Making the right investments in property upgrades is a wise investment in the long-term. Those who want to sell their property should make upgrades that will make life easier and more enjoyable. This means that buyers are looking for home features that can be implemented easily. No matter the price of the improvement, even the smallest ones can add up to big money. We will be looking at the best home renovation projects for resale in the next article.
Investing in the right home improvements for resale can boost your property's value and make it more appealing to potential buyers. Most of these projects are fairly affordable compared to other home improvement projects, but the costs are not the same regardless of the type of service offered or region. Some home improvements may not suit your needs or budget. However, personal touches can be added to enhance the value of your property.
First, improve your space. Add a wetbar to your attic, basement or crawl space. A stainless-steel dropin bar sink and an under-counter fridge can be installed. Installing modular subfloors or carpet squares in basements is possible. These are not the best investments, but they can be a great way to make a profit.
Finishing your basement is one of the most cost-effective home improvements you can make for resale. While basements without finishing are not common in older houses, they can add value to your home. A finished basement may cost anywhere from $10,000 up to $22,000, depending upon its size or depth. Consider adding a bathroom or kitchen to your basement if you have the funds.
A basement apartment can be a great home improvement that you can resell. You could make additional rental income for new owners by including a basement apartment. You can advertise your basement by installing a kitchen and bathroom. This is a great method to attract more buyers. Besides, a basement apartment can also add value to a house by enticing prospective buyers.
Apart from fixing malfunctioning appliances and replacing them, it is worth improving the appearance of a home's exterior. No matter if the renovation is structural or cosmetic, a new frontdoor can make a huge difference in a home's value. You can also update the exterior of your home by changing the color of the paint. This is another method to increase the home's value.
FAQ
Should you do floors or walls first?
The best way for any project to get started is to decide what you want. It is essential to consider how the space will be used, who will use it, and why. This will help to decide whether flooring or wall coverings is best for you.
You might choose to first install flooring if your goal is to create an open concept kitchen/living area. Wall coverings are an option if you prefer to keep this space private.
How do I choose a good contractor?
Ask your family and friends for recommendations when choosing a contractor. Also, look at online reviews. Look online for reviews to ensure the contractor you choose is experienced in the construction area you are interested. Request references and make sure to verify them.
How important do you need to be preapproved for a mortgage loan?
Pre-approval is crucial for getting a mortgage. It gives you an idea how much money it will cost. It will also help you determine if you are qualified for a specific loan program.
Do you prefer to hire a general contractor, or a subcontractor for your project?
The cost of hiring a general contractor can be higher than that of a subcontractor. A general contractor has many employees, so they often charge their clients a lot of money for labor costs. A subcontractor, on the other hand, only hires one worker, and charges less per hour.
Is there any way to save money when renovating my home?
Doing the majority of the work yourself can help you save money. Consider reducing the number or people that you employ during renovations. You could also try to find ways to reduce the cost of materials used in the renovation process.
Can you live in a house during renovation?
Yes, I can live in my house while renovating it.
Can you live in a house while renovations are going on? The answer depends on how long the construction work takes. If the renovation process takes less than 2 months, then your home can be lived in while it's being renovated. However, if the renovation project lasts longer than two months, then no, you cannot live in your home while the renovation is taking place.
It is important that you do not live in your home during major construction. You could also suffer from noise pollution and dust caused by the heavy machinery used on the job site.
This is particularly true if you live on a multi-story home. In this case, the sound and vibration created by the construction workers might cause severe damage to your property and its contents.
As we mentioned, temporary housing will be necessary while your home is being renovated. This means you won't be able to use all the amenities in your own home.
You won't be allowed to use your dryer or washing machine while they are being repaired. Additionally, the smell of paint fumes or other chemicals will be a constant annoyance as well as the banging sound made by workers.
All these factors can lead to stress and anxiety among you and your family members. It is therefore important to plan ahead so that you don't end up feeling overwhelmed by the situation.
When you decide to start renovating your home, it is best to do some research first so that you can avoid making costly mistakes along the way.
You can also consider professional advice from a trusted contractor to ensure smooth running of your project.
Statistics
- A final payment of, say, 5% to 10% will be due when the space is livable and usable (your contract probably will say "substantial completion"). (kiplinger.com)
- Most lenders will lend you up to 75% or 80% of the appraised value of your home, but some will go higher. (kiplinger.com)
- On jumbo loans of more than $636,150, you'll be able to borrow up to 80% of the home's completed value. (kiplinger.com)
- They'll usually lend up to 90% of your home's "as-completed" value, but no more than $424,100 in most locales or $636,150 in high-cost areas. (kiplinger.com)
- The average fixed rate for a home-equity loan was recently 5.27%, and the average variable rate for a HELOC was 5.49%, according to Bankrate.com. (kiplinger.com)
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How To
How much money do I need to spend on my old house's restoration?
Cost of renovating your house will depend on the number of rooms you want to upgrade, what type of renovations are planned, where you live, as well as whether you hire professional help. Depending upon the size of the renovation, the average cost ranges between $10,000 and $50,000.
You'll probably get less than the market value of your home if you don’t include the cost of repairs, upgrades and other improvements. It is possible to lose money if your home looks shabby before you sell. On the other side, if your home is in a good condition, you can get more money if you put in the effort.
Consider these factors to help you decide which project to tackle first.
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Your budget. Start small if budget is tight. For example, you can tackle one room at a time, such as painting walls or replacing flooring. To make big changes, you can hire a contractor who is skilled in kitchen remodeling.
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What are your priorities? You decide what you are going to do with your home. You should not limit your efforts to one problem. Even minor problems can quickly add up. For instance, if your roof leaks every time it rains, you might end up having to replace it sooner rather than later.
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Your timeline. It's important to prioritise projects that don't impact the resale of your existing home if you plan on buying another property in the near future. For instance, if your goal is to purchase a new property next year, it might be a good idea to wait to install hardwood floors or to replace bathroom fixtures. These updates might be best left until you are ready to move out of your current house.
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Your skills. If you are unable to do a certain task, get someone else to do it. If your carpentry skills don't allow you to build custom cabinets, then it might be possible to hire a cabinetmaker to help you.