While the housing market is on the mend, the road to recovery is going to be long, and it may be a while before you can expect to get fair-market value for your home. However, there are some key renovations that can drastically increase your asking price and make your property more attractive to potential buyers. And while these renovations can be costly, they should yield a high return on your investment.
High-Return Renovation Projects:
Kitchen – The kitchen is one of the first parts of the house that new homebuyers look for, and if your kitchen is out-of-date, buyers are more likely to walk away. Before you start on your renovation, be sure to do your homework to see if you need a complete overhaul, or just a facelift.
Bathroom – Outdated amenities in a bathroom can prevent any serious buyer from making an offer. Simple improvements like new fixtures, fresh paint, re-grouting the shower and adding crown molding can go a long way.
Reinvent A Room – If you have a basement or attic in your house, convert it to an extra office, home theatre or yoga room. This increases the livable square footage of your home without risking the incredibly expensive investment of building an entirely new addition.
Curb Appeal – We all know how important first impressions are, and it’s no less true when a potential buyer comes to look at your house. Adding outdoor improvements to the home like a wood deck or replacing your existing paneling will help increase the value of your home.
Backup Power Generator – Natural disasters, such as the recent flooding in Colorado and super storms along the eastern seaboard, can wreak havoc on any home. If you live in an area prone to catastrophes, adding a backup power generator can provide some reassurance that you won’t be without power and provide an added luxury for any potential homebuyers.
The key to maintaining the value of your home is to keep up with your property all the time. If you hold off until it’s time to sell, taking care of all the repairs and upgrades needed may be cost prohibitive. By staying on top of things, you can be sure your home is at its maximum value when it’s time to sell.
We’d love to hear about your experience with your own home renovations. Leave a comment below and let us know if there are any we left out.