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Summer’s here, and there’s no better time to bump up the equity of your home. I love a good do-it-yourself home improvement project, but when it comes to building up your home’s value, there are updates that quickly pay off and others that don’t have a high return on investment. Here are just a few ideas to get you started.
Start small. It’s easy to get excited about those high return on investment (ROI) projects within your home, but I always suggest starting out simple. Low-cost options like freshening up paint and rethinking your home’s color palette can do wonders. Make sure, however, that those paint colors work for you now and your home in the future. Although you may love a bright teal accent wall, it might not be appealing to potential buyers if you were to place your home on the market. If you’re not sure what color palette to go with, don’t be afraid to try out copious amounts of paint samples. Paint a small square of neutral-colored paint whatever space may need it. “Test” that color by examining the dried color throughout the day. Does it make your home feel bigger and brighter? Then that’s likely the color you should stick with!
Be smart when you’re remodeling a kitchen and bathrooms. Many homeowners assume—myself included—that major kitchen or bathroom remodels will always result in a high return on investment. Unfortunately, that isn’t always the case. It’s more valuable to make sure that at least the “basics” are working within your space. Focus your attention and funds on making sure that your kitchen and bathroom function as a whole. That might not require a full remodel. Make sure you’re not going in over your head. Usually, a minor remodel with minimal upgrades creates a place between building equity in your home without breaking the bank.
When in DIY Doubt, Call in the Big Guns
Although I’m all for homeowners doing minor renovations on their own, some high ROI renovations might require some professional help. And unlike the risky return on major kitchen and bathroom remodels, upgraded siding and a new roof almost always provide a return on the investment. Of course, you could try to take on a roof replacement or repair project on your own, but it’s a smart choice to budget for a professional contractor. Experience means being certain that a new or repaired roof or a brand new facade will function year-round for years to come.
Staying Put or Getting Your Home Market Ready?
Maybe you plan to live in your home for years to come or maybe your plan involves placing it on the market as soon as finish renovations big and small. If you’re in the latter camp, be sure to think about what a potential buyer would want to see. Any renovation can have value, so long as it creates a more functional living space for you and any future buyers. So, simply put, put your feet in the buyer’s shoes. Choose renovation projects that are most important and valuable to your home that’s right about to go on the market. Which ones will place your home ahead of any others that are selling in your neighborhood for a similar price? If you want to see the highest return on whatever investment you make, be sure to see what’s working for the homes selling in your area. Your home may have unique characteristics, but it’s a nearly undeniable fact that well-throughout design, functioning features, and smart renovations will attract a bigger crowd of qualified buyers.