As a homeowner you need to realize that there are some home improvements that will boost your home’s value and some improvements that are probably not worth it. One general rule of thumb is that luxury-type renovations and renovations that conform to your specific lifestyle might not always improve value. Things like a pool, in-home studio, or extravagant landscaping do not always add value to your home. The majority of buyers find the following items to be more appealing:
The kitchen of a home is typically the centerpiece, and people gravitate to that room when looking to buy a home. However, extensive renovations are not always needed. Refinishing your cabinet doors and drawers can make a world of difference. Add a fresh coat of paint to your cabinets and your entire kitchen will have a completely new look. Replacing old appliances can also make your kitchen look much fresher.
The next renovation that adds value to your home is a bathroom renovation. Again, you do not have to completely gut everything and start from scratch to get a fresh new look. In the bathroom you can focus specifically on fixtures like sink faucet, sink, shower faucet, shower door, etc. These minor improvements can make a bathroom look almost brand new. Re-grouting tile and laying new vinyl tiles is another cost-effective way to make a huge impact on the look of the entire bathroom. Oftentimes new vinyl floor tiles can be laid right over the old floor.
Refinish Hardwood Floors
Hardwood floors are very appealing to a wide range of buyers. Some people are tempted to replace damaged or worn hardwood floors or even cover them up with carpet. You can instead rejuvenate those worn hardwood floors by simply refinishing them. Replacing any damaged boards, sanding, and refinishing them will make them look brand new again. Refinishing a hardwood floor makes it more aesthetically pleasing and makes it really stand out.
Making your home appealing from the curb with your landscaping or siding can make your home stand out from others. Homes are just like anything else - you want them to make a good first impression. One important thing to remember is that although buyers want appealing landscaping, many don’t want the burden and responsibility of maintenance. So avoiding overly elaborate landscaping or high-maintenance plants can be important. Finally, adding a patio or deck is a good way to spruce up the appearance of your home. An area where guests can be entertained outdoors is always a good thing.
Know the Marketplace
It is very important to know what market the house lies in. Be sure to renovate your home to the standards of the area. You don’t want to renovate your kitchen with granite countertops and the bathroom floor with marble tile if your home is worth $150,000. The value you are adding will not be seen by prospective buyers in that particular marketplace. The same goes for higher-end neighborhoods; your renovations might have to be a bit more involved in a more upscale neighborhood. You want to offer features and improvements that are consistent with your neighborhood.
If you found this article useful, be sure to check out these related articles:
How to Decide: Home Equity Loan or Line of Credit?
The Ultimate Question: Buy or Lease?
Credit Scores: GPAs for Adults