Whether you just purchased your home or are thinking of selling, there are a number of remodeling solutions with the potential to add tremendous value to your home now and in the future. And many require little or no money.
Going over budget and extended timelines are two common home improvement issues, but you can make sure that your project is on track and exactly what you had been hoping for with these helpful home improvement check-up tips.
A Few High Value Home Improvement Tips to Consider
Exterior: Maximizing your home's curb appeal begins on the street and extends all the way to your front door - essentially the very first thing every potential buyer will see. When a prospective buyer walks the path to your front door, they're imagining themselves taking that walk
everyday as potential homeowners. Nothing makes your home more inviting to prospective buyers then a tidy entryway. Start by picking up the clutter. Objects like garden hoses, children's toys, and lawn furniture are not just potential eyesores, they can also be hazardous. Are the holiday's over? Don't forget to store away decorations. And when you're finished cleaning, strategically place a few potted plants near your entryway for some added elegance and beauty.
Kitchen: A kitchen remodel can range from $15,000 to $80,000 depending on the size and level of upgrades and materials used. However, you're also more likely to get a high return on your investment when you go to sell your home. But don't think you have to spend a lot of money to make a big impact on potential home buyers. Removing all clutter and small appliances from your countertops helps make them appear more expansive. Sometimes a coat of paint is all it takes to freshen up a kitchen. If your kitchen is in decent shape, sometimes making everything shine with a thorough cleaning can have a huge effect on buyers. Be sure to check for worn or outdated cabinets, hardware, fixtures, flooring and appliances.
Bathroom: Buyers expect a bathroom to be clean and bright. So, be sure to check tile and grout for cracks and grime. Consider replacing dated fixtures and hardware. Remove wallpaper and repaint with bright neutral colors if necessary. The bathroom provides exceptionally high value regardless of whether you're doing a remodel or adding an additional one. In fact, a mid-range bathroom remodel can cost $10,499 yet return $10,727 for an ROI of 102.2%.1 You may have already given your bath a modern update or have kept it immaculate. However, if it does need a little work there are simple things you can do to make it more appealing to prospective buyers. First and foremost, give your walls a new coat of paint by utilizing a refreshing or neutral color. Combine that with a thorough cleaning job and you may be ready to go to market. Add those decorative bars of soap you've been storing away for a special occasion and hang your finest guest towels and your bath is certain to leave a good impression.
The key to achieving optimal future home value is recognizing which remodeling projects have the potential to provide the greatest return on your investment. Before beginning, you'll also want to keep the following factors in mind:
- Local community characteristics
- Neighborhood home values
- Highest value remodeling projects for your community
- Your home's current estimated market value
- Your reasons for remodeling
- How long you plan to stay in your home
- Supply and demand trends
If you have the skills to complete a project on your own, the savings can be substantial. However, when in doubt, hire a pro to protect your investment. Shoddy craftsmanship will hurt your sale, as many potential buyers may see a need to redo the project. You also don't want to risk committing to a remodeling project that could hurt the value of your home. It's important to consult with a REALTOR® to learn the best methods for increasing your home value and the cost vs. return on investment ratios for your neighborhood.
"Remodeling magazine in conjunction with the National Association of REALTORS® "2005 Cost vs. Value Report" Note: No guarantee is made that these steps taken to make your home worth more will result in a higher selling price, as various factors affect sale price.