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22
Where You Should Put Your Remodeling Dollars?
Everyone wants to live in a beautiful home. Warm weather means that most homeowners are making their way into the home improvement stores and dialing up contractors for those special projects around the house. Whether you plan to spend a little or a lot, our REALTORS® want you to get the most for your investment. Some remodeling projects are worth their weight in gold, while others will return pennies on the dollar. It's important to know which is which before you make your plans.
Golden Opportunities
You'll never get every penny you spend on remodeling back when you put the home on the market. However, the following will give you between 60-70% return. Where these investments are most valuable is in the foot traffic they'll generate from the listing.
- Update the Kitchen. The kitchen is the heart and hearth of the home. It's a place to gather and relax, to entertain and enjoy the company of family and friends. Thus, it should be comfortable, open, and updated to reflect modern design tastes. Farm sinks, plenty of storage, and stainless steel will go a long way toward attracting the attention of prospective buyers.
- Give the Master Bedroom a Facelift. The master bedroom is a retreat from work, family, and all the pressures on the other side of the door. Repainting and redecorating can give the bedroom a comfortable, relaxing ambiance.
- Polish the Bathroom. No one wants to take a bath in a dingy, dark, cramped bathroom. updating your bathroom with new tile, updated fixtures, comfortable lighting, and a fresh coat of paint is an investment in your comfort and the home's appeal to prospective buyers.
- Trim up the Landscape. Landscaping is often overlooked, but the fact is it's the first thing prospective buyers notice. Make sure that your grass is green, your trees are trimmed, and the flower beds look their best. If you don't have a green thumb, hire a professional landscaper to design an easy-to-maintain yard that blends into the neighborhood.
Money Pits to Avoid
- Swimming Pools and Hot Tubs. These flashy amenities are fun. However, they're expensive to install and costly to maintain. Further, most people don't use them as much as they think they will. Most sellers only recoup a fraction of the installation costs when they sell their home.
- Special-Purpose Rooms. It's great to have a nursery for your kids, a woodworking room for hobbies, and other special-purpose rooms. However, prospective buyers whose needs/interests don't match yours won't be willing to spend a premium for it; in fact, they'll likely ask for a price reduction so they can renovate it for their own special interests.
- More Garage Space. Unless you have none or extremely limited garage space, most people are content with a one or two-car garage. At most, you'll get 60% of your investment back when you sell the home.
The Final Rule of Thumb
Whether you plan to spend $1,000 or $50,000 on renovations, one thing every homeowner needs to keep an eye on is the value of real estate in the area. There is no limit to how much you can spend, but there is a limit on what buyers will pay. One of the first things they'll look at is home values in the neighborhood. If your home is $100,000 more than a comparable home for sale down the street, they'll get the contract.
Contact us for more information about remodeling projects we recommend to our clients. It's our pleasure to help you choose upgrades and features that will stand out in the market.