Thoughts of a home remodel may cross your mind if you are closing an estate or planning for the future. Remodeling a home can give it a high selling price and make it more attractive to potential buyers. But it is important to consider the return on investment (ROI) with any home remodel. If you are planning to sell, you must consider the fact that very few large-scale remodeling projects will significantly increase the equity value of the home to offset the cost of the remodel. However, all home remodels are not considered equal. There are several upgrade options that can make the property competitive and attractive in the local housing market. Do your research before deciding on the right project. Here are a few ideas to consider:
Is It Worth It?
If the property is significantly outdated, it may be worth the effort for a break-even remodel. Potential home buyers may quickly swipe left on a home that has avocado green countertops with egg yolks yellow accent walls (imagine the Brady Bunch kitchen). Even one unappealing room can deter even the most motivated buyer. A kitchen surface remodel may be the best choice in this scenario.
Professionals in the real estate arena will confirm that bathrooms and kitchens are usually a big deciding factor in purchasing a home. There are several options that you can pursue to make impressive updates without breaking the bank.
Refresh vs. Replace
Always go for a refresh to a kitchen or bathroom, rather than a full remodel. Ask yourself these questions: Is the existing cabinetry falling apart? Is there any water or heat damage? Is anything structurally damaged? If you answered “no” to all these questions, a refresh is probably the best choice for you.
Painting or resurfacing cabinets can be a great option when going for an updated look and feel. New lighting fixtures (especially LED updates) can make a big difference in an older home. Also, don’t forget to consider upgrades to fixtures and hardware. Brushed nickel may be much more appealing than shiny brass, and a cost-effective option that can really pull together the small details of a refresh.
New paint can work wonders on an outdated space. Having fresh paint on the ceilings, trim, and walls in updated colors can take a potential home buyer to the dotted line. Keep colors on the light and contemporary side to give the home an open and fresh feel. When planning a painting project, stay focused on the mainstream trends, not necessarily your favorite colors. A refresh or remodel is the time to listen to our real estate professionals to help us get the most out of the home sale.
Garage!
A surprising area that people may overlook when considering a remodel or refresh is the garage. By simply replacing a garage door and ensuring the garage door opener is in good working condition is a considered a positive return on investment.
Lastly, always do your research, and plan accordingly. An extreme home makeover does not happen in one hour like it does on TV, but there are several options that you can pursue to get the most return on your investment.
