How much do you have to spend to renovate your home and what will it get in return? Is it worth to spend a fortune on ultra-luxury finishes to get a better ROI? What are the best features and updates that will appeal to the widest range of home buyers when you decide to sell?
The kitchen is the heart of any home, and because of this, any update in this room pays off. Paint is relatively cheap and fresh paint in some interesting, yet relaxing colors can change the look of your cooking area immediately. For more eco-friendly kitchen look, you can consider using low-VOC paint. Think about replacing your old kitchen appliances with energy-efficient models. It is well-known that energy star appliances are energy efficient, saving you a fortune in the kitchen. Potential buyers are looking for ways to save money when looking for a new house. Remember, they are not looking for fancy home that will be expensive for remodeling a few years later, so don’t make your home fancier than the other houses in the neighborhood.
If you have only one bathroom in your house, you can recoup 80%-130% of your investment by adding another one. Take a look at any underutilized spaces or extra rooms. You can also think about turning the area under the stairs or the large closet into a small, yet useful bathroom. You will need 30 sq ft for a full bath with a stand-up shower. If you want to include a bathtub, you will need at least 35 sq ft. For half-bath you will need at least 18 sq ft. The costs will depend largely on the additions and accessories you want to use. To save some money check Home Depot and Lowe’s – they often reduces prices.
Reinventing a Room
Adding a new room to your house can be an incredibly expensive project. Although you can recoup 50%-83% of your investment, the costs can spin out of control. You’ve probably watched on of the home remodeling TV shows where projects that start off with a budget of $15,000 quickly turn into $30,000. If you don’t want to into unexpected problems, you can reinvent the existing space in your home and save some money. You can convert the attic to a bedroom or finish a basement. You can also turn the garage into a beautiful outdoor kitchen or into a room that can be rent out later by the new owners.
Before you demolish walls, think about ways the new buyers can use the space:
- Basements frequently work well as game rooms or living rooms. Many homeowners also turn this space into a comfy, small apartment for their old parents.
- Attic spaces with high ceilings often work well for game rooms and craft rooms.
- If you have kids, you can create a cool play room where they can entertain.
You can save a lot of money by doing the work yourself.
Replace the electric wiring and wood that rots, fix the roof when it leaks, replace the plumbing and keep the paint fresh. These types of chores will increase the value of your home and will also keep your home from deteriorating over time. Plus, home buyers are looking for a solid, safe and healthy house.