Considering the high costs of buying and selling homes these days, many people are choosing to renovate their current home instead of buying a new one. People are thinking about how they can get the most value out of their living arrangement. What will give your family the most value depends first and foremost on your needs, but if you want to earn back your renovation costs when it comes time to sell, here are the most recommended ways to make a change that will be appealing not only to you, but to possible future buyers too.
The kitchen can either spark home buyers’ attention or leave them packing for other options. Most home experts say that you can expect to see between an 80 percent and 93 percent return on your investment from renovating a kitchen. Update old appliances with more energy efficient models, reface or replace the cabinets, install new counter tops and flooring, or add a breakfast nook to increase the appeal of your kitchen.
Nobody wants to own a new house with shrubbery that looks like the owner is living in the forest. If your house doesn’t look appealing from the outside, chances are a potential buyer will never make it inside. Perform some basic landscaping to boost your home’s curb appeal. One of the cheapest and easiest ways to add resale value to your home is to improve the landscaping in the front yard. Planting some new flowers, repainting your patio’s trim, and making your lawn look its best are easy ways to make a good first impression on buyers; this can yield more offers and a higher price tag.
Bathroom renovations can fetch a rate of return on the investment of 102 percent on average. Many modern home buyers look for upgrades in the bathroom like a jetted tub or a heated floor, so they do not have to walk on cold tile when they step out of the tub or shower. Buyers will zero in on anything that looks like mold or mildew, including aging grout between tiles, or the caulking around the bathtub or sink. Also, if there is space in the house, consider installing another bathroom. Adding a bathroom in a house with one or one and a half bathrooms provides up to a 169 percent return on your investment.
More Space and Light
In real estate, dark and cramped are no good, so a little light goes a long way, especially if they are a bit stuffy. If your house has small rooms that block the flow of natural light, you may want to consider knocking down some walls and opening up your floor plan. Open floor plans usually involve combining your kitchen, dining and living areas into one big space that suits a casual lifestyle. This makes a small house feel light and airy, giving the illusion of a larger living area. Open rooms create an inviting atmosphere for entertaining, because kitchen duties can be performed while hanging out with guests. It’s also great for young families because it allows parents to work on dinner while keeping an eye on the youngsters. If you’re not up for taking down walls, even widening doorways 15 to 30 centimeters) will make a noticeable difference. Adding rooms is also a big value booster. Great rooms can add square footage, and vaulted ceilings will make it feel like there’s even more space. If you live in an older house that has small bedrooms, master bedrooms and bathrooms are also good additions that will increase the value of your home.