5 Home Upgrades That Pay Off In Resale
Resale is a general term to sell something that was sold to you before. In Real Estate, resale means the same thing, but it specifically pertains to a house. There are people who resell for a living. They purposeful buy property, fix it up and then resell it for a higher price. Also, there are home owners who merely want to sell off a house because of the need to move. There is one main difference between these two types of sellers and that is recognizing the value of renovation.
Homeowners don’t mind selling their property as is, but a few upgrades will actually add to the value of the house. The more value the house has the higher a seller can price it. Below is a list of five upgrades that pay off in resale:
1. Kitchen
Kitchens are places in the house where people spend a good amount of time in. It’s where meals are prepared, and it is a place where a family comes together right before they begin their day. According to statistics provided by remodeling.hw.net, minor kitchen remodeling can yield you a cost recoup of 83.1%.
What should you improve in your kitchen?
Remember, this is not a big remodeling project so focus on small things that you can improve. First, give your kitchen an updated color. A can of paint or two will do the trick. White is a great color for your kitchen as it gives room for color accents on the cabinets or counters. You can also just repaint your kitchen cabinets a bold color and leave walls as is.
Second, change cabinet pulls and handles. It’s the quickest way to give your kitchen an updated look. Don’t go overboard with it though. A simple brushed nickel finished handle will do just fine with any kitchen color.
Third, hang pendant lights. Have you ever seen those minimalistic looking pendant lights on fancy kitchens? Well, they make an easy-to- install addition to yours. Swap out old-fashioned light fixtures with modern pendant lights.
2. Bathroom
The bathroom is another place in the house that people spend a significant amount of time in. It’s an area that needs to have a comfortable atmosphere. It may seem like a huge project to undertake, but there are ways on how you can give your drab bathroom a brighter look.
What should you improve in your bathroom?
First, try refinishing your fixtures. You might think that replacing fixtures is affordable, but it can actually cost up to $2000 for a pair. If you have your fixtures reglazed, however, it can cost around $800 with a professional. Second, paint your floors. If your bathroom floors are wood, give them a brush of glossy
porch paint in a vivid color. Third, trade in your bathtub for a big walk-in shower. Having a bathtub in your bathroom may be a waste of space if it is not used often.
IMPORTANT: Don’t focus too much on remodeling your bathroom if it’s the only one in the house. A better idea would be to spend your budget on a second bathroom.
3. Curb Appeal
Curb appeal is how attractive your house looks from the street. This includes whatever people see on the outside – your house’s exterior, your garden or your front yard. Curb appeal is important because you want people to be interested in visiting your house. They’re likely to just drive by if your house looks like the one from the Adam’s Family.
How can you improve your Curb Appeal?
First, add in a porch to make your house look more welcoming. It’s an extra space that can go a long way in terms of adding value to your house.
Another low-cost project that can increase your curb appeal is siding replacement. Consider manufactured stone veneer, says Realtormag, as it is expected to recoup 92.2 %. It’s a trend that’s
attracting homebuyers nationally and the Cost VS Value report says that “The total ROI for all siding projects in all markets was 77.0%”.
4. More Space
Adding in an extra room or extra sqft is a great investment. More and more people these days find houses that are spacious enough for dedicated rooms like an office or craft room. If that’s too big of a project for your budget, you can always reinvent a room to make more space. For example, you can make your attic into another bedroom. The basement can also be a good family room with a little sprucing up.
You can also consider adding a wooden deck which can give you a cost recoup of 75%. A deck addition will have varying costs. It will depend on its size, the material you use and on what features you put like fixed seating.
5. Energy-Efficient Insulation
Your house will be subject to inspection. Once inspectors who work with potential buyers that find out your house is poorly insulated will note this on their reports. No buyer wants a poorly insulated house as it will cost more to live in it and maintain it. To make it more appealing, add in energy-efficient insulation. It doesn’t even cost a lot to do this.
Where can I inspect to check for leaks?
•The attic hatch
•The basement
•Around sockets and light switches
•Around doors and windows
Think of these as investments. All these upgrades increase the value of your home significantly. However, it’s important to remember to keep the upgrades to a minimum to avoid surpassing the average value of the homes in your neighborhood.
For more real estate and home tips, don’t forget to visit our blog.