In order to obtain a higher asking price on your home, you may need to dig into your pockets to pay in advance for renovations and various projects.
Some homeowners may find this idea a little concerning. After all, you're trying to eventually sell your home, and it doesn't make too much sense to spend a lot of money.
However, even the slightest investment on some projects can become beneficial. Some projects have a high return on investment. Not only that, but potential buyers will find your home even more attractive if you carefully choose certain aspects to remodel or upgrade.
It's all about the kitchen
Before you get started fixing anything up, think of the top three rooms you frequent in your home. In all likelihood, the kitchen is in that category, and for good reason. It's where you prepare all of the important meals throughout the day, grab a quick snack or entertain guests when they come over for a dinner party.
The kitchen is also where you should first focus your remodeling efforts, as recommended by Consumer Reports. You'll want to lay out the groundwork for where to focus the remodeling. For example, you don't want to rip out all of the flooring when in reality it is still perfectly viable.
According to Consumer Reports, 53 percent of real estate agents stated a newer-looking kitchen is the most important remodeling priority before listing your home on the market. You can take multiple approaches to this project, and each will vary in length, degree of difficulty and most importantly, cost.
For a few hundred dollars, you can give your kitchen a paint overhaul, swap out the backsplash and replace the faucets and cabinet handles. Subtle changes will add value, both monetarily and visually.
If, however, you feel your kitchen is outdated in terms of appliances and other features, consider upgrading everything. This includes installing stainless steel appliances, switching out the cabinets for a cleaner-looking wood and possibly incorporating granite countertops.
The more work you decide to do, the higher your costs. Major remodeling projects can run you thousands of dollars as a result of purchasing everything, plus paying a for a professional service. If you don't have extensive experience completing do-it-yourself projects, it's best to contract the work out to reduce the risk of something going wrong and having to pay more for corrections.
Modern kitchen designs can seem overwhelming and confusing. But if you're looking for inspiration and somewhere to start, heed the advice of HGTV for designs that incorporate trends from today's time.
With the right amount of remodeling - and with a suitable asking price - you can expect a return of 3 to 7 percent on remodeling costs.
Move to the bathroom
Bathrooms are other areas that can be upgraded without spending too much money, if you choose to explore that option. As with the kitchen, upgrades can be relatively inexpensive if you choose to paint and upgrade some of the little things in the bathroom. You can even replace your current lighting fixtures for new ones that will help make the room brighter, and while you're at it, don't forget to use LED bulbs for better energy efficiency.
More expensive projects include getting a new bathtub, shower area or flooring. However, these remodels should be saved for further down the line. If you're looking to sell your home in the next five months, a major remodel does not make financial sense, especially considering you need time to plan out the next steps.
"Use every square foot for storage."
You can even take a weekend to liven up the bathroom. In an interview with Bankrate, Gwen Moran, author of Build Your Own Home on a Shoestring, said homeowners can replace the toilet seat, pedestal sink and easily apply vinyl tiles to upgrade a discolored bathroom floor.
Expand your storage
Storage is a hot commodity for families. When you first move into a new home, the storage options seem endless. But as the years pass and your family grows, space becomes limited. Potential buyers will notice the lack of closets and other spacial concerns when they're walking around during the open house.
To remedy this issue, consider creating more storage space. You can either build through drywall and other materials, or through other unique methods. As highlighted by the home remodeling website This Old House, you will want to use every square foot for storage. You can even build or purchase a bed frame that comes with openings at the bottom for crates.
Selling your home involves a lot of work, and you can't always expect potential buyers to immediately like what they see. As a result, you'll have to consider various remodeling projects to boost your home's value in the most efficient manner possible.
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