Some people assume that if they pour a bunch of cash into home renovations, they’ll be able to sell their home for far more than they put into the updates, and make the money back in the long-run. This is not actually true. In fact, no matter how great your home update is, there is a slim chance that it will increase the value of your property by the amount that you spent on the update.
This might sound like we’re shooting ourselves in the foot, being a home update blog. But hear us out: While you shouldn’t update your home to make more money off of selling it, some home updates are a good decision. If your home is outdated or in need of repairs, you’ll have a hard time selling it at all. Giving it a fresh look and feel might be the sole reason that you’re able to sell it, and sometimes at a nice profit.
To help you out with this goal, here are a few home renovations to consider if you’re trying to sell your home:
Three Home Renovations that Make CENTS
(See what we did there?)
- Installing modern kitchen cabinets.
You’re going to see that most of the items on our list involve the kitchen or the bathroom. That’s because those are two of the biggest factors that draw a potential home buyer into home purchase. But we aren’t saying you should go blow a metric ton of money on high-end European kitchen designs; we’re saying the opposite of that. If homes in your neighborhood sell for $100,000, and you dump $50,000 on a state-of-the-art modern kitchen design, you’re going to really struggle to find someone who will spend 50% above the appraised value of homes in your area to pay you back for the money you dumped into your kitchen and bath reno.
However, installing modern kitchen cabinets gives your kitchen an instant face lift, which gives your entire home an instant face lift. And the cost of modern kitchen cabinets is a fraction of the amount you’d spent if you actually gutted your kitchen and updated the appliances and tile and black splash and on and on, to actually give your kitchen a modern feel. Modern kitchen cabinets are sort of a short cut to the same outcome.
- Installing a nice metal door.
We’re serious here. Buying a nice metal door might feel like a minor update, but it is the most likely to repay you for your investment. Studies show that the return on investment (ROI) of installing a sturdy metal door is something to the tune of 96%!
There are a few reasons for this: Curb appeal has a powerful impact on a home-buyers decision to purchase a house. A metal door contributes to a beautiful exterior appearance in general. Secondly, a solid metal door is a huge crime-thwarter, as it is very difficult to bust down a door like this. Home security is something people want in a new house. And finally, when the first thing a home-buyer notices when they walk through your front door is that the door itself is done right, it gives them a positive perspective about the rest of the home. The first impression is one of the greatest factors in selling a home quickly.
- Replace the flooring.
This isn’t always necessary, but if you have dingy carpet or outdated linoleum throughout your home, you’re going to struggle to get perspective home buyers to see anything good about any room. While a home buyer can love one room and forgive another that is just so-so, the flooring is continuous, so it impacts the total look and feel of the home.
While we’re on the subject, help us help you: You want wood floors in your home. The number one thing that people universally say they look for in a new home is wood floors. Wood floors warm a room and make it feel cozy at the same time. Installing wood floors in your home will make it move like a hot cake, for the price you want from it!
Do you have any other questions or comments? Share in the comment section below!