Renovations That are Solid Investments
Many homeowners like to watch HGTV and can imagine a variety of different beautiful renovations to their home. However, at some point you will more than likely sell your home, and will want to make sure the money you spend on renovations is also a good investment. After all, the last thing you want to do is spend a ton of money on a project only to discover that potential buyers don’t like what you did or aren’t willing to pay extra for the work. It suprises some people when they find out that adding a pool, for instance, may actually decrease the value of their home.
As such, when you’re thinking about a home improvement project, you have to make sure that the project itself will add to your home’s value and have a greater impact on the return on investment. This article will offer you a few ideas on where to start.
While most homes are typically insulated quite well, the same might not be said for your attic. Unless something is wrong with your roof, it’s unlikely that you’ve ever been into your attic. You can thank horror movies for that avoidance. However, insulating your attic has actually been shown to give a return of 108%. This is pretty incredible considering that it typically doesn’t cost much for insulation.
Another benefit of insulating your attic can be experienced even if you don’t plan on selling your home any time soon is the reduction of energy costs. Inevitably, your HVAC unit is going to want to cool and heat your home according to the temperatures within the house. A lot of this warm and cool air will inevitably rise to the attic. If that attic isn’t insulated, then this warm and cool air is lost outside. As such, it can make your HVAC unit run more frequently than it actually needs to. By insulating your attic, you can keep that warm or cool air inside of your home where it belongs and reduce the amount of time your HVAC is being used.
You may just discover that your energy bill is decreased marginally. For potential buyers, knowing that the attic is insulated is an appetizing feature. Because it lowers the cost of owning a home, the buyers will be quite happy with that renovation.
2. Garage Door
Another location that you may not be considering to renovate is the garage, particularly, the garage door. For older homes, a rundown garage door can be an eyesore. It may not even work properly. A potential buyer can take one look at your garage door and form an assumption about the entire house based on what they see. As such, you want that garage door to make an excellent first impression. However, you should be smart about it, too.
Take a look at what your neighbors are doing and see what they chose to do for their garage doors. If your neighbors haven’t gotten the latest electric garage door with an electric opener, then that is one innovation you can offer a potential buyer that the neighborhood doesn’t have yet. It can make for a most attractive bonus, especially if they see that their neighbors have to manually open their garage doors in the cold of winter or a downpour. Experts have stated that renovators can expect around an 85% recoup based on the cost of their renovation.
While you’re working on the exterior of the home, you should also consider your landscape. Is it stunning or does it look like it could be harboring a graveyard? A bit of tender love and care can go a long way in improving your home’s value. In fact, there’s an estimated 105% return on this investment. This makes sense since the landscape is part of the first impression that you offer potential buyers. A beautiful, sweeping, lawn or a whimsical, well-cared-for garden can attract a buyer to the rest of your home.
Even something as simple as removing dead trees or starting a small garden can be enough to improve the overall aesthetic of your property. If you’re aiming to sell your home to families, then make sure you show off how your front or backyard can be used for a potential family. If you don’t have a lot of space, then show them what they can do with the space that’s provided. By being able to make a connection with your buyers, you can be sure that they’ll pay a decent price for your home.
No renovation project is complete without considering the kitchen. As it is often called the heart of the home, you need to make sure that your heart is healthy and functional. You can expect an 80% recoup for a remodeled kitchen. While you don’t necessarily need to gut everything out and put in new cabinets, counters, and other appliances, you should step back and determine what is out of date, what looks worn down, and how you might be able to add more storage.
Sometimes kitchen remodels can be as easy as replacing cabinets or putting in a new countertop. Those aesthetic choices alone can entirely transform a space. For those who are facing an outdated kitchen, however, you may want to spend the money to bring your kitchen in the post-modern age. Buyers love to be impressed by a good-looking kitchen, so this is your time to splurge.
One last area to renovate to receive around 50% recoup on their investment is the bathroom. While this may seem like a small amount, in many cases, a bathroom renovation is essential to being able to sell a home. This is particularly true of houses that don’t have that many bathrooms, to begin with. In this case, owners should find the space available and put in a new bathroom. It will be expensive, but it could very well be the deciding factor as to whether that home is ever sold.