Is it time to remodel your home or sell it?
I get this question asked to me all of the time. What is the biggest bang for my buck when remodeling your home? Below I will tell you my top 5 things to do to your home that will increase your value, recouping most of the money you paid for the project.
- Kitchen Remodel
Depending on how big you go, this could be a huge project. I think if your kitchen has not been updated in the last 15-20 years, it is time for an update. Especially if you are looking to sell your home. A minor kitchen remodel will cost approx. $10,000-$15,000 and a major remodel can cost in the upwards of $30,000. The National Average return on your kitchen remodel ranges from 60%-80% of the total cost. 1 thing to keep in mind is to not go overboard when picking out appliances or cabinetry. This ratio can change depending on if you are willing to do some work yourself or have family or friends help out.
- Open Floor Plan
Open floor plans are highly sought after these days. Buyers are looking for “Great Rooms” which include a kitchen and living room area combined into 1 room. Older homes often many walls, smaller rooms and skinny hallways. That is not what the general public is looking for now days. The good news is that knocking down a wall to create a “Great room” is not that expensive. According to the Cost vs Value report, the average cost to do interior demolition is about $3,000. By opening up a room or hallway you will have many more interested buyers, pushing the price of your home up from the demand of open layouts.
- Upgrade lighting features
You won’t believe how cheap lighting is! Add lighting over a kitchen island or an entry way for an immediate upgrade in first impressions for buyers walking thru your home. We also suggest bringing in an electrician when dealing with wires. The average home owner will spend $150- $300 on a good electrician to come in and install the new lights. However, that is pennies when it comes to selling your home. You will most definitely get your money back from new lighting fixtures throughout your home.
- Bathroom Remodel
Bathroom renovations are typically a great way to sell your home and get most of the money you put into it back in your pocket after the sale. A home owner can expect to spend on average *17,000 in a bathroom remodel. According to a national Study *Bathroom remodels can recoup on average 70% of the overall cost. Adding new light fixtures in your bathroom will definitely help your home stand out above the competition and is worth every penny. After the Kitchen, the master bathroom is the next biggest selling point. We definitely recommend hiring a qualified handyman or licensed contractor for any bathroom remodels.
- Paint or Replace the front door
Installing a new entry door can give your home a completely new look and help future buyers get a great first impression while walking up to your home. Even if you don’t have money for a new door, you will be amazed on what a bucket of paint will do. This is something you can do by yourself and very easily to increase the curb appeal of your home.
All the information and figures presented are average costs across the country*. Making small improvements will definitely help increase your value and appeal. It's important to seek out a professional to help guide you. Our team belongs to the National Association of Home Builders and are a part of a select professional membership of remodelers. We are fortunate to have many services available to us, and never hesitate to reach out to those in the industry. If you have any questions, don't hesitate to call. We're happy to help!
Source - http://www.cbsnews.com/media/10-home-renovations-that-will-pay-you-back/7/
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