Most people understand that remodeling their home is a great way to add value. If you’re thinking of selling your home, updating your rooms can make the difference between selling quickly and watching your house sit on the market for months. Unfortunately, many people go overboard when it comes to remodeling, only to find their plans backfire. If you’re thinking about updating your home to increase its value, read on:
1.Bigger isn’t Always Better
Many people get so caught up in the excitement at the prospect of selling their house that they go overboard when it comes to remodeling. Before you undertake any project, consider your location and your potential buyers. For instance, a $50,000 modern remodel of your kitchen will be a waste of money if homes in your area are selling for $70,000. While it’s true that remodels can often raise the value of your home, your house won’t sell for double what every other house on your street is selling for, no matter how you update it.
2.Painting is Easy and Cheap
If you want to get the most bang for your buck, grab a couple of cans of paint and slap some neutral color on the walls. While you may love your sexy red bedroom, potential buyers won’t be able to see past the color. Studies have shown that painting your walls in a neutral tone allows potential buyers to better envision their own belongings in the room. It may mean a week of ripping down wallpaper, scrubbing walls and painting, but your small investment will pay off.
3.Replace Your Windows
If your home was build before energy-efficient windows were the standard, replacing your windows will give you an almost 80 percent return on your investment. If your home has single-pane, flimsy windows, replace them with new, energy-efficient models. If you have a large picture window, consider replacing it with a bay window and installing a window seat. It’s little touches like this that will turn lookers into buyers.
4.Look to the Outdoors
If you’re looking for a big-money project that will add a tremendous amount of value to your home, look to the outdoors. Your money will be best spent on building a gorgeous outdoor space. Thanks to the popularity of staycations, home buyers are looking for houses that offer a haven from their everyday lives. If you aren’t comfortable installing a deck, build a flagstone patio instead. Water features, outdoor kitchens and backyard entertainment systems added to your deck can help you earn a 90 percent return on your investment.
If you have a basement, updating it will help you sell your house faster. If your current basement is nothing more than cinder-block walls and a concrete floor, finishing it will add extra living space to your home. You can add an extra bedroom, a living area or even an office to your basement to give it wide appeal.
If you have plans to remodel your home, there are a variety of sources from which you can secure financing. You can take out a home equity loan, refinance your mortgage or even take a cash advance from your credit card to finance your remodel. No matter what source you choose to secure financing, make sure that your money is well spent. By considering your location, the style of your home and your potential buyers, you can easily transform your house into a home that buyers will compete for.
Annabel Coxey is a guest writer for www.netloans.co.uk where you can find out more about Net Loans.