Ways to boost your home’s resale value can come in many different forms. Refinishing floors or a new paint job, however, may not give you as high of a recoup rate as some other possible upgrades. While deciding what to renovate, keep in mind a few simple things to get more for your money.
Where to start?
Before actually knocking down walls, consider what would be universally appealing and understand what is popular in your area. Replacement windows would up the value in a New York City property with a city view—but they wouldn’t return as high of a percentage in a hot, desert setting.
Also consider the average selling price in your neighborhood. For example, if you are in an area where homes sell for $200,000, investing $100,000 in a bathroom renovation would not be the most cost-efficient option.
Keep it neutral.
If you are looking to sell, you’ve made the decision that you are looking for a change. Therefore, renovations shouldn’t attempt to suddenly make your residence into your dream home. Instead, stick to the basics and let the new buyers infuse the space with their own style. Decisions like colors and finishes should be as universally appealing as possible to attract the more potential buyers. Stick to neutrals and save your special touches for your new home where you can really start to personalize.
Think about bathrooms and kitchens.
The bathroom and the kitchen are usually considered the two go-to rooms when owners think of renovating. And rightly so—these two spaces carry weight for potential buyers. People place value on plenty of counter space and storage as prime kitchen features, while spacious bathtubs with natural lighting are sought-after in bathrooms.
Don’t forget about curb appeal.
It’s not just the inside the counts. The curb appeal of your home can be improved with upgrades like a new garage door, railings, siding, new paint, columns and porch updates. Pavement options for driveways and walkways can increase the overall look too, especially when your garden and lawns are well tended to.
With the right balance between thought, effort and universal appeal, home renovations can be a great way to get the most for your money and to appeal to a large group potential buyers.