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Pay Backs are a… Sure Thing with these Home Renovation Ideas!

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Pay Backs are a… Sure Thing with these Home Renovation Ideas!

When you think about completing some home renovations, you probably think you’ll be adding value to your home. Unfortunately, that’s not always the case. Sure, many of today’s buyers are looking for upgraded features, but who’s to say that your tastes will match a prospective buyer’s when you’re ready to sell.

Now, if you’re planning to stay in your home for a long time, remodel away. But, if you are likely to sell your home in the next few years, you may want to proceed with caution when it comes to your renovation projects.

What home renovations are likely to have the highest return on investment (ROI)?

Kitchens

As you probably know, the kitchen is a major meeting place in most homes. So, choosing to make some upgrades in the kitchen is often a recipe for success, particularly when it comes time for selling. That doesn’t mean you have to go overboard with top-of-the-line, industrial everything. But, lots of buyers would love to see a kitchen with all-wood cabinetry, hardwood flooring and, yes, granite countertops.

Bathrooms

Though not a major home meeting place, people value the time that they spend in their bathrooms. If you’re considering renovating a bathroom or even adding an extra bathroom to an older home that may be lacking, you’re probably not flushing your money away. But, don’t automatically go and add that whirlpool bathtub that you’ve been dreaming about. Many of today’s buyers may prefer a roomy walk-in shower to that soaking tub. Like valuable kitchen additions, bathroom cabinetry and flooring are usually worthy upgrades.

Maintenance

Believe it or not, fixing a leaky roof, drying up a water-logged basement or updating windows and siding actually could ensure a higher ROI than throwing money into expensive kitchen or bathroom upgrades. Think about it from a buyer’s perspective. It is easy to fall in love with the way a home looks, but knowing that structural systems need some attention could be a huge turn-off. So, if you’re ready to renovate, but have major maintenance issues, your best bet is probably addressing those items first.

Exterior

Now, you can do a lot to a home’s interior, but if you’re planning to sell your home and the exterior is less than appealing, you may never get to show off those interior home renovations anyway. We’ve already mentioned that updating siding can add some instant curb appeal, but so can well-decorated front porches or well-placed landscaping features. Remember, what a buyer can see when they drive by could (and should!) entice them to come inside.

Floor Plan

The kitchen already has been noted as a major meeting place, so making that area accessible to the family room or other high-traffic areas in the home is an added perk for many, whether you’re planning to live in your home for years or sell it next month. Open floor plans remain high on pretty much everyone’s “want” list, so renovating your home to create more of a communal feel has major potential for a higher ROI.

When it comes to home renovations, homeowners typically know what is best for their homes. If you’re in your home for the long run, make your home renovation decisions based solely on what features you want most. But, if you know that your home may only be yours for a few years, it may pay to consider what a prospective buyer would want before satisfying your personal home renovation tastes.