As a homeowner it is crucial to understand the ROI of home makeovers. 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.
Consider the following for great ROI
Nothing improves value better than well planned painting. Before selling appoint a professional who will help you to choose the right palette, skim the walls, seal trim and repair minor damage before applying top quality paint that’s appropriate for each surface. Do not treat all areas of the house with the same color. Each area serves different purpose and thus should be treated differently.
A fresh coat of paint typically garners a 60% return on your investment.
A house that has strong structural features will gain instant confidence of the buyer and will garner higher offer value because the buyer will know that they don’t have to invest in the upkeep of the house. It’s crucial to have strong windows, good roof and waterproof foundation. Homeowners who invest in long-term upkeep of the house will see up to 80% return on investment when it coms to selling the house.
Kitchen renos are sure shot for bringing your investment back. Refreshing the countertop with stones (consider granite or quartz) or giving it more professional look with steels will be seen as a long term investment in the eyes of a buyer. It can yield upto 75%-100% return on investment.
Sometime not the entire bathroom needs to get remodeled. Changing the tub, sink style or adding a no-frame all glass shower unit can greatly enhance the look and feel of the bathroom. Also if the bathroom has a window, it can be made to look gorgeous by setting the right type of modern windows. A well-done bathroom reno can bring up to 62% ROI.
Probably one of the most important aspect of a house. They say flooring is the canvas on which you paint the rest of the house. Consider hardwood instead of old carpets. Even hardwood can look horrible if they are not properly laid out. So, consider well reputed professionals and don’t compromise with the quality. Return on investment can be up to 150% with the right kind of flooring.
If you’re ready to make improvements to your home in order to sell, give Prep’n’Sell a call today.
If you don’t know where to start and need some consultation or ready to make improvements to your home in order to sell, give Prep’n’Sell a call today.Back