Authored by Kate Beswick in Real Estate
Published on 10-06-2009
Chances are that if you’re selling your home, you’re constantly going around looking for ways to improve it. You don’t have to be a broker to know that the better your house looks, the more likely it is to be sold to that perfect buyer! But doing small renovations on your home doesn’t only make your home more attractive. It actually adds great value to the home and can get you thousands more on the sale! They key lies in knowing when a renovation project is going to get you the return you’re looking for – and knowing when you’re going to be in over your head!
The most important thing to know about adding value to a home is what areas of the home will add the most value. There is one room in particular that can make or break the sale of the home. That is the kitchen. It doesn’t matter what the rest of the house looks like or what kind of shape it’s in. People know that renovating a kitchen is a major project with major expenses. And buyers will be happy to know that this work has already been done for them. However, if buyers see a small kitchen in an open house, they’re more likely to remember that rather than the en-suite bathroom.
The next step when adding value to your home is knowing how much money you should spend. Of course you want to make your new kitchen as nice and perfect as possible. But you also want to make sure that you will get the profit from it that you want. And that you haven’t sunk all the profit into the renovation project! In order to keep your budget in check, splurge on basic necessities and leave the little stuff for the buyers to fill in. Built-in microwaves are nice but first make sure there is new tile on the floor and countertops. Also be sure to provide for things such as appliances and cupboards.
If you’re still looking to add value to your home, or you want to renovate and can’t afford a new kitchen, the bathroom is always the next place to focus on. Adding to a bathroom or just giving it an uplift also goes a long way in selling a home. Bathrooms can easily get a new shine with a new tub and shower, toilet, and a new vanity. And all of these will cost much less than any project in the kitchen will!
If you want to add value to your home but are happy with your existing kitchen and bathroom, you might want to think about adding an addition on to your home. The most popular addition for buyers and sellers is a second bathroom. It’s a huge seller because buyers know how convenient a second bathroom is. And buyers like it because it’s a cheap addition that will add thousands to the home! A two-bath home will always have more market value than a single-bath home!