Investing in a home is generally a smart thing to do: if you decide to sell one day you can always get your money back, and even make a profit. But that is only if you invest wisely. There are lots of home renovations projects that will raise the value, but also some that won't. It's important to be able to distinguish between the two.
Let's take a look at some of the most profitable investments that are sure to pique the interest of prospective buyers and earn you some extra cash.
Make the home exterior ‘shine’
First impressions are often what ultimately seals the deal when it comes to real estate buyers. Buyers start forming their opinion from the first moment they set their eyes on your home exterior.
You don't necessarily have to invest a fortune to make your house look beautiful from the outside. Keep the garden trimmed and neat. Don't feel like you need to have a perfectly landscaped garden – in fact, some people might be turned off by the amount of work or money for hired help it would take to maintain a picture-perfect garden.
Just keeping your yard in order is enough: mow the lawn, trim overgrown shrubbery and branches. When it comes to the house itself, renovations should be pretty yet practical. Fit modern, sturdy replacements for windows and doors.
Keep the facade of the house painted. Alternatively, you could get rid of the need for painting the exterior by opting for practical aluminium composite panels which look great, and are a breeze to clean.
Fixing Obvious Problems or Shortcomings
The most important selling point of any house is not what it has, but what it doesn't have: structural problems. Don't expect to fool serious buyers. Any serious problem is likely to be discovered, and it will drag down the price of the property.
We are talking about issues like extensive damp and mold, cracks in the walls, a roof that needs re-shingling or re-tiling and other similar issues. No one wants to buy a home with sagging walls or a rodent infestation – or, if they do, they certainly don't want to pay a premium price for it.
While these repairs are sure to be expensive and don't sound nearly as glamorous as some other, purely cosmetic procedures, they should be your first priority.
Remodelling the Kitchen
A kitchen is one of the most essential places in the home, and one that buyers pay most attention to. The kitchen doesn't need to be very extravagant. In fact, that's the case with the home in general. Keep it in perfect order, but relatively neutral.
New kitchen cabinets are not particularly expensive , and you could even repaint the old ones or just change the doors. Change the worktops, the faucets and the handles on the cabinets, to give it a fresh look.
New floor tiles can also work like a charm, and many buyers will probably be attracted by a gleaming new stove or a shiny range hood.
Renovating a Bathroom
Bathrooms need a feel of cleanliness much more than overly expensive renovations. Forget about huge, luxurious home spas. They might look cool, but ultimately just cost too much. Also, while buyers might be initially impressed, pretty soon they realize that they won't be using it that much in everyday life.
Instead, fix leaks and install new taps and shower heads. Create plenty of storage space and scrub every last bit of mould and grime away, to create a hygienic feel. If possible, change outdated tiles and sanitary ware. A large mirror is always a plus, and big, fluffy white towels have a positive psychological effect on the buyers.
If you are ready to invest a larger sum in a complete remodel, try to aim for design solutions that make cleaning easier.
Even if you intend to keep living in your home, and are remodeling for yourself, keep in mind which investments make financial sense, and which don't. If you are just doing home renovations to boost the price before selling, avoid drastically expensive projects such as a swimming pool or an indoor gym.
Not everyone has the same notion of what is useful, so you might just end up wasting your money.
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About the PublisherBo Kauffmann is a residential real estate agent with over 18 yrs experience in helping buyers and sellers achieve their goals. Inducted into the REMAX Hall of Fame in 2010 and receiving the REMAX Lifetime Achievement Award in 2019, Bo has sold over 500 houses and condos in the Greater Winnipeg market. He is an accredited buyer representative (A.B.R.) and a Luxury Home Marketing Specialist. Bo provides exceptional service to First-Time Home-Buyers, Seniors looking to downsize and Home Sellers of all ages. He can be reached easily By E-Mail or call/text him Call/Text Here
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