Over the past several years, Remodeling Magazine's annual Cost Vs Value Report, as well as many other sources, have not been the bearers of good tidings for those looking to add resale value through remodeling. In fact, the national statistics in the most recent Cost Vs Value Report don't show any projects that recover more in resale value than they cost to perform. This doesn't mean, however, that profitable home renovations are not out there. It does indicate, however, that choosing remodels that recover more than their construction costs is more difficult now than it was a decade ago. Instead of simply looking up a single project (such as a bathroom remodel) that will usually represent a profit, today's homeowners must consider the situation surrounding a remodel if they want to recoup their costs (plus a little extra, of course).
1.Repair or Replace Elements that Will Only Get Worse
Today's homeowners must consider the situation surrounding a remodel if they want to recoup their costs.
Though no one can say with certainty that installing a particular brand and model of kitchen sink will effectively increase your selling price more than the amount that sink cost to put in, it can be said that a broken sink will have a negative effect on any prospective homebuyer! The components of your home that have already failed (or are likely to fail in the near future) are going to be a huge turn-off when it comes time to sell, so fixing or replacing these components is a good way to add value. While some parts of your house might be better left as-is (a classic hardwood floor that could use a little attention, for example, could get prospective buyers excited about the property's possibilities), modest investments that eliminate obvious flaws can pay off big time when you're trying to sell.
2.Upgrade for Efficiency
While there's always a chance that any particular trend can end, the idea of energy efficiency and lower operating costs are unlikely to go out of style anytime soon. Obviously, decking your property out in the very latest solar technology might not be the best choice in every situation, but renovations that include elements that will save future homeowners money may bring in a profit when it's time to sell. If you were planning on upgrading your landscaping, choose native elements that won't require more water that what naturally falls from the sky; if your existing water heater doesn't work properly, consider a high-efficiency or even solar aided model.
3.Maximize Storage Space
Modern homeowners tend to have plenty to store, but existing houses--especially those built decades ago--tend to be lacking when it comes to storage space. In some cases, attics that weren't well-suited for any purpose can become excellent storage areas for the price of a few sheets of plywood. In other cases, dead space in the upper part of the garage can be converted into an incredible storage area with only a few simple modifications. These renovations won't cost much, but may be a scale-tipper for prospective buyers.
4.Make Your Exterior Pop
The front of your home and the surrounding landscape are the very first thing a buyer will see, and very inexpensive projects like painting, tree/shrub service, or even replacing a battered mailbox can pay off well. Though these little projects won't add thousands to your selling price, they are often worth much more than they cost to perform.
5.Upgrade Out-Dated Electrical Set-Ups
Electrical work can certainly get expensive if it is extensive enough. However, for most homeowners, adding a few elements that will accommodate the much larger electrical needs of modern technology is going to be relatively cheap. It may seem like it's not a big deal, but when a person viewing your home notices how convenient your new electrical layout is, it could make more of an impression than you think!