Monday, December 3, 2012

Maximizing Renovation Bucks: Where to Invest

Are you getting ready to sell your home? You probably already know that this could be a long and arduous experience. You know that there are a few “problem” areas within your home. So how do you go about determining the best areas to renovate that will result in the highest return?

Rely On Professionals and Software

Real estate professionals can certainly help point you in the right direction. Most agents are very knowledgeable about your area and its homes. In addition, there are applications such as FreedomSoft real estate software that can also provide many helpful tips.

Let’s take a quick look at some of the information by top-selling agents; along with some real estate investment software that will let you get top dollar for your house.

Get The Facts About Your House and Neighborhood

First, you do need to understand that certain areas will offer a high return on your investment, while others just will not. In addition, you’ll want to research your home’s location and the area’s price point.

Additional points that you’ll need to examine are the neighborhood and the city in which your home is located.

Kitchens and Bathrooms

Typical buyers in today’s market want to see kitchens and bathrooms that are updated and remodeled. Kitchens are perhaps any home’s focal point. Therefore, presenting an updated and well-appointed kitchen can become a top-selling feature. 

Remodeling dollars spent in the kitchen area will definitely result in a major return for your investment dollars. Bathrooms follow kitchens as a close second in the “to be remodeled” area, and they are also a great return on your remodeling dollars. 

Statistics provided by professionals have shown that up to 80 percent of your investment may be recouped when your home is sold. That’s a pretty good turn around for your dollar.

Offices, Windows and Decks

If you upgrade or remodel office space, windows, and/or decks, you can see as much as a 70 percent return on your investment. Additionally, these types of investments add a significant boost to your home’s appeal, at a relatively low cost. 

Also, keep in mind that dressing areas and workout areas do not significantly add to a home’s value, so perhaps you may consider turning that workout area into a well-appointed home office.

Use Quality Materials for Your Update

While it may seem expensive, use the highest quality materials you can for your update or renovations. Stone counters and hardwood flooring are great investments—just make sure they are the best you can afford. 

This will let you see a higher return on your investment. This philosophy also applies to other finishes such as molding and cabinets, as well as lighting.

With just a little research, you certainly get a significant return on your remodeling or renovation dollar.

Photos via Flickr by Marcia Todd, Lauren Wellicome, New Ispiration Home Design, edenpictures, Granite Charlotte Countertops

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