Yesterday, we talked about remodels that weren’t often worth the cost because of a low rate of return on investment. There are a lot of risks involved with renovating your home for the specific purpose of increasing your home’s resale value, but there are ways to do it and profit from it.
Here’s the key – make small investments that will pay off. How do you know which things you should invest in? Do a little research. Home renovations, when attempted for increasing a home’s value, are largely contingent on where your home is located. Factors like your home’s neighborhood and the housing market in your area play a role in the amount of increase in value you could see.
If you are attempting to remodel your home to add value, you need to know about the big two – your kitchen and your bathroom – and the essential task that is keeping them up-to-date and stylish.
But kitchen remodels can be incredibly expensive – even the simplest of remodels. So how about instead of doing a kitchen remodel…you do a kitchen face-lift?
- Paint the walls a trendy color – neutrals are very in right now, as are statement walls
- Update your backsplash – do a fun pattern with paint (use painter’s tape), wallpaper or go bold with a chalkboard paint backsplash
- Update your cabinets – something as simple as changing the fixtures on your cabinets can make a big difference in the vibe of your room
- Paint your cabinets – yes, you read that correctly…paint your cabinets – this works super well in older homes that have flat cabinet doors with no grooves in them (my mom recently took on this project in her circa 1970’s kitchen and it made a huge difference in the look and feel of the room)
- Update or paint your trim – it may not be the first thing you notice when you walk into a room, because your eyes are naturally drawn to bigger details, but if your trim is looking rough, it can definitely impact someone’s overall impression of a room
Find out which remodels will not give you a good return on your investment.
Don’t have a home to remodel yet? Check out our First Time Home Buyer’s Study Guide – it will tell you everything you need to know before you begin the search for your dream home.