When it comes to undertaking home improvement projects, the money definitely matters. It’s vitally important to consider your budget, as well as understand how each remodeling project will impact the resale value of your home. For instance, adding a brand new pool, or improving the flow of an existing patio doorway, may be an effective way to enhance your home’s living space, but may not yield the ROI you think.
An ROI, also referred to as a Return on Investment, is the computation of how much more added money you may expect to get if you ever sell your property. Despite the fact that you may wish to put in that pool or increase the patio for individual enjoyment, it’s a wise idea to get a good grasp on the numbers first.
According to Remodeling Magazine, a complete kitchen redesign, including painting, refinishing surfaces, and upgrading appliances can result in a return on investment of between 61 & 70 percent of the remolding cost. Now that’s money spent wisely!
Another area of the home that buyers seem to appreciate and notice is bathrooms. In fact, for a good number of home buyers, the master bath is equally as important as the kitchen in the house. In other words, it’s a buyer’s magnate.
The master bath has a qualitative value associated with it and by most accounts considered to be the second-most effective room to renovate, as most buyers will envision themselves living in their private space. From my experience as a real estate agent, it doesn’t need to cost a fortune….sometimes just adding a new coat of paint to the walls, cleaning the grout lines & shower tiles, replacing an unattractive vanity, and accessorizing with some wall art, accent-colored towels, and other tiny decors will instantly modernize an outdated look.
While both the kitchen and the master bath are good places to spend those renovation dollars. Sellers should not neglect areas such as garages, basements, above-garage spaces, and attics. With a little TLC and a small investment, these often overlooked areas can add considerable resale value to your home.
Oh, what about the curb appeal? As they say, first impressions make lasting impressions (not to mention a 12 to 15% increase in the value of a home). I talk more about this in my article on Should I landscape my property if I’m getting ready to sell it?
Now you don’t have to do major renovations to make your home more appealing. A few small additions can really improve the way your house looks to potential homebuyers. If they (homebuyers) love what they see on the outside, they’ll almost certainly want to see what’s inside. However, it pays to note where most homes are sold…from the CURB.
So whether you’re ready to sell your recently renovated home, looking to buy an updated and/or modernized home, or just have questions about Durant, OK and the surrounding area, we would be happy to help. Give us a call or send me an email today.