Real Estate 101

Home Renovations that Pay You Back

posted by Marissa February 1, 2017 0 comments

In the market to upgrade a room or two in your home but worried you won’t get your money back in resale? Not to worry. When done correctly, real estate experts agree that many home updates and renovations can actually help you garner a higher sales price. If you committed to giving new life to a room or two in your home this new year, read on for tips on how to renovate two of the most important rooms in your home while recouping most or all of your costs at resale!

Kitchens

A kitchen renovation (even if a mini-makeover) will give you the best bang for your buck. According to experts, when it comes to resale, it is anywhere from 60-80% return on investment. But where to start? You don’t necessarily need to rip out all of your cabinets and start from scratch. If your existing cabinets are solid wood and in good shape, consider just refinishing or painting them. White cabinets remain a very popular preference for many buyers. And as we all know, paint is a relatively inexpensive update that can make a huge impact.

Since you’re saving a bit by keeping your cabinets, consider investing in a good quality paint. Make sure it can handle the constant wear and tear a kitchen receives. Better yet, hire out the job to a trusted painter whose expertise can efficiently get the job done! From there, you can really make cabinets pop with upgraded hardware. Knobs, pulls and handles can take an old outdated cabinet and make it look modern in minutes.

From there you can update the counters and backsplash. This can really create a more updated look. But here is where you really need to be careful. These are by no means “cheap” materials. Because of that, you want to be sure you select the most crowd-appealing look. You’ll want to err on the side of caution and select finishes with more mass appeal.

Bathrooms

After the kitchen, your home’s bathrooms will significantly matter to potential buyers.

If your home is lacking a guest bath or a master bath, now might be the time to think about adding one. In this case, it really might be a matter of quantity over quality. Experts agree that you will likely recoup your costs in cases of taking a one-bath home to a two-bath home. If your home is lacking an updated bathroom, instead of upgrading the one, use that money to add a second bath. You will more than likely see a full return on your investment, potentially even more than you spent.

If your home has a sufficient number of bathrooms but it’s screaming for a makeover, do not fear. While the average bathroom remodel is around $10,000, depending on your bathroom’s current state, you may get away with spending less. Similar to the kitchen, if you have good quality cabinetry, consider painting the cabinets.  Better yet, get a bid from a painter to do both the kitchen and bathroom jobs at once, getting the most bang for your buck. With updated cabinets, a fresh paint job on the walls in a neutral color and some updated lighting and fixtures, you can very affordable give your bathroom a face lift.

Should your bathroom require a bit more work, the same tip rings true: do a bit of research in your local stores to see what features and materials they are selling the most of. White subway tile and marble-looking countertops are neutral winners that can appeal to a wide variety of potential buyers without breaking the bank.

Needing to carve out a bit more room to make a cramped bath feel more spa-like? Consider replacing your once-coveted-but-barely-used bath tub with a glass-enclosed steam shower finished with quality neutral materials. You’ll add visual real estate to the room and by not cutting corners with a cheap shower curtain, you’ll give buyers the spa-like retreat they are looking for that will stand out in the competition. Something else to consider in lieu of the tub? A double-sink vanity if you don’t already have one. Most master baths boast two sinks these days and buyers have come to expect this feature.

What rooms are on your to-do list this year and what finishes do you have your eye on? Are you planning to sell soon? If so, what updates have you prioritized before listing your home? Share with us below.

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