May 7th, 2014
Did you buy a house that you’re intending to flip? Or perhaps you just bought your first house, and know that you want to make some smart updates that will improve the resale value when you sell it to buy a larger home in a few years. Or you’ve lived in your home a long time and are thinking of selling to downgrade, and want to get the most money possible.
So today we’ll look at the big three home renovations that get you the most money in return for your money invested.
These are the gold standards of renovations. Talk with a local real estate agent who knows your neighborhood as to what the trends are. If people are buying homes with cabinets, and you remodel with all pedestal sinks, it may not bump up the prices like you want.
Repainting cabinet door fronts and updating hardware, counter-tops and appliances will give you the best ROI. And make sure the floor looks nice. If not, look for some inexpensive vinyl flooring.
If you’re trying to save money with your bathroom renovation, keep the tub and tile, but look into updating the faucet fixtures, light fixtures and the toilet. People are really looking for low-flow toilets, but the big draw are the two way flush toilets.
In the kitchen, look to replace laminate counter-tops with granite or fake stone. And black and white appliances are being upgraded to stainless steel.
One of the first questions most home buyers want to know is “how much is it going to cost me monthly?” So look at ways to save yourself money, and keep the documentation, and your home will look like a great prospect when you go to sell it.
Look into updating:
Should you upgrade to solar? That’s a good question. The companies show how you can save money, but some of them have you buy the panels. You need to ask if it’s transferable or if you’ll be on the hook for paying an exit charge.
This is just simply making the outside of the house pop. Add in new landscaping. Repaint the outside. Clean up the backyard. Get your trees trimmed. Reseed any bare spots in your lawn. Upgrade your sprinkler system (see if your water company has any good rebates). Make it a house you want to come home to.