When spending big money on remodeling and upgrading your home, getting the most return for your investment is key. Spending $20,000 on an upgrade that isn’t going to add value to your home may please you in the moment, but not when your trying to sell and get that money back. There are areas that are worth the investment and some that are not.
The basic ares of your home are important to focus on. Things like your roof, furnace, and siding are all big investments that bring a big return. Potential buyers don’t want to buy a home that they will need to sink thousands of more dollars into right away. Having a leaky roof will only deter people from making an offer. But being able to show that these essential areas are recently upgraded will give buyers the peace of mind that big maintenance costs won’t hit them abruptly.
The 2 rooms in the house that are always heavy hitters as far as return on investment is the kitchen and the bathroom. Making sure to upgrade these rooms to be both functional and beautiful is important. No one wants to buy a house that has a beautiful kitchen that doesn’t have enough counter space, or the traffic flow doesn’t work. Homeowners often find they get at least 100% return on investment in these 2 rooms.
Other things to consider are the curb appeal of your home, and adding space. Both are considered to be high in the list of things to remodel. Curb appeal is important because it’s going to not only draw buyers in, but also give a sense of a well maintained home. If you yard is in shambles, your home probably is too. In regards to adding space, every 1,000 square feet adds about 30% to the value of your home, so additions can be well worth it. Homeowners are always looking for homes with extra rooms for things like hobbies or exercise equipment. The only thing to be aware of is you don’t want to expand your home so much that the value supersedes those in your neighborhood, so keep the additions reined in.
Upgrading your home can not only make it a place for you enjoy even more, but also add significant value to it. But what you choose to spend the money on is key. Investing money in the wrong places will only leave you with wondering if you should have made a different choice.