I've had some great feedback from an article in my October Newsletter. Because not all my followers subscribe to that, I decided to blog it as well. Here it is:
There are two main reasons why homeowners invest in a home renovation or major redcorating project: They want to enjoy the results of the new kitchen, bathroom, flooring or other improvement they've made; and/or they hope that the money they spend will come back to them ~ at least in part ~ when they sell their home.
So which projects are most likely to increase the resale value of a home? Here's 5 Renovation Projects that give you the most bang for your renovation buck.
FLOORS. Old, scuffed or dated flooring tends to get noticed by home buyers, regardless of how well the rest of the room is decorated. New flooring - especially good quality tile or hardwood - can make any room look larger and more inviting.
KITCHEN. When it comes to selling your home, the kitchen is one of the most impportant rooms. The more modern, new and spacious it looks, the faster your home will tend to sell. That's why you can expect a payback of up to 80% of the cost of a kitchen renovation.
BATHROOMS. Who isn't impressed by a new and gleaming bathroom with a big shower, modern faucets and other attractive decor? That's why hotels spend so much time and money making their bathrooms look great. Often a homeowner can expect to get a pay back of up to 75% on the cost of a bathroom.
CLOSETS. Any improvement that makes a closet look roomy and organized tends to result in a pay back of most of it's cost. Even something as simple as a good closet organizer can have a dramatic effect.
ENERGY-SAVING UPGRADES. In this age of increasing energy costs and environmental concerns, home buyers are drawn to such features as energy-saving windows, lighting, thermostats and more. Upgrading your home heating systems can be more expensive, and thus don't have as fast a return on investment - so be sure to get quotes and calculate potential near-term savings before embarking on full system upgrades.
Of course, whenever we embark on a renovation project, we tend to purge our unwanted, outdated or unused material from the space. This also helps your new space look organized & new. So even if your project is small, be sure to de-clutter as you go.
NOTE: The above information should be considered guidelines and not guarantees; returns on any investment are dependent on cost of product & install, and current market activity & trends. Always speak to a professional before beginning a renovation project.
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