Thinking about renovating your home but not sure where to start? First impression areas are the best areas to renovate to increase the return on a home renovation investment.
Renovating without knowing what you are doing can be a dangerous financial move. One of the biggest mistakes people make is to over-improve to their own tastes, installing granite, high end Viking ranges and expensive finishes. This is a common mistake among many homeowners, especially when deciding to take on a home renovation project without the help of a professional. If you over-improve and spend money on unimportant remodeling projects, you won’t see a return on your investment, particularly if the work makes your property the highest priced home in the neighborhood.
When deciding to move forward with a home renovation project, focus on improvements that will garner the highest return on investment. These improvements include:
Kitchen – Your kitchen is the most utilized room in your home, a place where families and
friends gather for daily meals and holiday celebrations. The kitchen space, now more than ever, serves as a central gathering point and an extension of living and family rooms, the so-called great rooms. According to the Zillow Digs Home Design Trend Report for 2014, kitchens top the list of spaces homeowners plan to remodel in 2014. When making the investment in updating your kitchen, the key is to focus on what you will enjoy most and also appeal to future homebuyers.
Bathrooms – After the kitchen, buyers look to the bathrooms for updates, or the potential cost involved should the buyer want to make updates after the purchase. By completing the upgrades prior to selling, you allow the buyer to finance those improvements, and the buyer will pay a premium with the current interest rates.
Painting – Painting, whether interior or exterior, is relatively low-cost and adds a quick revamp to your home. Just make sure to keep the colors neutral to appeal to the most buyers. If the buyer doesn’t like the neutral colors you choose, he or she will still be able to easily paint over the neutral colors with minimal coats/expense.
Flooring – Updated flooring is another great return on investment. Like kitchen and baths, flooring is a larger expense item. A future buyer would prefer an update which doesn’t need to be replaced within the first two-three years. Updated flooring is a relief for most buyers. After spending the money out of pocket for a down payment for purchase of the home, most buyers won’t want to immediately invest in renovating the flooring themselves because of the expense involved.
Landscaping – Another way to improve on a small budget is by cleaning up and trimming landscaping, and adding new, affordable plants. Adding new plants will give your yard a pop of color and won’t break the bank. Low maintenance yards appeal to water conservation and cost savings down the road.