One of our favorite past times as home owners, especially in the spring time is to think about home improvements. Here in Iowa City it doesn’t feel much like spring is around the corner, but according to the calender it is, making it an excellent time for me to write a post about home improvements. I will concentrate on what will give you the best bang for the buck when it comes to the resale of your home.
Having said that, even new home owners should look at the bigger picture before updating. Style updates will make a home a pleasurable place for you to live. What you shouldn’t expect is a big return on investment when it comes time to sell. Knowing that going into it will help you decide whether it’s important enough for you to do anyway – At the end of the day that’s the whole point of home ownership, you get to do what you want, it’s your home!
At the same time it’s good to know which updates do have a higher return on investment. Now I think this might vary a little from region to region, so I probably should mention my experience is in the Iowa City area.
- The best place to start is in the kitchen and this one I think is universal. Kitchens are everyone’s favorites and new cabinets, counter tops and floors will always impress potential buyers. (Not to mention those updated appliances).
- Right after that comes the bathrooms. These days folks prefer two bathrooms. If you have one and a half, then you might want to upgrade and add a shower.
- Finishing the basement is another good one. Buyers just love user friendly basements. Watch out here though. If you’re living in an older home, take a look at the main level before you start on the basement. When it comes time to sell the basement shouldn’t look better than the main living area.
In general it’s a good idea to look at homes in the neighborhood and see how you fair compared to them. Since first impressions count a new front door is a great investment if yours is starting to show the test of time. A storm door is also another nice touch that gets noticed. Updates that increase curb appeal are always good.
It’s also the best policy to invest in home repairs and preventative maintenance. The return on investment with repairs is higher than you think when you consider the value your home will lose through damage and wear if repairs aren’t taken care of.
These are just a few ideas. As a rule of thumb, the best upgrades are those that make a visual impact and are useful at the same time. New water heaters or even new roofs are considered more maintenance items and not something you can expect to get a return on when it comes time to sell your home.
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This is good advice. I would add that making the front entrance as attractive as possible make a very good first impression and is not very costly.
Absolutely Wayne. When it comes to impressing buyers the first 15 seconds as they approach your home set the tone for the rest of the visit.