Make the most of your money with these home renovations that will help you command a higher selling price for your home. A home is, in fact, the largest investment that most people will make in their lifetime. Carefully selecting renovation projects will help that investment continue to flourish in the form of equity.
So where should you spend those hard-earned dollars? On the renovations that add the most value while you’re living there as well as a give you the most home equity. Spend money on the best that you can afford, without breaking your budget. Here are a few of the best places to spend money along with some budget-friendly tips.
High-Value Home Renovations
Master Bathroom Upgrades
Home buyers demand a fully-upgraded master bathroom. They want, and expect, to see all plumbing in perfect working order and upgraded countertops and cabinetry. Floors should be bright and new. They want to walk into a bathroom where they can visualize themselves calmly getting ready for work in the morning or soaking after a stressful day. A spa-like look with calm, soothing décor is the expectation.
If you’re on a tight budget, look for creative solutions to offer these upgrades. For example, if your cabinets are in good shape, paint them a current neutral like dove gray. If you can’t replace your floor tiles, give them a thorough cleaning (including the grout lines) and treat them with a liquid refinishing product that gives them a fresh shine.
An unfortunate truth in real estate is that appearances do matter. A home that is fantastic on the inside will linger on the market if the outside isn’t up to par. Most home buyers won’t tour the inside of a home with a drab exterior. They see it as a huge project they will need to take on, and quite frankly, they just don’t want to!
Exterior upgrades are a must in order to get buyers inside your home. There are almost too many possibilities to name, but here are a few. If you have old and faded siding, new siding is a must. If your windows are older, replacement windows are a must. Outdated, scratched up overhead garage doors need to be replaced. Paint all the trim and your front door to create an inviting color palette. Cracked sidewalks or driveways the create a tripping hazard need to be repaired or replaced.
These are all significant amounts of money, but there are really no short-cuts here. This is smartly spent money, for you will increase both your curb appeal and home equity. Plus, you will enjoy a beautiful, safer, and more energy-efficient home.
Outdoor Living Space
Homebuyers in all price points ask for outdoor living space. They want a place to toss steaks on the grill and entertain their friends in the summertime. This space can be either a deck or a patio, as long as you offer this space.
If you can afford to upgrade your existing space, consider enclosing it for enjoyment away from mosquitoes! Add a grilling zone outside of the enclosed space but where the chef can still interact with guests.
Even if you can’t afford to enclose your patio, invest in fabulous patio furniture that you can enjoy…and take with you! Careful staging can pay off huge dividends to a new home owner. It will demonstrate to the new buyers how wonderful the space is and help them to visualize how it could work for their family.
Everyone looking for a new home has “fabulous kitchen” checked off in the “must-have” column of their wish list. Regardless of the home size or the buyer’s budget, the kitchen is a space that can sell your home!
Buyers hold high expectations in the kitchen. They are scoping out kitchens with current trends such as hardwood floors, granite countertops, new sink, spacious cabinets, and stainless-steel appliances. Wait, what? That sounds expensive! I know. And it is.
But this is the room where you will get the most bang for your buck.
Spend your money wisely. For example, if you’re in a neighborhood that doesn’t have homes that command top dollar, skip granite and choose solid surface countertops to save money. Re-stain the cabinets yourself. Select a high-quality wood-look laminate flooring. The options for saving money on materials here are limited only by your own creativity!
Because your home is a huge investment, it does need to be tended to frequently and updated periodically. These renovations will add valuable equity if you need to borrow money or help you get your money back on the sale of your home. But during the time that you are living in your home, they will offer you pleasure and convenience. After all, don’t you deserve the same luxuries as the potential buyer?
Thanks for reading and please share this with family or friends thinking of buying or selling