Home renovation is an investment decision that needs proper planning and execution. But the main question that pops up in anyone’s mind is how likely one is going to get back the money on selling his/her house? There is no definite or easy answer as the willingness of a buyer to pay depends on many factors. These factors could be anything from the materials used, choice of project to value of neighborhood homes. However, it is imperative that you have an idea of the improvements worth.
Basically your remodelling project needs to be smart that depends on when you are planning to sell your home. So, what are those ideas that are good expenses. Here, we are presenting you with some tips regarding these smart remodels, take a look:
1. Profit Potential
Some home sellers invest a particular investment say $5,000 on their kitchen remodel and consider it a success if they recoup $5000 from the sale. Does it make any sense to you? Of course not, you haven’t only invested your money, but also your time and efforts that brings you no profit. So, go for a remodel that have potential profits to offer you.
2. Don’t spend more than you can recover
It is pretty obvious one, still many people put vast amounts of money into a house they will never be living in again. Why spend $7,000 on new roofing when it has less resale value than that. So, spending so much would be meaningless, spend only what you can recover.
3. Renovate instead of replace
If you can avoid it, try not giving your home buyer any new materials. Renovation is a better option than all out replacement. It will help you in reducing your improvements costs as well as increasing the profit margin. Moreover, the replacements would be of your choice that may not be liked by the new homeowner.
4. Prioritize bathroom and kitchen
Any big expenses you are planning to spend should be into bathrooms and kitchens over any other place. There are more chances of these improvements to recover your costs. You can focus on the following items there:
Fixtures and hardware – Theses are one of the most effective upgrades but they are not going to be cheap. It can easily cost you hundreds of dollars.
Sinks – These are easy to remove as well as replace. You can even do it yourself without much problem.
Counters – If you interested in doing some rip and replace work, this is your best opportunity as countertops are highly visible.
Cabinets – As cabinets are at eye level, they are also highly visible. But they surely will be a costly affair.
5. Curb Appeal
Building a new facade in terms of enhancing your curb appeal will make your home look amazing. By investing in patio doors and other elements you can further add curb appeal. Look for a local contractor who has the required expertize and experience in the same.
You have to further take a look at your region and neighborhood and accordingly invest in the renovations and replacements. So, start your remodel project while keeping in mind these tips for better resale value and good results.