June 26, 2018
When you are looking at remodeling your home, you are often thinking in terms of recouping the costs when you wish to sell. However, it is important to choose where to invest your money wisely. Not every home improvement can give you the improvement in selling price that you want. When it comes to home renovations, some are more likely to result in an increase in the value of your home than others. Before you start investing in upgrades, consider which are most likely to pay off in the end. A few of the top to consider:
- Increase your curb appeal.
Exterior improvements are some of the ones most likely to increase your home’s selling price. Buyers’ first impressions play a big part in how they feel about the home as a whole. Even small changes like investing in pressure washing can increase your selling price and help your home sell faster.
- Improve energy efficiency.
In surveys, home buyers say that high energy efficiency is one of the things that they look for in a property. And, it’s a renovation that will often result in a net gain on your investment. Renovations can range from energy-efficient new windows to improved insulation to renewable power. In some cases, an improvement in your home’s HVAC system may be necessary to sell at all. Many buyers negotiate for the replacement of older AC units before they will buy.
- Budget-conscious kitchen renovations.
The kitchen is one of those rooms where renovation costs can easily skyrocket. However, by staying budget-friendly, you can increase your chances of recouping your money when you sell. Painting walls, updating or upgrading cabinet doors and upgrading countertops are all improvements that can increase the selling price of your home.
Often, it is not possible to recoup your entire renovation cost. Many renovations only allow for a 50 to 80 percent return on your investment. In most cases, experts recommend that you improve with an eye toward increasing your enjoyment of your home now instead of thinking of recouping renovation costs. But, by choosing the ones that buyers get most excited about, as well, you can have the home you love now and a better selling price later on.