If you are really looking forward to fixing your “fixer upper,” it is best to know which renovations are most lucrative when it comes to building equity in your home. Some rooms are worth putting in a little more effort than others.
Before you go investing thousands into a bright and shiny toilet seat, educate yourself on what future buyers will be most interested in when considering a purchase. Check out a few of the most beneficial renovations for future return on equity, and get your toolbox ready for work.
People love bathroom remodels
You don’t have to gut the whole room to remodel your bathroom. A minor remodel has an average 102 percent return on investment, and it doesn’t take much to freshen up the lou.
Plan to invest an average of $10,000. Replace the bathtub, the tile, floor, toilet, and sink. Anyone who can write names on a birthday cake can caulk a new tub. Just make sure you fill the tub with water after you are done caulking to set the caulk right as it dries.
Spruce up the outside of your home
The curb appeal of a home greatly affects its saleable value. If your home is rundown and mistreated on the outside, people will assume that the inside has been treated the same way.
Try fixing up the outside of your home by replacing the front door with a strong, steel design, and paint it a bright, contrasting color for effect. Make sure your yard is maintained, and the home’s gutters are free of debris.
The kitchen sees plenty of traffic
Investing in your kitchen is always an easy decision to make. The kitchen is the most frequented room of the home, and everyone looking to buy a new home has high standards for their kitchen.
A minor kitchen remodel can have up to a 98.5 percent return on investment, but even more importantly, it will help you sell your home when the time comes to move forward in life. Recessed lights, updated countertops, and energy efficient appliances are a good start to a great remodel.
Finish up the basement to add a room
Homebuyers in the 21st century are all about space. If you can finish up the basement, and turn it into a mother-in-law suite, an extra bedroom, or a coveted man cave, then you’re golden.
The same rules apply to the attic of your home. Adding insulations and drywall to finish up the attic creates more usable space in the home.
Deck or patio/porch addition
With a 90 percent average return on investment and a beautiful addition to your highly saleable home, adding a deck, patio, or porch to a home is a great investment. Decorative planters, lots of green, and some comfortable outdoor furniture will have future buyers chomping at the bit to drop an offer.