If you are planning on selling you have to think like a buyer. Put your energy into renovations a potential purchaser would be most likely to undertake. Your preference might be to put a hot tub in the master bedroom, but if the kitchen is more than 10 years old then your home improvement budget would be better spent on bringing that room up to date. Kitchen and bathroom renovation projects are big undertakings, so buyers appreciate if the home they are considering already has upgraded fixtures, appliances and décor in these rooms. Here is a list of renovations that will help sell your home.
Add a splash of colour (inside & out) – If you can only afford to do one thing, painting is one of the very few improvements on which you are likely to realize a profit – as long as you choose tasteful, current, neutral colours and the work is professional.
Updating kitchen – Updated kitchens are a big seller in today’s housing market. Kitchens are usually the busiest room in the house so it is important to make sure they are functional as well as beautiful. Kitchens are typically one of the most expensive renovation projects and you can quickly run up a huge bill. Thus, careful planning and shopping will help minimize costs. When renovating the kitchen, remember to keep the project in line with the style and quality of the rest of the house and neighbourhood. It doesn’t make financial sense to install a $50,000 kitchen ina $250,000 house.
Adding a bathroom – If your home has only one bathroom and more than two people are living there, adding another bathroom should be at the top of your renovation wish list. If other homes in your neighbourhood offer two or more bathrooms, and yours has just one or one and a half bathrooms, this renovation project will definitely increase your property value.
Bathroom facelift – Upgrading a dated bathroom will enhance the value of your home, and add to your daily comfort and enjoyment. White porcelain is the safe, timeless choice here.
Finish what has been started - Whether it is an attic or a basement, finishing spaces can add significant value to your home by increasing square footage without the added cost of building additions.
Window/door replacement – If your windows or doors are wasting energy or simply decrepit looking, replacements can be an excellent use of your home improvement dollars. Stick to standard styles: odd shapes and highly customized arrangements do little for resale value.
Deck addition/improvement/expansion – Decks are one of the few exterior improvements with any significant return, apart from painting.
Expand your space – Increasing square footage is almost an excellent use of remodeling dollars. Projects such as building additional bedrooms, family rooms, sunrooms, conservatories and garages are an excellent use of your home at the expense of your outdoor living space.
Home office remodeling – This is a project that is becoming increasingly popular. Be sure to plan for plenty of electrical and cable outlets to accommodate all the required machines and gadgets.
Energy efficient retrofits – If your primary concern is return on investment, proceed with caution. Some retrofits, like better insulation and high-efficiency furnaces, pay for themselves relatively quickly. Others, like solar panels, heat recovery ventilators and tank-less water heaters, may take years to pay for themselves.