Although selling your home may not be in your immediate future, you should still be keeping up with needed renovations, simply because a surprise opportunity to sell may come up.
In addition to that, the enjoyment related to a newly renovated space is undoubtedly important, as well. It is essential to plan these renovations with the potential for return on investment.
The following home improvement projects will be worth every dollar, especially when it comes to returning on your investment when it comes time to sell.
Glam Up your Kitchen
According to Comfree, the kitchen is an ideal place to invest if you want to be certain that you will make your money back. An updated, functional kitchen can substantially increase the value of your home.
Families and homeowners spend a large portion of their time in the kitchen, preparing and enjoying meals with loved ones. Invest in a quality kitchen that both you and the future owners will adore.
The best places to focus your efforts on are countertops and cabinets. Future buyers will expect a neat kitchen with quality embellishments. It’s also important to keep your appliances up to date, both for the overall look and feel of the kitchen, but it will also cut down on repair costs in the future. If you’re planning an out of state or country move, quality appliances that you need to leave behind could potentially draw in buyers, as well.
Add Elegant Features to your Bathroom
Carl Vogel of This Old House says that if you’re not investing in your kitchen, the bathroom is the next most valuable area of your house to renovate. Bathrooms are a space meant for relaxation and comfort, making them an integral component of a desirable home.
The master bathroom, in particular, is a huge selling point when renovated the right way.
When choosing which projects to take on, consider installing a large soaking tub and attractive tile work. These features create an area where potential buyers can envision themselves unwinding after a long day.
Potential homebuyers may also test the water pressure in a shower, so if you have low water pressure, add a new shower head to compensate. This is a cheap and easy fix that could seal the deal in a future sale. Bathrooms are never a bad place to invest your money when you are renovating your home.
Maximize your Space
If you have an extra space, whether it be an area or a whole room, that does not quite have a specific purpose, give it one.
Decide on the kind of space that would most benefit your current needs, and take that route.The new room will likely be one that would be appreciated by a potential buyer.
If you work from home or need a space dedicated to paperwork, bills, and important documents, a home office is a functional space to create. If you have young children, an extra playroom may be an invaluable addition. Give your space purpose to both meet your current needs and expose your home’s functionality to future prospective buyers.
Home renovations should be done to increase the comfort and functionality of your home. However, it does not hurt to keep your future return on investment in mind, in the process. These popular areas for home improvement are some of the ways that you can invest in your home and expect it to add considerable value. Keep them in mind as you plan your next exciting home project.
Author Bio: Roger Wright is an award-winning Broker at Coldwell Banker, specializing in investment properties. Reach out to him at (800) 756-3660 for any questions, especially about relocation, development and real estate licenses and transactions.
I can’t wait to have the cash to remodel our kitchen and bathroom. Both need some TLC badly and I think it will be fun to customize our house to our tastes!
Great advice! I always try to keep in mind potential buyers when considering an upgrade or renovation. It’s important not to make too many custom changes that may only be of interest to you, because they can be a turnoff for potential buyers.
I think one approach is to choose fixtures and such that won’t leave your renovation looking dated once styles change, as they always do. Choose paint colors and decorations to give it the spice that you’re looking for. Those things can easily be changed in a few years but the cabinets and such are much harder and more expensive.
I renovated both my kitchen and main bathroom. I agree that you need to keep in mind future buyers when renovating if you expect a good ROI.
We pretty much did everything in your list over several years after buying our house. We remodeled both bathrooms to bring them up-to-date and make them more usable. We then did a complete remodel of the kitchen in which we removed one wall and opened up the space so that the person in the kitchen can see and talk to someone in the living room on one side, and the family room on the other. We also landscaped the front and back yards to give us a wonderful new back patio arbored living space as well as great landscaping that make us happy to go outdoors.
Our kitchen and bathroom were the first rooms we tackled (they were pretty gross and out of date when we bought the home). And you’re right, we do spend most of the time in those rooms. While there were some things I would have done were we not on a budget, I know we will more than get our money back when we go to sell.
Kitchen and bathroom are the most used spaces in home and that is the reason the importance of both is high compare to other spaces. Kitchen and bathroom remodeling is the best way to increase overall value of a home too. More often than not home buyers first check either kitchen or bathroom or both.
Kitchens and bathrooms are indeed rooms that are worthwhile to renovate. If you are from the London area contact Fresh Home Builders and we may be able to give you what you are looking for.