It's no secret that renovating portions of your home can yield a huge benefit when it comes time to sell. In fact, many of you have probably already performed a few household projects or purchased a new place after seeing some really stellar new additions. While we all dream of upgrading our homes with renovations that will please us now and new buyers later, we need not dream big - it's often the most expensive projects that yield the least ROI. What should you upgrade, regardless of when you plan on selling then?Well - it might surprise you.
Start with the basics
Seemingly small things, like a damp basement, chipping exteriorsideboard or a small leak in the roof are actually the first things you should focus on when you're renovating. While they may not be that visible to you (or potential buyers), minor things that need maintenance are the most likely to scare viewers off. Though they are relatively inexpensive to fix, new residents don't want to start their new lives having to sink thousands more dollars into basic repairs.
Get on your neighbors' level
When people come to view a new house, they will usually compare it to others in theneighborhood. Maybe yours is the only house in the area without a pool, or maybe everyone on your street has impeccable landscaping. The best thing you can do to make your abode seem more appealing is to make it as good (or better) than the other digs on the block.
Keep it mainstream
While the way you decorate your home should be wholeheartedly personal, you want to avoid making updates on your home that won't appeal to many potential buyers. You might find an in-home yoga studio to be imperative to your lifestyle, but will the majority of the people coming to view it feel the same way? It's better to focus on something that almost anyone will appreciate instead, like new kitchen appliances or hardwood floors. That being said, ifyou're planning to remain in your house for some time, don't skimp on the things that make you happy - it'syourlife, after all.
It's all about the bathroom
And the kitchen, technically. While these can, in fact, be pricier renovations, they are the most likely to catch buyers'attention so long as the rest of your house is in good condition. If you'd like to stick to a more moderate budget, opt for new countertops or a fresh coat of paint, which will instantly update the room. When it comes to bathroom, it's important to note that such renovations should only be done if you have more than one bathroom. If not, invest your cash into building on a second.
Add a deck or a basement hangout
Increasing the livable space in your house is one of the most effective ways to add to its value, but it doesn't have to involve building on a whole new room. Adding a covered patio in your backyard and setting it up with some high-quality outdoor furniture creates an impressive outdoor lounge, while incorporating a few bar tables and barstools in a finished basement is perfect for hosting parties.
Renovating your home can be a greatway to have more fun while you live there and receive a greater ROI when you sell it, but that doesn't mean you need to shell out big bucks. Instead, start with the most practical tasks, and move up to the more luxurious. And if you build a wine cellar first, it's OK - we won't tell.