If you’ve owned your house or condo for a while or are thinking of selling it, you may have the urge to remodel. While spiffing things up can definitely improve your enjoyment of a property, as well as increase your chances of selling it for the highest price when the time comes, many people make the mistake of spending remodeling dollars they’ll never get back. Here are the ideal projects to focus on to get the best return on your investment.
Maintenance Items and Repairs
It should go without saying that you should take care of your home. If you’ve got plumbing problems or a leaky roof, it could cause damage that will only worsen and get more expensive with time. For those who are thinking of selling a home with ongoing issues, know that buyers will hesitant to purchase a property where maintenance has been deferred. I mean, if you’ve let the roof leak for the past year, what else is going on that a buyer can’t see? Even if you’re not selling anytime soon, address these items now.
One of the most important areas in any home is the kitchen. Now – notice that we say kitchen updates and not “gut your kitchen entirely.” The best ROI when you go to sell will be on cosmetic kitchen updates (new appliances, repainting cabinets, new hardware). If you want to gut and remodel for your own enjoyment, go for it, but know that you’re unlikely to recover that cash.
Cosmetic Bathroom Improvements
Next to the kitchen, the most important room is the master bathroom. Again, it’s best to stick to minor improvements here. Repaint the room and replace the sink, shower, and tub faucets and sprayers. Update beat-up towel bars or hooks with nice, new ones. If your tub or toilet (for example) is old and badly in need of replacement, go ahead and do it, but the best strategy is to see if you can transform the room with inexpensive, minor updates.
When it comes to transforming your home, do your research and be strategic in how you spend to get the best return on your investment. In the end, you’ll be surprised what basic maintenance, a little paint, and a lot of creativity can do!