Ever heard the term “don’t judge a book by its cover”? Unfortunately, that rule does not apply to homes. The fact, is people who may want to buy your home can and will judge your home by how it looks so even a very minor renovation can add big bucks back to your pocket when it comes time to sell. So what are some of the biggest ‘bang for your buck’ renovations out there?
1. Front door
As silly and simple as it sounds, according to Remodeling magazine, having the right front door will add (on average) 96.6 percent of the amount you spent back to your home. Does this mean you need the most advanced, Wi-Fi connected, uber-expensive door out there? No, because what you need is the right door for your home. In some cases it may be a replacement or it may be as simple as painting it a different color.
2. Kitchen
It should be no surprise that a Victoria kitchen renovation makes the list as well. One thing almost everyone does when looking at buying a home is to check out the kitchen. It’s a mental tally that potential buyers will do; keeping a running amount of how much they think it will take to update a kitchen to their satisfaction. The good news is that these buyers often over-estimate, thinking it will cost $50,000 when in reality a fully remodeled kitchen can easily cost under $20,000 to update. This means you get added value to your home when you sell…if you do it right. Like with the door, the right kitchen is not always the fanciest or most modern; best partly depends on the style, age, décor, and design of the house.
3. Additions
Adding more living space to your home can pay off massively. Perhaps adding a second story is what you need, or maybe you just need an additional room, indoor green house, or sitting room. Whatever the change is, it is likely to add more value to your home than you put into it. This is important for those who see renovations as an investment. Like any investment, though, it requires careful research and planning to do correctly. It also depends on your home. If you have a historic home, this may not be a viable option for you, especially if your home is designated as a historic house. So it pays to check your local laws and restrictions, but it may well be that you could increase the market value of your home significantly for a fairly cheap renovation.
Whatever your home renovation is, remember to do your research first. Sometimes what is most profitable changes depending on what people in your area want, so background work will help make your investment pay off right.