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In todayís tight housing market and lethargic economy, making home renovations is more than a matter of simply crossing the next pet project off your list. Renovations can and should serve dual purposes, allowing you to spruce up your houseís interior or exterior while increasing resale value.
Following these five tips from industry experts allows homeowners to affordably renovate their homes and get a sizable return on their investment (ROI).
1. Minor kitchen renovationsThe kitchen is the heart of the home, and thatís right where prospective buyers head the moment they open the front door. While an impressive kitchen wonít add to resale value in the same way a major renovation such as adding an attic bedroom will, having an out-of-date kitchen will lower the resale value of the home significantly. However, kitchen renovations donít have to break the bank.
Homeowners often think a kitchen renovation means an expensive overhaul Simple fixes such as refinishing cabinets or surfaces and upgrading appliances can give a kitchen the polished look buyers are searching for.
2. Hardware and paintingUpdate small items throughout the home to make it look consistent, attractive and taken care of.
Add new towel racks, replace a sink, paint the bathroom cabinets and head to an antique store to source unique and inexpensive doorknobs. Even framing pictures and hanging them on a freshly painted wall will improve the first impression potential buyers will experience.
3. Maximize your lightingBe sure to show off the new updates with elegant and strategically placed lighting. Choose track lighting to highlight wall features and inexpensive lamp lighting for the rest.
For more creative flair, try experimenting with year-round white Christmas lights and paper lanterns strung throughout the backyard or along a walkway. Hunt for classic old lamps at yard sales for unique lighting options.
Consider experimenting with a few different bulb types. Use new energy-efficient incandescents for a soft yellow glow. They are perfect for that cozy, book-filled den. Try LED lighting for beneath kitchen cabinets. These eco-friendly options look nice and save money.
Most buyers are looking for bright spaces, full of natural light. Make sure to maximize window lighting by avoiding bulky and overly decorative curtains. Opt for curtains with lighter tones and slimmer designs that complement the style of the home and help create a welcoming feel.
4. LandscapingThe impact of a first impression is invaluable. A homeís exterior should be in prime form to sell, including the yard. Begin landscaping several years before selling the home. The earlier the yard is landscaped, the longer plants have to grow from seedlings to their beautiful adult forms.
Research regionally appropriate plants that require little maintenance. Once grown, make sure to keep the lawn mowed and buds neatly pruned. Hiring a landscaper can be well worth the investment.
Little touches make a big difference here, from decorative stones to bird baths. Remember to keep choices elegant and universally likable. Other suggestions include replacing any exterior doors with rotted frames, and power washing siding.
5. Adding storageBuyers adore excessive storage space. Try expanding an old closet or simply adding shelves and drawers to a formerly spare porch. These additions are ideal for staging and make the space seem more livable to a buyer.
In conclusion, simple fixes such as a fresh coat of paint or a few good light bulbs are affordable upgrades that increase the resale value of a home. In fact, renovating on a budget is a great way to get creatively inspired, right at home.
Additional ResourcesGrabbing Financial Stress by the Haunches!Cut the Cord: How to Reduce Your Monthly Entertainment BillsSimplify Your Personal Finances - InfographicInfographic: Cost of being a N00b3 Ways to Buy a House with No Down Payment in the New (Tougher) Housing Market3 Possible Refinancing Options for Underwater HomeownersAre You Paying Enough Attention to the Exterior of Your Home?
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Tali Wee currently lives in Seattle where she handles the Miami community outreach for Zillow. She is captivated by and appreciates everything real estate related. Tali is also a new homeowner and enjoys spending time on projects around the house.
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