Every three years, the Federal Reserve conducts their Survey of Consumer Finances in which they collect data across all economic and social groups. The latest survey
7 HOME RENOVATIONS YOU WILL GET YOUR MONEY BACK ON
Home renovations don't always translate into increased value. Deciding what to spend your money on if you are selling, or just bought a new home, is an important decision! Unless you just won the lottery, you will most likely want to do renovations that will actually be worth the money you spend! Here are 7 great options that, when done well, will almost always increase your home's value:
Front Door Curb appeal, people. You might miss this focal point since, well, it’s hiding in plain sight. But a replacement door, or fresh coat of paint on it and new hardware can really refresh the overall vibe of your home.
New Paint A new coat of paint is like a facelift for your house, changing the appearance from meh to mmmm-hmmm. For reference: Wood should be re-painted every three to seven years; stucco, five to six.
Anything eco-wise Replacing appliances with low-water, low-energy options mean you can brag about it in a real estate listing, which makes your home sound up-to-date. Tankless water heaters, front-loading washing machines, even new insulation in the attic are all smart-money options.
Kitchens Okay, a gut reno of the whole shebang — including stealing some square footage from a neighboring room — is every home chef’s dream. But just changing the cabinet doors, countertop and flooring can be enough.
Bathrooms Kitchens and bathrooms, the old real estate sales maxim goes, are what sell houses. If you’re flush, go for a gut renovation with luxe surfaces like marble or tile mosaic, as long as the design is clean and classic. (Read: Appealing to the average buyer.) Otherwise, swapping out sink and bath hardware and re-grouting tile are happy options.
French Doors Want your home to feel more spacious? Try this trick tailor-made for warm climates: Replace windows on a family room, den or dining room with French doors that open onto an outside patio. Suddenly we’re on the Riviera.
Upgrade the outdoor space Instead of expanding your home’s square footage (which doesn’t necessarily add value to your home), take advantage of our beautiful weather by adding an awning to a patio area and create an outdoor living space.
So, renovate away! And, unless you are planning on staying in your home forever, steer clear of super personalized updates and stick to classic, timeless design!
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Every homeowner wants to make sure they maximize their financial reward when selling their home. But how do you guarantee that you receive maximum value for your house? Here are two keys to ensure
Home renovations don't always translate into increased value. Deciding what to spend your money on if you are selling, or just bought a new home, is an important decision! Unless you just won