If you are planning to sell your home in the near future and want to get the best asking price possible then you are probably considering doing some renovations. You don’t want to start ripping out your kitchen before you know what renovations pay off and putting a tidy profit in your profit. Let’s look at what renovations will make you money.
Some renovations give a great return and others, you will just recoup the money back that you spent. In some cases these renovations are worth doing anyway. Let’s say that you are getting negative feedback from buyers about the kitchen or they hate the color of the living room and you are getting any offers. It is worth your while to get that issue fixed even if you only break even just to get the home sold.
Kitchens & Bathrooms
Kitchens and baths sell houses…that’s a given, that doesn’t mean you have to gut them to the studs and replace everything. Upscale remodels rarely pay off unless you bought a house at wholesale prices and you’re doing a complete renovation. In your kitchen you can often get away with new countertops, appliances and a lick of paint. The same holds true for your bathroom, there are often cheaper options that will give you the best bang for your buck. You can do simple things like replacing the hardware or refacing the cabinets. Here are some low cost ideas for your kitchen.
Do As Much of the Work as You Can
The biggest expenses during a renovation are materials and labor, if you can eliminate as much of the labor costs as you can then you can save a fortune. Any of the project that you can do on your own, from hanging drywall to painting will save you money. Bear in mind that doing it yourself will inevitably take longer and never take on a task that you aren’t capable of doing, that can end up cost you more money.
When it comes to renovation that pay off then you should pay more attention to appearance. First impressions are everything! Unless your buyer is an investor they care more about the paint color in the kitchen then they do about the furnace. As long as things like plumbing, HVAC and electrical are working fine then focus your efforts on making your home more visually appealing.
Ignore Your Own Tastes
If the purpose of the renovation is to increase the value of your home or get a quick sale then ignore what you like and choose things a potential buyer might like. That means going with neutral paint colors and some of the current remodeling trends. Talk with your realtor about what buyers are looking for and how you can incorporate this into your renovations.
There are some renovations that just don’t offer a return, these are things like installing a man cave or converting your garage into another room. Choosing the right renovations can maximize the selling price for your home when the time comes.