This post is brought to you by the San Antonio Board of Realtors (SABOR).
Get the most for your money with these helpful tips!
One of the best things about being a homeowner is the freedom to do any renovations or updates you wish to your home! While each new addition or change should, first and foremost, make your home a happier and more welcoming place for you, it’s also worthwhile to consider the return on investment each improvement can provide if you decide to sell your home in the future.
Before choosing what to renovate, start by asking yourself some questions. What is possible for your property? What are your priorities when renovating? In order to get a high return on investment, be cautious of trends and avoid pricing yourself out of the neighborhood. Take into account your budget and your location, and think of things that might be suitable for a diverse number of homebuyers.
Simple and easy remodels:
Often, the highest returns come from less flashy products, so a budget-friendly project could earn a higher percentage back than a more expensive undertaking. One of the easiest and cheapest renovations is replacing your garage door. A mid-range replacement will return 83.7 percent on investment, and an upscale replacement will bring back 82.9 percent of the cost. Minor kitchen remodels also bring great value, yet are cost-efficient projects. Replacing hardwood floors in your home could potentially earn money back, and new siding and HVAC systems have similarly high returns on investment. Even something as small as a fresh coat of paint and some new flowers in the front yard could dramatically shift your home value, depending on the neighborhood.
Major remodels around the house can make a significant change to the functionality, look, and ambiance of the home. These big remodels can be rather expensive, but thinking through options logically can guarantee a higher return on investment. First, remember to focus on the core areas of the home. Big budget remodels that have the highest return on investment begin with these central areas. Start in the bathroom for the most value, then consider the master suite and kitchen, spending money where you spend time. When choosing to make that big kitchen remodel, be sure to maximize counter and cabinet space, using neutral colors and universal design to appeal to future homebuyers in your area.
The bottom line:
Make sure to know where your priorities lie. If you are not planning on selling your home any time soon and you know your family would love that in-ground pool, go for it! But if you are aiming to resell your home for a higher price, be sure to research your area carefully in order to increase its value. When in doubt, start small, and start with the most lived-in areas of the home. At the end of the day, go through a checklist of renovations that align with your goals before starting anything. Your decision can help increase your overall home value and can help with the future sale of your home. For more information on buying, selling, or leasing your home in San Antonio or the surrounding areas, visit SABOR.com and use a REALTOR®. Happy remodeling!