A $10,000 renovation budget might not sound like much, but it can cover a plethora of remodeling projects. If you’re planning to sell your home in the next 2 years, Michael Corbett, a writer for Daily Finance, suggests you set aside $10,000 to do a little upgrading of your home. This will help make your home more saleable and could increase your value as well.
Understanding Renovation Investment
The first thing to remember is that a $10,000 investment doesn’t mean your home value will rise by $10,000. It might rise a little, but not that full amount. Just think of this money as a way to speed up the selling process which could save you money in paying for two home payments if you have to move right away or the cost of traveling a longer distance to a new job because you’re stuck at your old home. There’s also the cost of your time spent trying to market your home, which isn’t exactly calculable.
Corbett explained, “Individually, item-by-item, renovations don’t add up to much of a value adding proposition. But, when you put them all together with vision and [a] little creativity, you create an overall house improvement and a big return on your investment!”
Here’s a breakdown of what you can do room by room with $10,000:
• Kitchen – Replace older appliances with new, matching ones or resurface your cabinets.
• Master bath – Upgrade your shower, replace your countertops, upgrade fixtures, or replace your vanity.
• Paint – Repaint your entire interior with some sort of neutral paint potential homebuyers could easily see themselves living with.
• Curb appeal – Plant some new hedges, grow some greener grass, paint the front door a refreshing accent color, or add some outdoor lighting.
• Heating and air systems – Upgrade these systems to newer energy efficient models. Whether you stay in your home or move you’ll benefit from lower utility costs.
• Solar power – Installing solar panels is attractive in today’s “green” market and will also help lower utility costs.
Don’t try to spread you $10,000 too thin. Focus on some areas where you could really make a difference and then go big or go home.
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