If you are having trouble selling your home, it may be time to consider taking on a few renovation projects. Perhaps there are some aspects of the dwelling that are not attractive to prospective buyers? Although you will not directly benefit from these renovations yourself, the increase in value could potentially make these transformations worthwhile.
Even with a small budget, you can give your house a serious makeover. If possible, start by getting the advice of an expert. A real estate agent, an architect or an interior designer will be able to share their expertise and adjust their suggestions to your budget. In the end, the main idea is to restore the building's cachet, which means that you don't necessarily have to invest a lot of money.
5 profitable renovation projects
Your main objective should be a combination of improving the house's appearance and being profitable. The following renovation projects offer the best return on investment:
1) Kitchen renovations
The kitchen is usually the home's command center. It is here that family members meet and that some of the most important moments of the day occur. Many buyers have strict criteria about the kitchen in their future home. Therefore, if the current kitchen is not up to par, they may be turned off. Kitchen renovations are often expensive, easily costing tens of thousands of dollars. However, some cosmetic transformations can go a long way. For example, you may want to replace the counter, the door knobs, the lighting system, the backsplash or the floor covering material.
2) Bathroom renovations
Next to kitchens, bathrooms are the second most important room that you will want to cover. Bathrooms host some of our most intimate moments, and they are subject to a lot of usage. People look for a bathroom that is practical and comfortable. Once again, small renovations can go a long way. From replacing the sink to renewing the floor, you're sure to improve your chances of selling the place.
As far as renovations go, paint is often a miracle product. In just a few hours, an interior can go from drab to bright. When selling a house, it is often recommended to opt for bright and neutral shades. In doing so, potential buyers will be able to see the home as a blank canvas where they will bring their own personality.
4) Roof renovations
If the roof has not been renovated in years, it may be advisable to do so before trying to sell. When buyers learn that the last roof renovation occurred years, if not decades ago, they may decide to opt out or renegotiate the price.
5) Finishing the basement
A house with a finished basement is an attractive prospect for buyers. This means extra space and often an ideal area for children, a home cinema or extra storage.
Here are some other renovation projects that are generally profitable, if a little bit less than the ones previously named:
Replacing the furnace or the heating system;
Installing a fireplace;
Adding a family room;
Changing the floors to hardwood floors;
Adding a new garage;
Replacing the doors and windows;
Installing a new deck.