Renovate the "Bones" of Your Home to Receive a Higher ROI
In the world of real estate we are constantly hearing homeowners ask “what home improvements will give me the highest return of investment (ROI)?” No one wants to feel like they wasted money, and that especially goes for those expensive home renovations. When thinking about making improvements to your home you need to think about the future buyer – not just yourself. Chances are a future customer might not like that custom hot-tub with a 5ft waterfall and flashing lights in your living room (that you love) and it may be the deciding factor not to purchase your house.
Spending a lot of money on specialty items is not always going to give you the highest ROI because it is specific to your taste and may not be seen as versatile when you put your house on the market. Now I’m not saying to never make renovations that you want, or to never add that hot-tub but if you are on a budget there are certain renovations that will do you more justice in the long run.
Before a buyer decides if they are going to place an offer on your home they will most likely consult a home inspector to go through your place to make sure there are no pressing issues. With this in mind any improvements to the “bones” of the house are most important.
Consider replacing your roof if you are currently living in an old home. This is a very common item that buyers ask the sellers to cover during closing period. So instead of spending money towards a new tile floor, put the money into a new roof because there is a chance you will have to purchase a new roof anyway if a seller asks for it.
Another improvement that will get you a high ROI is new windows. Not only do windows update the look of the home, therefore giving off a better curb appeal but they also help with heat and cooling cost. Like I said before, no one wants to waste money, so if a buyer knows new windows have just been installed it could be a good selling point.
Lastly, get your home inspected and make sure everything is up to standard. Your electrical and plumbing could be outdated if you are living in old house. This will be a huge selling factor if they aren’t up to code.
Overall just maintain simple maintenance around your home and you will see a high ROI once you are ready to sell. Contact the Union Home Mortgage team today if you have any home or mortgage questions.
- Marketing Specialist & CRM Administrator