For millions of people, their home is their most valuable asset. Many of us rely on the equity and increase in value of our home in order to move up in housing options or downsize without additional debt. If you are thinking about remodeling a home with the purpose of selling for an increased price sometime down the line, here are the areas that you should focus on in order to get the best return on your investment.
- Bathrooms – When it comes to bathrooms, minimal remodeling is actually a better investment. Moving around plumbing and faucets gets overly pricey. However, if the layout is fine, just replacing some tile, a tub, and a countertop can be a great investment.
- Kitchens – People will balk at a home with an ugly or unusable kitchen. However, keeping renovations to a minor scale will help ensure a better return on your investment. Instead of blowing out walls to create an open concept, see if you can work with the materials that you have in an updated fashion. Try getting them professionally painted and changing out the countertop and faucet materials. Even something as simple as adding new knobs can add value. Steer clear of taking your kitchen to the professional chef level, however, since you likely will spend a small fortune that you won’t be able to recuperate upon selling.
- Landscaping – The exterior of the home is the first impression, and making the first impression a good one is a renovation worth doing! Giving your home curb appeal will make buyers want to take a look inside.
These are just a few ideas for your upcoming remodeling project to help you get a good ROI. Talk to your local remodeling contractor about your ideas, your budgets, and target schedule.
