How to Get the Biggest Bang for Your Buck
ROI is rapidly becoming an important acronym in home renovations, with sellers realizing the benefits that return on investment can have to the value of their home.
“Investing wisely in your home is crucial if you want to be relevant as a seller in today’s real estate market,” said Judy Hearst, regional vice president of Coldwell Banker Residential Brokerage. “There are savvy ways to renovate that can exponentially increase the appeal of your home to potential buyers.”
Here are a few first steps to take in planning for smart renovations:
Talk to your Realtor. Your first step includes scheduling a sit-down with your Realtor to discuss all of the potential renovations you are considering. Your Realtor is trained and possesses the experience to educate you on your options and advise you on which upgrades would be most beneficial to your particular home.
Accessorize wisely. Some of the smaller, yet more visible details – like fixtures, fittings, new vanities and tiled floors – can often provide you with significant cost savings if you do some advance research. Fortunately, there are a large variety of price points available from designer pieces to accessories that are less costly but just as stylish.
Plan in advance. Half-finished renovations? Not attractive. It’s easy to get swept away by the renovation process and exceed your budget, which can bring the process to a screeching halt. To avoid this trap, map out every detail of your plan and budget in advance.
Give ‘em what they want. Kitchens and bathrooms are typically the most costly rooms to renovate. However, they are also the rooms that tend to rank high on the most “lived-in” parts of the house scale, so an updated kitchen or bathroom is particularly attractive and a “must have” for many potential buyers.
Coldwell Banker Residential Brokerage, a leading residential real estate brokerage company serving Chicagoland, Northwest Indiana, Southeast Wisconsin and Southwest Michigan, operates 53 offices with more than 3,300 sales associates. Coldwell Banker Residential Brokerage is part of NRT LLC, the nation’s largest residential real estate brokerage company. NRT, a subsidiary of Realogy Corporation, operates Realogy’s company-owned real estate brokerage offices. For more information, please visit www.coldwellbankeronline.com.