Before performing renovations, you should first consider re-sale value. While you don’t think you’ll sell now, there may come a point when you’ll have to sell your home. You don’t want to spend $100,000 on a brand new kitchen only to not receive any money back on it.
No buyer is the same, so while it is impossible to tell exactly what and how much a renovation will bring back, there are a few things that usually almost always have a great ROI.
A good rule of thumb is to take a look at the demographics of your neighborhood. You shouldn’t renovate your home to look too off-course from the others in the area. Of course, the kitchen and bathrooms almost always pay out..but what about the other areas? Well, here are a few things that you might not realize are an investment when making changes to your home.
The first one is painting, which will forever be an investment. No one ever lost money by adding a fresh coat of paint. Unless, of course, you paint the walls dark red. When you paint, you must use colors that are in the neutral family. You should also be sure that colors flow from room to room.
Kitchen backsplash as an investment may shock some readers, but its true. Adding a nice backsplash to the kitchen will do you some favors. While it can be done by yourself, it is wiser to hire a professional. The tiles have to be perfectly placed. Caulking is a project that can get messy, real fast, and is thus better left in the hands of an experienced person. When choosing tile, you should know that prospective buyers prefer rectangular shaped tiles rather than any other shape.
The fact that buyers like to see granite shouldn’t surprise you. Homes with granite sell faster, and for more money than those without it. It may be worth taking a trip to view some samples, and getting an estimate on how much it might cost to add granite countertops into your home. This doesn’t mean that you have to go overboard and buy the most expensive one. Granite comes in a variety of prices depending on which type you choose, so don’t let price scare you. It might not be as bad as you think.
Cabinets are a big deal to buyers. You don’t need to call in an artisan, but if your cabinets are dated, you should make an effort to make a change. For example, if they are painted 1970s yellow, maybe all you have to do is add a fresh coat of neutral paint. Either way, kitchen cabinets are important to homebuyers and it is in your best interest to be sure that yours are somewhat appealing.
Buyers love bathroom vanities. Pedestal sinks are on their way out. Installing a bathroom vanity sink is not expensive or difficult. It is actually pretty easy to find a pretty vanity without having to spend a lot of money. After you find one, check out websites like Angie’s List to find a reputable plumber. If your home has a fireplace, you’re in luck; homes with wood or gas burning fireplaces sell faster and for more money than homes without them.
Consider adding a smart-thermostat, like the one by Nest. This is a thermostat that learns your temperature behavior and adjusts the home temperature to it accordingly. Do you usually turn it to 72 when you leave for the day? The Nest thermostat will pick up on this, and start doing it for you. An added bonus is that the bills will be cheaper.