Whether you are remodeling to give yourself a change of scenery or because your home will be on the market soon, you’ll want to make smart remodeling investments. By replacing key elements in your home, you are more likely to see a larger return on investment and be able to enjoy your space while still living there. Here are a few tips to help you know when to splurge and when to save on home remodeling.
If you are remodeling to place your house on the market, consider curb appeal first. Many home-hunters won’t bother going inside your home if the outside looks dumpy. The ones who will might spend the entire interior tour distracted, busily deciding whether or not remodeling the exterior is in their budget. Beat them to it and remodel it yourself so it’s an easy, natural sell.
Many realtors recommend getting new siding and shutters installed to give your house a new look. Buy a new front door and garage doors, if the house has a garage. Consider adding an outdoor deck for an elegant touch. These few improvements, though a little expensive up front, may yield a great return on your investment. For example, according to CBS Chicago, one homeowner added a new siding installed on her home spent a little more than $20,000, but is expecting a 76 percent return on her initial investment.
There are certain areas of improvement most people consider “small details,” but that can actually make or break a home sale. For example, since window are visible from both the exterior and interior of the home, they are of utmost importance when remodeling. Be choosey when shopping for new blinds; find the right color, texture and style for your windows. You can expect to spend more than $1,000 on a new front door and get the whole amount back after selling the home.
The majority of the allotted budget should be spent on updating the kitchen and bathrooms. The kitchen is viewed as the heart of the home, and many buyers have very high expectations when considering what kind of kitchen they want. According to Marilyn Lewis of MSN Real Estate, sellers who invest in upgrading their kitchens will see more than a 60 percent return if they invest around $15,000 on remodeling.
Popular choices include granite or concrete counter tops. With more money being spent on countertops, many homeowners are choosing to paint their cabinets instead of replacing them. Most paint costs around $30 a gallon, versus around $10,000 for new cabinets. You can also add new knobs to the freshly painted cabinets to give them a fresh look. Opt for stainless steel appliances and neutral colored walls when remodeling your home.
If potential buyers walk into a house and notice dirty, old floors it gives them a negative view of the whole house. They will instantly think about how much money they will have to invest into buying new floors. Many people prefer hardwood floors to carpet because they are durable, neutral, and look great with any kind of décor. The money you will spend on new hardwood floors will be a great investment in your home whether you decide to sell or not.