4 Renovations to Get the Highest Return on Investment
Most homeowners approach renovations with one of two common mindsets. Either they want to update a space to meet their needs, or they want to increase the resale value of their home. However, not every renovation is created equal. Some renovations require a great deal of funds but are not big draws for homebuyers. The best renovations are those that easily return the value that was put into them.
What homebuyers initially look at is how well the home has been maintained. It will not matter how nice the range and refrigerator are if the roof is leaking or the siding needs to be replaced. Other maintenance issues to watch out for include leaky basements, old furnaces and air conditioners as well as faulty plumbing.
Adding additional rooms to a home or making basic rooms, such as the kitchen, larger can recoup most if not all of the expense put into them. Homeowners can think about adding square footage or about turning the square footage they already have into usable space, such as in the case of an attic. One great option for older homes that only have one bathroom is adding a second bathroom, which can be a huge selling feature.
Curb appeal is always important because people who are not impressed by the exterior of a home will typically not have much desire to step inside it. Maintenance-free windows and doors, such as those installed by RWC Windows, Doors and More are a great selling feature, as are steel or vinyl siding and gutter guards. The money spent on adding an inviting front porch or professional landscaping will pay off with a faster home sale.
After basic home maintenance, the home feature most buyers want is a modern kitchen and bathroom. Instead of considering a full-blown remodel, real estate professionals recommend doing a basic kitchen remodel. According to US News, the best remodeling choice is to update appliances, lighting and countertops.
One of the best things to remember when planning a home renovation is how long one plans to stay in the home. Styles change approximately every five years. Therefore, remodels that are done to increase the resale value of the home should be done shortly before the homeowner plans to move. However, remodels that are planned to appeal to the average homebuyer can greatly increase the overall value of the home, giving a great return on an investment.