You're planning to sell your outdated and worn house and you want to invest in the property to spruce it up to get the best possible selling price. What improvements should you perform for the best dollar return?
Home improvements are costly and time intensive. You don't want to attempt a stressful job and just throw your money away. You want a reasonable return for your hard work and planning. Here are 10 normally profitable improvements to your home or rental.
1. Remodel the kitchen
A kitchen over 15 years old, remodeled with new flooring, cabinets, countertops and appliances will normally return about 79% of the cost.
2. Open the floor plan
$3,000 will buy you the demolition and removal of non-load bearing walls. For this relatively inexpensive remodel you can open living rooms and kitchens to create a more free-flowing living space.
3. Paint the Interior
Painting is probably the cheapest and most effective method of updating your home. Fresh paint gives the appearance of cleanliness and brightens the entire interior of the home. Painting is your best value to improving your homes saleability.
4. Upgrade lighting fixtures
Contemporary lighting fixtures can do wonders for the interior of home. Hanging lights fixtures in the main entry or over a dining table can enhance the dramatic looks of the home. Recessed lighting properly located can brighten rooms or hallways, or emphasize wall art.
5. Replace the entry door
Nothing tells the tale of first impressions more than the condition of the front door. Old, dirty or scuffed doors sets the tone of the initial whole house experience. The front door tells the whole world that this house is "new and contemporary" or "old and drab".
6. Install new flooring
Nothing shouts "clean" like a new carpet. Old carpets are nothing but huge filters, trapping dirt and soil for years of use. New carpet should always be near the top of the list for remodels.
7. Upgrade energy efficient features
Energy efficiencies are the new improvements that can actually save money. Changing to LED light bulbs can be big money savers over the course of years. These new bulbs last a long time and save dollars in the ever-increasing utlility cost area. Energy efficient windows or solar panels are too costly to re-coup investment dollars. Avoid these
8. Build an outdoor deck or patio
Concrete patio slabs are relatively inexpensive and they can open an area of the backyard into a very useful living space. Wooden decks are more expensive and require more time, labor and materials. However, a well constructed deck would return 68-80% of the cost to construct it.
9. Replace old, exterior siding
Curb appeal, or what one sees upon approaching your home is the buyers true first impression. Old, dated siding can only one tell one old, sad story about your home. New siding can bring life to the exterior of your home. It can modernize the appearance and excite your buyers. All new siding can cost $10,000-12,000 (depending on the home size and condition) but it could set your home apart from all the others on your street!
10..Remodel a bathroom
Nothing is better than a contemporary master bath. Fresh and clean, shiny and new, a wonderful master bath says luxury, lifestyle improvement!!
There are no guarantees for your home increases in value, however, these are the traditional improvements that garner the most return on the invested dollars.
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