For a wide variety of reasons, homeowners, often, focus on having various types of renovations, etc, to their house. Sometimes, this is based on needs, life – cycle changes, priorities, concerns, etc. However, for whatever the reasons, one must determine, their reasons for making the alterations, etc. When are you planning on selling the house, and are you making the changes, simply because you wish or need to address a need (or a perceived one), or preference, or are you doing so, because you believe, in doing so, you might add value to your house, and get more when you decide to sell. This article will examine 5 renovations/ alterations, in terms of how they might impact the Return on Investment (ROI).
1. Minor changes: These involve painting, repairs, and small alterations, such as adding or removing a wall, etc. These rarely have any significant impact on the value (price sold for) of a house. Some of these changes might improve the overall impression, potential buyers have, when they look at a house, while others might have a somewhat, negative one. Be careful of colors, and whether the alternation, although something you want, will enhance or deter the value!
2. Kitchen: Examine the existing condition of the kitchen. Is it out – dated, have a poor design, etc? Are you making the change, because you want to, and hope to enjoy it, for many years to come, or for resale reasons? If the issue is not related to the design, you might want to consider, refacing your cabinets and drawers, and upgrading your appliances, rather than, demolition and replacement.
3. Doors and windows: Examine your doors and windows, and whether upgrading and improving is needed, and a wise decision!
4. Landscaping/ gardens: The condition of the grounds of your home, often go a long way, towards making a statement about the owner. Remember, curb appeal is a significant factor towards attracting potential buyers, but, there is also an often – very fine line, between improving the look of a home’s exterior, and excessively spending, on your personal preferences. However, always focus on doing this tastefully, and consider how long, you plan to remain in the home.
5. Additions: Obviously, the most expensive renovation, is when you are putting on an addition, especially a major one. Consider your neighborhood, the potential buyers – pool, in your area (and their needs, etc), and the costs (versus return on investment).
Homeowners often renovate and hope to improve aspects of their houses. Know the difference between doing so, to meet a need, etc, versus hope to enhance your return on investment (ROI)!