Home Improvements & Renovations That Will Make You the Most Money
Part of being a savvy homeowner is maintaining the quality of your home and making investments in your home that will pay off one day. Especially if you know you’ll be selling your home in the near future, then you’ll want to do your best to try and make a profit on it!
There are a few things that buyers expect in a home, and you’ll want to be able and not only attract buyers, but attract buyers who are willing to pay asking price or even offer more. (Read more about multiple offers here!)
It’s important to be smart about what types of home renovations you make, and the return you will make on your investments will depend on a few things, including your neighborhood, the other types of homes in your neighborhood, your city’s real estate market, and of course, the quality of the renovations.
Here are a few home renovations you should consider:
Make sure all basic systems are in excellent shape.
It won’t matter how gorgeous your newly remodeled bathroom is if your home needs all-new electrical and has a broken toilet! Make sure that all basic things are in working order; this includes the overall structure of the home, roofs, siding, electrical, plumbing, heating/air conditioning, etc.
You’ll also want the basic bones of each room to be in excellent shape, if not updated. For example, is old tile peeling? Are the hardwood floors beat up? Is the paint on your living room walls scratched? These things may seem small, but making sure they’re in tip-top shape before you list can pay off big.
Remodeling your bathrooms is a great renovation investment.
According to HGTV, “In Baltimore, for instance, a $9,400 bathroom remodel recouped 182 percent of its cost at resale, according to Remodeling's 2004 study.”
For buyers, any home with a dirty or deteriorating bathroom is a major turn-off. It’s important that bathrooms are as shiny and new appearing as possible, and especially if you’ve lived in your home for a long time, this will mean remodeling. Also, if your home only has one bath, you may consider adding a second bath. This is something else that buyers look for.
Deciding what types of renovations to make will depend on the type of home you own. For example, if you have a simple Craftsman home, then making sure you have the basics done and done well. This potentially means new flooring, new cabinetry and counters, a new bath and/or shower, new light fixtures, and a new coat of paint. If you live in a huge luxury home designed for entertaining, then buyers will most likely expect higher end amenities, like walk-in showers, soaking tubs, and stylish finishes.
A kitchen remodel is one of the best investments you can make.
Kitchens are often at the center of it all, and from breakfast to dinner, a lot of time is spent in the kitchen! First of all, you want to make sure that each part of your kitchen functions, at the very least. This means appliances that work, a faucet that’s not leaking, etc. From there, consider what needs to be done to appeal to buyers. Do you need all new cabinetry, or will a fresh coat of paint do the trick? Should you update your counters? (Granite is hot these days!) You should consider your budget and understand what modern buyers want.