There are plenty of home renovation projects you can take on, but they are not all equal. Some projects will offer more bang for your buck than others.
If you’re considering renovating your home, you might want to make sure the projects you choose make sense. This is especially true if you plan to sell in the next few years. Let’s look at three of the renovation projects that will give you more for each dollar you spend.
Kitchen Remodel
You can’t just go nuts on a kitchen remodel and expect to return what you spend in home value. However, if you take on a smart kitchen remodel where you focus on making upgrades and changes without breaking the bank, you can get a lot of value back.
The kitchen will help to sell your home when the time comes. If it’s outdated, you will likely struggle to get as much for your home. Taking on a kitchen remodel can help ensure you get the best bank for your buck.
Since it’s the heart of the home, it’s a major focal point. You don’t need to go crazy with expensive appliances, however. Focus on textures and colors, along with your budget and you can transform the kitchen while adding value to your home.
Many real estate agents advise clients to start with the kitchen if they plan to remodel. Investing in a kitchen remodel can give you a solid return. If you take on a major kitchen remodel, you can get about 80% of the value back. However, a minor remodel can return 87% of what you spend.
Bathroom Remodel
An outdated bathroom can make it harder to sell the home. It’s another focal point for buyers and homeowners. Updating the bathroom can give you a home that’s easier to sell and can provide a big return on your investment.
A minor bathroom remodel can even give you 102% of the money you spend back in value. This is another room you don’t have to spend a fortune on to get a good return. Sometimes, it’s minor things, such as fresh paint, re-grouting tile, replacing the toilet, replacing the mirrors, and replacing fixtures that can make a big difference.
It’s also popular to replace a plastic bathtub with a tile shower to make it feel more luxurious. While this can be a more expensive transformation, it can give you about 84% of what you spend back in home value.
Flooring Projects
If your flooring needs to be upgraded, it can make a big difference, if you plan to sell your home. Hardwood floors are very desirable in today’s market and can give you as much as a 2.5% boost in the sales price of the home. Even if you don’t go with hardwood, updating the flooring can make a difference.
There are many home renovation projects to consider. Remodeling the kitchen and bathroom will make a big difference, but so will the flooring. Make sure you consider the return on investment you will get before you take on any remodeling projects.
