Renovations: Friend or Foe?
We watch the HGTV flip shows. We know that renovations are good because, well, people like things to be new and up-to-date. But what should you spend the money on in your house? Is a drastic change in every room necessary to add more value to your home?
We are going to tell you what NOT to renovate and where to focus your money to get the most bang for your buck- in renovation budget AND in the resale of your home!!
As promised, before we dive into the great projects, lets point out the time AND money-wasters. Projects that won’t raise your home’s value include:
- Turning a spare bedroom into a home office (The new owners may want it turned back into a bedroom, or use it for an entirely different purpose. The key is to make it known THE POSSIBILITY of what is good for their family- not what makes sense to you)
- Conversion of a garage into a family room (You will lose ALOT of buyers doing this. People love garages. It’s one thing to expand your home and KEEP your garage, but to get rid of it entirely?? You are DECREASING your home value!)
- Screening an outdoor room (Unless you are making an “All Seasons Room” which is a room that has A/C and Heat then its a waste of money)
- Adding a deluxe kitchen upgrade into anything but an upscale home (Your renovations must match the caliber of home. Don’t place a million dollar kitchen into a $200,000 home and hope it sells for a million dollars. You will spend a TON on finishes and will be lucky if you even break even on the resale).
Projects that will boost your home value
- Bathroom Update (BIG BOOST)
Keep the plumbing where it is and focus on updating outdated fixtures. Strip the bath to the studs and put in a porcelain-on-steel tub with a tile surround, a tile floor, a durable solid-surface vanity, updated lighting, fresh plumbing fixtures and a new toilet. If you have a small bathroom, do a shower only and no tub.
- Replacing siding (BIG BOOST)
Give your house a new outfit by replacing the siding and you’ll reap the rewards at resale. According to the National Association of Home Builders’ Cost vs. Value, replacing 1,250 sq. ft. of vinyl siding and trim returns 95.5 percent of cost – and that’s the cost when a contractor does it for you. Upscale siding made from either fiber-cement boards or cellular polyvinyl chloride (PVC) lumber has an even more astounding 103.6 percent return. Subtract the cost of the contractor from the profit equation and you could actually make money installing your own siding before you sell your home.
- Interior Paint (NOT AS BIG AS THE PREVIOUS, BUT STILL GOOD)
Painting can be a great investment in your home or a horrible mistake. It all depends on the color you choose. Pick right and you earn a big payoff. Pick wrong and you devalue your home. Don’t think you can escape the issue by painting the walls white. Soft, muted colors beige with white baseboards can still be neutral while greatly improving the look and feel of each room.
- Rejuvenate Landscaping (RIGHT UP THERE WITH PAINTING)
Your house never gets a second chance to make a first impression. Shabby shrubbery and a patchy lawn make people assume the inside of your house looks as bad as the outside. “Keep improvements on par with the other homes in your neighborhood,” says Pam O’Connor president of RELO/Leading Real Estate companies of the World. One RELO client in Atlanta transformed his large backyard into a soccer field. “When he sold the house, the owner didn’t recoup his investment because the new owners didn’t care for his choice of landscaping,” she says.
IF YOU WANT A FREE HOME EVALUATION BEFORE YOU START YOUR PROJECT, CLICK HERE TO SCHEDULE YOUR APPOINTMENT TODAY!