Many sellers make improvements to their home before selling and are not able to enjoy the benefits. It is suggested that a family give themselves a couple of years of enjoyment on those renovations before making a permanent move. Renovating your home is all about adding value to the property. But it can be a jungle out there. Following are seven ways to maximize the return on your renovation investment so that you see a payback and not a loss when you sell:
1. Make Your Kitchen or Bathroom Sing: A sparkling up-to-date kitchen or bathroom with high-end materials, lots of moving-around room and a neutral color scheme will net you a return of between 75% and 100%.
2. Change Up Your Surfaces: Painting the inside or outside or both is an inexpensive fix with a big payback of 50% to 100%. Even better, replace the siding. It’s an excellent way to add value to your home.
3. Install Hardwood Floors: Some experts say you’ll get a return of only between 50% and 75% for taking up the old carpeting and laying down hardwood or high-end laminate, but anecdotally real estate agents say clients are looking for hardwood and that old, stained carpets may be a deal breaker.
4. Renovating the Unglamorous: Replacing a furnace or roof actually pays off big-time, with a return of 50% to 80% of your investment.
5. Add-ons: Make the attic into a bedroom to die for, or add a family room. You could get back 50% to 75% when you sell. Turning an unused room into a home office can also raise the value of your home in the eyes of potential buyers.
6. Outdoor Living: Buyers are looking for beautiful outdoor spaces. The addition of a deck alone can net you a 50% to 75% return. A sunroom can also add square feet to your living space, but don’t forget to make the transition between indoors and outdoors positively seamless.
7. Pay Attention to the Don’ts: Don’t follow the latest trend when planning your renovation. Go for timelessness in paint, fixtures and countertops. But don’t add a $100,000 kitchen to a $250,000 house and expect to recoup your investment. A renovation that suits your house and is done well with quality materials will make your family happy while adding value for future buyers. Please visit my website www.JohnnyBrooksHomes.com for helpful tips on buying or selling a home and easy access to view local area homes for sale in Davis, California and the surrounding communities.