So, you’re thinking about renovating your home. Perhaps you are determined to add the most value possible to your home before selling it. Or, maybe you simply want to add to the level of comfort in which you and your family are living. Both of these are excellent reasons to renovate! However, while home renovations are exciting and can be extremely rewarding in the end, there are some important tips you should know before you get started!
For sellers, knowing what renovation projects add the most value to a home is of the utmost importance. To get the most of the ROI (return on investment), you need to know what areas of the home appeal most to potential buyers. The answer might surprise you!
While many people assume that the best home additions are expensive pools, extravagant room additions, luxury hot tubs or the newest, most expensive appliances, none of those things are what most home buyers look for. In fact, rooms that tend to rake in the highest ROI are the kitchen, bathrooms, basement, and outdoor areas. A study by HGTV found that a bathroom addition or remodel brought in two times the resale value of a bedroom renovation! Cha-ching!
Often times, an investment on a good bathroom remodel will return sixty to one hundred and twenty percent of the cost to remodel it. In this day and age, the most appealing bathroom renovations include a walk-in shower. In these modern times, more and more people are forgoing bathtubs. Buyer interests are now focused on spacious, luxurious showers. Most people don’t have time for baths these days, so investing in a shower is smart! Other popular favorites include double vanity sinks, stone countertops, built in storage space and stone floors. One look into a bathroom lets a buyer know whether or not it is a room where they’d like to spend a lot of their time. This is why remodeling your bathroom is money well spent.
Like bathrooms, kitchens are also a wise way to bring in the attention of buyers. The first thing that most buyers look at when buying a home is the kitchen. The kitchen, also known as the “heart of the home”, is one of the most important rooms in a house. It is a place where families spend a lot of their time together. It’s a space where memories are to be built and where holidays will be based. The kitchen is another room that tends to have an ROI of one hundred percent or more! The most popular remodels include all-wood cabinets, stone countertops, stone or wood flooring, and appliances with a commercial aesthetic. A little goes a long way!
Outdoor upgrades are also eye-catching for buyers. First impressions are everything, so having your home’s curb appeal on point is essential when selling! One of the most successful outdoor renovation projects a home owner can invest in is a deck addition. The ROI on a deck project ranges from sixty-five to ninety percent! In the mind of a buyer, a home with a deck is a huge bonus. A deck gives a home that “stay-cation” atmosphere, where families can take time to relax and enjoy the outdoors simply by stepping outside. Other smart investments include built in planters and garden beds. And of course, upgrading the exterior paint and trim on your house will always improve the appeal. It’s like giving your house a face lift!
Another area of the home that buyers tend to pay attention to is the basement. Making sure that your basement is properly water proofed is extremely important when selling your home. Water, mold, and cracks in the basement are a sure-fire way to scare buyer’s right out the door, never to be heard from again. Additionally, if your basement is in good condition, finishing the basement is an excellent renovation investment. Like a deck, a finished basement is a huge bonus for buyers. It adds more living space, and that added square footage adds huge value to your house. The ROI can reach up to seventy percent!
Last, but certainly not least, are the simple, basic updates. While it may seem trivial, basic maintenance of your house is probably the most important thing. Keeping the paint fresh, the roof solid, and the floors pristine is vital. Whether you have taken care of your house throughout the years or not, your potential buyers will definitely notice. If your house has a thirty year old roof, consider investing your money in repairing it before you dive into a bathroom remodel.
Renovations take time and money, so make sure you are investing with knowledge and confidence! We hope these tips were helpful and that your renovation projects will bring you, your family, or your buyers happiness and comfort for many years to come. For free estimates, experienced contractors, and a customer satisfaction driven team, call us today to get started on your home renovation!
Post written by: Kailey Ferguson (KCRI Office Assistant)
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