If your home needs a little TLC before it’s ready for the market, you might be tempted to skip the home makeover in order to save money. That’s really not a great idea since many home improvements–from minor cosmetic fixes to bigger renovations–can drastically increase the value of your home. Here’s what you need to understand about the ROI of home makeovers.
Not all renovations and repairs bring a good ROI.
Some improvements, like an updated bathroom or kitchen, are almost always worth the money you’ll spend. Others, like putting in a swimming pool, almost always aren’t. As a general rule, if your renovation adds to the size of your home, it’s probably a winner. On the other hand, if it adds to the maintenance of your home, you probably want to skip it. You also need to be wary of making any unusual improvements to your home. Buyers may not have the same taste as you, so don’t invest too much in things to suit your tastes.
Expensive makeovers don’t always provide a good ROI.
Sometimes, it’s the little things that bring the biggest return. The cost of completely renovating your kitchen may be prohibitive and can yield only a small return on your investment. At the same time, painting your cabinets, changing out hardware, upgrading your appliances, and refinishing countertops–in other words, a ‘kitchen facelift’–can greatly add to the value of your home. Look for the least expensive ways to add benefit first, then if you can afford to make bigger changes later, you can.
Where you live affects your ROI.
If you live in an area that’s popular, you can afford to spend a little more and still see a great return on your investment. Do your research before you start any home makeovers. You need to know what the other homes in your area are worth before you try to add ‘too much’ value to your own home or you could spend more than potential buyers are willing to pay.
If you’re ready to make improvements to your home in order to sell, give Prep’n’Sell a call today.Back