When beginning renovation projects people are especially interested in the net amount of the project. With each project real estate professionals have narrowed down a formula that allows them to estimate the increase value the final renovation will bring to the house. Not all renovations or upgrades bring the type of value homeowners expect. Actually some may put the home at a disadvantage in the market place. An example of this might be a pool in a state such as Michigan where it is only hot enough to use it three months of the year and the rest of the time it is wasted yard space.
When upgrading it is important to think about factors such as the length of time you will continue to live in this home. Some larger renovations will pay off more over time while other less expensive renovations will work to get a house sold if the time frame is narrower. Some of the best upgrades and renovations are ones that can be completed by the average homeowner and do it yourselfer.
The first which is curb appeal renovations. This can be something minor like power washing the siding, trimming bushes and trees and adding mulch. If the house looks like it has been well cared for and the initial reaction to the home is positive buyers will have a more favorable impression overall. The first place to do this is by adding details that will add curb appeal to the home.
Along those same lines comes renovating the siding and roof. A home with fresh paint and awesome windows and door walls featuring blinds between the glass are not going to sell a home with a leaky roof or roughed up siding. The renovation of siding and roofing is not inexpensive however the renovations can almost pay for themselves with the added value they bring to the home.
Extra space is always a winning idea with home buyers today. As a society we tend to hold onto a lot of stuff. That stuff needs to be stored somewhere. Extra storage space is a high commodity in looking for a new home. Whether it a closet that is enlarged or added or an attic that is turned into a convenient storage area by using a pull down stairway, storage increases a home’s desirability almost as much as an extra bedroom.
Partial renovations to a bathroom can increase the sale price of a home also. Outdated bathrooms show a glimpse into the homes past. What buyers are looking for is the here and now when they will be using the space. This can be achieved with some simple tile updates, a coat of paint, some fresh caulk and a thorough cleaning. Pay special attention when designing a new bathroom space to hide things such a toilet brushes and other must haves that are unsightly.
Kitchens are of course one of the upgrades that real estate professionals say brings in the most bang for the bucks. However, it is also the renovations with the most headaches associated with it. Partial upgrades in a kitchen can consist of new counter tops and fresh appliances. These things will take the draw away from the sink that is a bit older.
An overhaul of a home you are trying to sell doesn’t make any sense. It is important to think about the home and what people value in the area in which the home is located and start there. As mentioned before it does not make sense to improve the windows and door walls featuring blinds between the glass if the roof is full of leaks and the furnace does not work. Using common sense in home renovations will yield the biggest return on investment.