When looking for a house, buyers are more inclined towards options that are clean and well maintained to save their efforts and time in renovations before they can move in. Further, having multiple houses on sale in the neighborhood can increase competition and hence the need to stand out to get a high property resale value.
However, it is not necessary to invest in costly upgrades to attract buyers and to improve the resale value of your house. Buyers are attracted to houses that are well kept, but they do not expect them to be in a pristine condition. When making renovation decisions, it is essential to spend at places that generate the highest return on investment while being budget friendly.
Here are a few renovation tips and tricks that will improve the resale value of your house. And it will not cost you an arm and a leg.
Upgrading Your Bathroom:
According to the Zillow Group Consumer Housing Trends Report, minor bathroom remodels generate the greatest return for every dollar invested having an ROI at over 170%. Following are some pocket friendly and highly rewarding bathroom remodels:
- Upgrading vanity: Bathroom vanity includes the sink, basin and the storage space surrounding it. Being the focal point of the bathroom, they play a major role in enhancing the overall look. For example, placing slab countertops made out of cheap material such as ceramic, both increase durability and give your bathroom a high-end feel.
- Updating fixtures: Installing new showers, sink faucets, mirror, towel racks and some fancy lights to revamp your bathroom are some low cost investments that give a trendy look.
- Painting the walls: Painting the interior of your bathroom makes it look well maintained and compliments the upgrades made to the vanity and fixtures. When choosing a paint, going for colors like stark white and cool gray make the space look both bigger and brighter, a tip that works well for smaller bathrooms.
Updating Your Kitchen:
In a recent report from the National Association of Realtors, kitchen renovation is one of the top three joy score projects with a score of 10. Joy Score measures the level of satisfaction and happiness a homeowner feels after undertaking a remodeling project.
This satisfaction can be passed on to the potential buyers visiting your home increasing attractiveness and value. Following are some kitchen update ideas:
- Changing the countertop: Countertops are the most used and conspicuous part of the kitchen. With the meal preparation ongoing and the appliances placed on it being used, the countertop has to be designed in a way that is durable and spacious. Using material such as laminate can be both budget friendly and add elegance to your kitchen design.
- Updating the sink: Replacing your worn out sink with a cheaper and more accessible one can instantly catch the eye of a potential buyer. A lot of time in the kitchen is spent washing in the sink making its utility and style an important selling point.
- Touching up the cabinets and walls: The kitchen walls and cabinets are exposed to constant touching, splashing of food, heat from the oven and staining. Repainting the interior adds freshness to the space and makes it look neat. A great tip can be to add small potted plants on the window sills. It will give your kitchen a greener and cleaner feel.
Improving Your Exterior:
The exterior of your house is the first thing the buyers will set their eyes on when paying a visit. If it looks rundown with scratchy paint, overgrown grass and moldy doors it may put them off. Here are a few cost effective renovations to set their moods right:
- Garage door replacement: According to the 2021 cost vs value report replacing an old garage door with a four-section motor operated steel track significantly enhances curb appeal. It has the highest recoup rate of 93.8%. With high return on investment, planning such renovation should top the list.
- Window upgrade: Freshly painted and well maintained windows give a neat overall look to your house. If your windows are old, replacing them with energy efficient ones that insulate against changing outside temperatures, readily catch a buyer’s attention.
- Garden maintenance: A well kept garden adds beautification that makes your house look welcoming and leave the buyers curious to what lies inside. Deploy cost effective ways to freshen up your garden such as mowing the grass, decorating the plant pots, painting the fence and some old furniture to make a comfortable seating arrangement and adding affordable lighting.
If you are looking to increase the resale value of your house while avoiding exorbitant expenditure, try out these easy renovation tips and get the highest return on investment!