pictures of your dogs.
Keep DIY to a minimum
There’s a time and a place for DIY projects. When it comes to your home, bring in the professionals. It’s not worth your invested time if the finished product is going to look mediocre. Not to mention, there are some projects that require a contractor for safety reasons.
Home renovations can be a lot of work, but fun too. With the right plan, and the right financing (HELOC, Home Equity, or Refinance) your home can be the shining star of your neighborhood and fetch you a nice bit of money.