For many people, one of the biggest benefits of taking on a home renovation project is the added value that this will bring to your home. However, without the right plan and foresight, you might not see as much of a return on your hard work and investment as you may have hoped.
To help ensure that you’re able to have a more valuable home after your renovations and will be able to find a buyer willing to pay more because of this, here are three tips for getting the best ROI on your home renovations.
Take Care Of The Basics First
Although you might like the idea of really improving the look of your home by adding some luxurious finishes or upgraded materials, this isn’t necessarily the best place to spend your money on your property.
According to Kathy McCleary, a contributor to HGTV, if the basics of your home aren’t up to par, that’s where you should focus your efforts and renovations. If things like your roof, flooring, foundation, plumbing, electrical and more aren’t functioning as they should or as a buyer would expect, you should plan to use your renovation budget to address these issues first. But once everything behind the scenes is taken care of, then you can start getting into the more exciting areas of home renovation.
Avoid Making Things Too Personal
When you’re renovating your home’s interior and replacing the finishes, you might be tempted to pick things that really speak to you and your personality. But while this might make your home more beautiful to you, if you’re wanting to get a good return on your investment, you may want to avoid making things too personal.
Jennifer Bradley Franklin, a contributor to Bankrate.com, shares that if you choose finishes for your home that are personal to you but don’t have a general appeal to the masses, you might not be able to get a buyer who’s willing to pay a higher price for these things. Rather, they may simply be thinking about how they can replace it with something that’s more suited to them.
Don’t Overlook Your Home’s Exterior
It’s not only renovations that take place inside of your home that can help you increase the value of your property.
According to Tara Mastroeni, a contributor to Freshome.com, adding things like a backyard patio, a front or back deck space, or a new front door can all add a lot of value to your home. And because these things are often the first to be seen when a buyer gets to your property, they can really boost curb appeal and increase your asking price.
If you’re wanting to make renovations on your property that will allow you to get a great return on your investment when you sell, consider using the tips mentioned above to help you pick the right projects.
