Profitable Renovations

Categories Blog, General

Nothing is more frustrating than growing out of your home but not being able to sell. Every owner believes their house as a certain aura to it; if you and your family have loved it for so many years why doesn’t everyone else? You understand that they don’t have the same memories as you might, so how can you increase your houses appeal without an emotional pull? The answer is renovations or upgrades. Most of the time people don’t want to put money into a house that they are going to not be able to enjoy.

Find a balance between renovation costs and return rates.

Every house and situation varies to some degree but most experts are in agreement that a fresh, neutral coat of paint is the best renovation investment. It usually costs the least, and provides the highest return rate, so make sure this is your number one step. The best part about deciding to paint to improve your homes appeal is that there is a latent cleaning that comes with the task. Having to move all the furniture, and taking down the pictures helps you to declutter the space, and depersonalize your house.  These latent benefits aren’t ones usually thought of since you like your house personalized, and probably don’t feel its cluttered, however, studies show that perspective buyers need to be able to envision themselves living there, and family photos, kids toys, or that really funny pig cookie jar that you absolutely love are not items that appeal to all potential owners.

Next highest return rate is sometimes debated on which order to put them, but most experts agree that a proper face lift or upgrade in the kitchen and bathrooms are estimated to give 60-100% investment return. Most people don’t want to take on a bathroom or kitchen renovation, especially while they’re still living there because those are the two most frequented areas in the house. But these updates don’t need to be as extensive as you’re imagining. Be rid of the thoughts where walls are coming down and plumbing is a disaster. And replace them with an easy cabinet face lift, installing a sleek new faucet, new counter tops, and an energy efficient dishwasher. For the bathroom look into a more modern toilet and vanity, vertical storage, better lighting and maybe a new bathtub or shower glass. For the larger jobs in both areas hiring someone for installing the tub or new counter top is smart.

After those two the return rate depends on the specific house and who you ask. But you know your home better than anyone else. If you know that the curb appeal is lacking look into refinishing your fence, adding, or removing in some cases, certain landscaping features such as plants and fountains or statues. Look into redoing your floors – laminate, tile, and hardwood all have 60-80% return, but at substantially different costs depending on the style, amount needed, and quality so weigh your options carefully. Another lower cost update is replacing your old furnace with a medium to high efficiency one, this option usually yields a 50-90% return but it’s a renovation that is not immediately noticed, so be sure to mention it to your relator or guests at your open house.