A new home is a new beginning—a new and brighter future for you and your family. Before you begin taking this shining new path, you have to deal with your old home. It may be full of nostalgia and priceless to you, but it very much has a resale value for home buyers.
Whether you have a conventional mortgage with high interest or a subsidized USDA loan, you are still going to be able to offset the costs by the sale of your current home.
Therefore, it is a good idea to research and identify which renovations add the most value to your home. Luckily, you do not need to overhaul your entire house and can achieve a higher resale value by changing out or updating some key areas.
Have a Clear Budget
If you do not have a clear budget and a reliable plan for the renovations, you may spend more money than you wanted. It is a fact of renovating that it will always cost more than the estimates given to you.
Prepare for the possibility of delays and costly mistakes by deciding how much you are willing to spend on the project, and then keeping up to 30% of it in reserve. A good contractor will deliver you value for money, so you will still get a good quality renovation, and not lose more money than you can afford to invest.
Having an emergency fund of this size also guarantees that if the renovations do finish within budget, you have more options in decor. You will need to present the new renovations well to show-off its desirability to potential home buyers. The added touch of a few pieces of furniture or a well-placed lamp sounds like a little thing, but the aesthetic appeal is a huge factor in home purchasing choices.
Upgrade Your Windows and Doors
The look of your house is essential, and the front door speaks to the overall appeal of this look. A simple but immensely useful renovation would be to change out the old door for a new one
If you do not want to go to the trouble of buying a new door, then you can rehang and refinish the existing door. Improving the smooth movement of the door as it opens and closes, as well as the brightness of new paint, can be just useful as a brand new door.
Windows require a bit more thought as these must add safety as well as be aesthetically appealing. Do some research online or consult with an interior designer to understand the best type of windows for your home. Double-glazed windows and window screens that can be easily replaced out for storm window shutters are guaranteed to raise resale values. These are the kind of touches that will save on heating and repair bills down the line and, therefore, will appeal to smart buyers.
Update the Kitchen
The kitchen is the heart of the home, and your biggest investment should be updating the appliances and increasing the appeal. Many home buyers prioritize the kitchen in their decisions, and a modern and well-appointed kitchen could be the factor that tips the balance in your favor.
Focus the kitchen remodel on making the space into a calming and relaxing oasis. Choosing a contractor who employs green methods of renovating would also be an added appeal to younger homebuyers. These methods will also improve the overall livability of the kitchen space. There can be a surprising amount of toxic chemicals in products and materials that are not sustainably sourced and made.
Replace any appliances that you can with energy-efficient models that use electricity more efficiently. Homebuyers would be more willing to spend a little more on a cost-efficient property. The convenience of not having to renovate the kitchen themselves will also encourage potential buyers to consider higher prices.
The little things matter a great deal too. Once you are done renovating, streamline the look of your home by freshening it up with some paint. Even if you renovate by room, or only one section, making the house look like a cohesive whole will increase its appeal. The outside matters, too, so be sure and landscape the lawn before any potential buyers come for a viewing.
The benefits of investing in a renovation are clear. It will modernize your home and make it easier for you to sell. A well-appointed house gives you the upper hand and will allow you to negotiate for an amount that is commensurate with its value.