Home Renovations That Offer the Best ROI for Resale
The following is a guest post by GUSTAVO GONZALEZ, Senior Manager of Content and Multimedia at Coldwell Banker Real Estate, LLC
Looking to make some upgrades and wondering which will have the biggest payoff? If you guessed kitchen and bathrooms, you're spot on. Another good one is landscaping. Whether they're big or small, a few upgrades can pay big dividends when it's time to sell your home. Follow these tips to prioritize and put more money in your pocket when you're ready to sell.
Before you do anything, make sure you consider the value of your house, the neighborhood, the housing market where you live, and how soon you will sell after you make the improvements. If you live in a neighborhood where properties are selling for $300,000, doing a $150,000 renovation may not add as much to your property value as you might think.
Kitchens and Baths
One thing to keep in mind is that just because a remodel is expensive doesn't necessarily mean it will give you the best return on investment. Even minor updates can yield a big return. Consider painting, refinishing surfaces, and upgrading appliances, which can lead to a big payout.
Sticking to a budget is always important, and keep in mind that an average, medium-sized kitchen remodel can cost between $20,000 – $50,000, while the average bathroom remodel is $10,000. In most cases, homeowners see a return of 100% or more with a kitchen or bath remodel, so it's definitely worth the investment. Plus, you get to live in a beautiful new space.
A Finished Basement
If finishing your basement is something you've been putting off, now might be the perfect time. According to cost versus value surveys conducted annually by Remodeling magazine, "The average return on investment for a basement project is around 75 cents on the dollar. Besides the financial gains, refinishing a basement will add new functionality to your home: more bedrooms, more efficient storage, and more space for entertaining." Seems like a sure-fire win, win.
Add Curb Appeal
When buyers see that the outside of the property is taken care of, they'll be more excited to see the inside. Remember, first impressions make lasting impressions. According to Anji, "Curb appeal can increase your home value by 7%. Buyers are increasingly prioritizing outdoor living spaces and an attractive lawn has the biggest ROI at 256%. Trees can add $1,000 to $10,000 to your home value and simple landscape maintenance tasks usually pay for themselves."
Whether you're in the market to sell your home or just want to make some budget-friendly renovations that you and your family can enjoy, making the right upgrades can help enhance your quality of life and add a few more dollars to your bank account down the road.
MAINTENANCE HACKS FOR YOUR HOME
From our friends at Delta Media Group
Little fixes around the home can take time and money. Try one of our quick tips to save both!
Home Repairs that Can't Wait
Delta Media Group
Home improvement can be costly and time-consuming, so it's no surprise that many homeowners put off making repairs as long as possible. Smaller repairs can usually be safely left until the timing is more advantageous, perhaps when you have more money in the bank or some vacation time. There are some repairs, however, that should be taken care of as soon as possible. These home repairs are so important that failing to make them could result in serious injury and increased costs.
Managing Home Improvement Tasks
It can be tempting to leave smaller home improvement tasks until "later," but keep in mind that doing so could cost you more in the long run. Not every repair constitutes an emergency, but that doesn't mean that non-emergency repairs should be ignored. Keep on top of home maintenance and repairs by keeping a checklist of necessary tasks; focus on completing one each weekend or each month. This will help you keep your home improvement projects from piling up and becoming major problems.
Ideas for Upgrading Your Patio
Delta Media Group
Maybe you've been pondering all those cool ideas seen on TV and the web about redoing your drab slab of a concrete patio so that it's a standout feature of your indoor/outdoor entertainment area. Here's the deal. We are all in love with the idea of extending our living and entertainment area into the outdoors. And why not? There are dozens of relatively inexpensive and yet innovative hacks that will make your outdoors as inviting as the indoors, so let's start working from the ground up by renovating that boring, cracked, or scuffed-up concrete patio and see how dazzling it can be.
Although all these projects are relatively inexpensive, you can obviously spend more on some than others. So if cost is a factor, then you may want to go with simple painting or staining.
Once you're done with your new floor, it's time to think about decorating. You might start with a weather-resistant outdoor rug, perhaps in the dining area. Decorate with flower boxes or containers of flowers that can change with the season and move indoors when it's cold. Hang up strands of lights. Add a water feature, which could be a fountain with plumbing or a self-contained model that runs on electricity and recirculates the water.
Let your creativity and inner interior decorator run wild as you think up ways to jazz up that formerly dull space and make it shine.
Have you made some updates to your outdoor living space? Show us some pictures in the comments!
How to Choose a Contractor for Your Remodel Projects
Delta Media Group
Homeownership is an exciting time — one filled with many new possibilities and experiences. One possibility that has the potential to elevate your home to the next level is a remodel. Remodeling can transform your space into something more functional by better reflecting your lifestyle and adding value to your home. However, your dreams of the perfect renovation project can turn into a nightmare if you don't do your homework. To have a successful remodel, you need the right contractor.
It's understandable to want the best person for the job but finding that person often involves a number of factors like availability, cost, and areas of expertise. The best way to choose a remodeling contractor is to do your homework and take steps to ensure that you find an ideal match for your project.
Ask around or research
If you have a friend or neighbor who has a remodel you like in a room/area you're looking to work on, too, it can be helpful to ask them who they used. You can also ask around your network of people — i.e., friends, family, business partners, or your real estate agent—to get recommendations for remodeling contractors. Once you have a list created, make your own as well by researching resources like Google, Angie, the local Better Business Bureau, and other online places that give you the names of local companies. Weed out any contractors with consistently poor reviews or contractors that don't specialize or have experience in the space you want to remodel.
Look deeper into credentials and projects
Most contractors have a website. Take the time to look at what credentials they may have and if they are current. See if they have pictures of their work as well. You can begin to get a feel for which contractors are more your taste or that have the knowledge necessary for your remodeling project.
Interview possible contractors
The next step once you have fine-tuned your list to a few favorites is to call and schedule a time to meet and talk about the project. Consider both the phone and in-person meetings an interview. It's your chance to ask about experience, find out about their knowledge and skills, and see if you mesh. Like any job interview, you'll be able to get an overall sense of who you're getting. There are also some things you'll want to ask them or have them do, including:
Even if you've done all your online research and read all the reviews, nothing is as effective as talking with someone who has worked with your prospective contractor. You may find out things you didn't think to ask, and it can give extra assurance that you're making the right choice.
Put it in writing
The last thing you'll want to do when you've made your choice is to put it in writing. This is a great way to keep all parties on the same page and safeguarded.
Homeownership means making the decisions; it's your house, and you get to choose who remodels it. For the best remodeling experience, by taking your time and the correct steps, you're more likely to find the right person for your project. Not only will it save you time and money, but it will also get you the home of your dreams.