5 Smart Housing Rehabs Whether You’re Staying or Selling
Before you invest time and money in remodeling your home, it is important to evaluate your goals. Are the fixes you plan on making in order to sell, or are they investments that in the long-run will boost the home’s value but are also for your own enjoyment? The answer will impact your budget, and the payout from your repairs. Massive projects — like completely redoing your kitchen — will boost your home’s value, but unless you end up getting more money out than you put in, there probably isn’t a need to go to extremes right before you sell. Getting personal value out of it and a high return on investment does make sense though. So whether you are staying put or getting ready to sell, here are five smart housing rehabs — and how to approach them.
1. Kitchen renovations
The two rooms that consistently top the lists of realtors, brokers, and home rehab experts for increasing value are the kitchen and the bathroom. Starting with the kitchen, Nationwide says homeowners who remodel this room can expect about a 70 percent return on investment. CNBC cited a MasterBrand Cabinets survey which found that 35 percent of people who said they planned to redo their kitchens were doing so in order to increase the long-term value of the house and could expect an 81 percent return on investment when they put $54,000 in.
That, of course, is a sizable amount of money. Jane Peters, a realtor for Power Brokers International, told the LA Times that when a homeowner has a large-scale kitchen renovation in mind, it should be for their own enjoyment first. ”You do it for yourself because you want to live in a nice place,” Peters said. “To do it to sell, you’re not going to get more than you put into it. So it’s kind of pointless.”
Gutting the kitchen and starting over isn’t your only option. When you want to make upgrades for a sale, consider smaller-scale projects. You can install new faucets or reface the cabinetry. With a little bit larger budget, you could also invest in new appliances, or replace the countertop.