5 Profitable Remodeling Projects
Not all home improvement projects are created equal. If you’re looking to sell your home in the near future but want to complete some home renovations to get everything sale-ready, carefully consider what projects you want to undertake. Completely renovating a bathroom or adding a swimming pool may be a tempting thought, but not every project will give you a good return on your investment. Here are five home renovation projects that will give you a pretty good bang for your buck:
Energy efficiency is important for prospective homebuyers. By having an expert come in and evaluate your home for cold or hot spots, and upgrading your insulation to meet any recommendations, you can greatly increase the power savings for yourself and any future owners. Common places that need the most attention are basements, which can get cold in the winter and are often poorly insulated if they’re finished, and attics, where heat rises and escapes your home. Have an energy expert or contractor make recommendations for various areas of your home. If your budget allows, consider spray foam insulation, which will fill in imperfections in your walls and increase your home’s energy retention.
Curb appeal is a big thing from the moment the For Sale sign goes up in your yard. You want people to be so intrigued by what they see driving down your street that they have to see the inside. The best way to get the most out of your money on curb appeal is to upgrade your landscaping. You don’t need to go full-bore and cultivate award-winning rose bushes in your front yard, but a little extra color and some new elements can go a long way. Add a few new, bright flowering plants or shrubs, a pretty paved walkway to your front door, or just grab a few bags of fresh mulch and refresh what’s already there. And, if you’re a big fan of lawn ornaments, consider paring down your displayed collection during the sales process to reduce clutter.
Prospective buyers are big fans of hardwood floors. They come in gorgeous colors and finishes, wear well, and add a lot of value to your home. This is one of the pricier upgrades on this list, but it certainly can go a long way toward increasing the listing and sale value of your home.
Throwing yourself completely into a total kitchen remodel won’t necessarily net you a high return on your investment once you make a sale. However, strategically using your money to give your kitchen a nice face-lift can be profitable. Investing in a few new appliances to replace outdated ones, repainting cabinets, putting in new floors, and adding a dynamic backsplash don’t have to be expensive to add the look and feel of a modern, well-kept kitchen.
Back with the curb appeal idea is siding. New siding, especially low-maintenance vinyl siding, is very attractive to buyers. They see the refreshed look of the exterior of your home and know, since the siding was just replaced, that’s one fewer potentially pricey project that will need to be tackled after closing. It’s best to stick with a neutral color unless you have a very unique home.
No matter what home remodeling project you choose, if you are looking to sell in the immediate future, be sure to do careful home price research in your area. Making drastic, expensive changes that will put your list price far above list prices in your area can quickly price your home out of the market.