Home Renovations Meant To Maximize Your Return On Investment
Before committing to a home renovation project, homeowners must first consider how the changes they envision will impact the value of their property. Some homeowners may prioritize making changes based on trends in the market in order to improve the value of their homes. Unfortunately, as it would turn out, some trends don’t last long and can actually have a negative impact on the sale price of a home. It can be tricky to determine which projects can ensure value over the long term, but this post should help homeowners make the right renovation decisions.
The first bit of advice for homeowners is to prioritize the larger-scale projects if resale value is their main concern. Why? Well, for aspiring homeowners on the market, they’re more likely to notice grand renovation projects rather than niche changes made to a home. For example, buyers are much more likely to notice a change such as a brand-new garage door compared to a fresh coat of paint on the guard railings leading up to the front door. This isn’t to say that smaller scaled projects aren’t beneficial, though. In fact, sometimes the most simple options can make the biggest difference. For example, fresh coats of paint in the bedrooms and bathrooms of any home goes a long way with buyers as the amount of work they have to put into the home after-purchase is reduced.
For some homeowners, maybe the renovation projects have already been completed. In these instances, it’s best to prioritize improving the integral functions of the home. For example, imagine a realtor comes to find out that the home they plan on showing their clients is without proper plumbing support. One thing’s for sure, those clients are going to choose the home with a fundamentally sound plumbing system over the one that has improper utility infrastructure. Plenty of work goes into solving these issues and aspiring homeowners have enough on their plate already. Improved resale value doesn’t always have to come from interior or exterior renovation projects.
With that being said, though, outdoor renovations are highly sought after by aspiring homeowners. Not only do these spaces provide necessary social functionality for hosting, these outdoor spaces are viewed as an extension of the home. Homeowners hoping to increase the resale value of their house should prioritize outdoor projects such as fresh decks, grand landscaping projects and even patio renovations can have a positive impact on resale value. Not only do these spaces provide opportunities that the interior of certain homes can’t support, it allows new homeowners the opportunity to step outside and find a bit of respite from the craziness that is being a homeowner, which can be a huge selling point.
Planning the most beneficial home renovation projects can be difficult, but with the infographic accompanying this post, it doesn’t have to be. For more information on which projects are the most beneficial, be sure to check out the infographic.
Author bio: Sara Scimeca is Marketing Coordinator for Synergy Builders, a stress-free remodeling company. She has two years of experience in the industry and manages Synergy’s marketing plans including creation of content for newsletters, brochures, advertisements, videos and more.