Whether you are looking to improve your home for your own use or are preparing to put it on the market and want to get the most bang for your renovation buck, you have a range of projects to consider. Making wise choices starts with understanding the potential ROI on particular projects and the mindset of the modern buyer. Here are three projects to consider that are highly desirable to the modern savvy buyer.
You might like the feel of your soft carpeting underneath your feet, but a house-hunter does not want to buy used carpeting. If you leave the carpeting, your buyer will be thinking about replacement, and will likely offer less for the home as a result. Instead, consider ripping out that carpet and investing in hardwoods.
Wood floors are expensive, so is the investment worthwhile? In a survey performed by the National Wood Flooring Association, 90 percent of realtors said a house with wood floors will sell faster and for a higher price. If you are looking to sell your home quickly, and want to get the highest sales price, wood floors are a great investment.
Before you start shopping for flooring, check to see what is under your carpeting. If your home is more than 20 years old, there's a good chance someone put carpet over worn hardwood floors. It takes only a little effort to refinish those floors and get them beautiful again, and you will save a lot over the potential investment of laying new wood flooring.
Some homeowners will say that no matter what the return, hardwood flooring is simply out of the question. In this case, get the look of hardwood floors with less investment by choosing a quality laminate flooring product. While not as long lasting as hardwood, laminate can provide the same "wow" factor at a lower cost.
Add a Home Office
More and more people today are telecommuting or need to be connected to the office when they're at home. A home office provides a space for this. It also provides a space for the family's media and technology products. If you are thinking of investing in an upgrade to your home, consider turning a room into a home office.
Now, truly creating a home office means more than simply adding a desk to a bedroom. Adding built-in organizational features, like shelving and a permanent desk, as well as outlets, charging stations and other technologies, will transform any room into a home office.
Before you tackle this project, make sure you are not doing it to your detriment. If you own, say, a three-bedroom home, you don't want to sacrifice a bedroom for a home office. Doing so could lower the value of your home, because most buyers want a minimum of three bedrooms.
A home office, when feasible, will appeal to buyers, but it may not earn you back much of your investment. The Cost vs. Value report published by Remodeling Magazine indicates that a home office remodel costs on average $28,000, and only brings back $13,697, or 48.9 percent, on resale. The benefit is catching the eye of potential buyers and achieving a faster sale, not necessarily seeing a full return on investment.
Remodeling the Kitchen
As more and more people are becoming aware of the need to return to simpler eating, the kitchen is becoming the focal point of the modern home. Because of this, kitchen upgrades are some of the biggest boosts to a home's salability. Not only do they catch the eye of the buyer, but they also have a high return on investment.
Because the modern buyer is tech-savvy, kitchens that are being upgraded should have built-in technology. Under-the-cabinet media centers, outlets for charging media players and phones and even TVs built in to the design can help make a kitchen more appealing to today's buyer.
The Cost vs. Value report indicates that a major kitchen remodel will cost nearly $55,000, but over $40,000 of that will be recouped on resale; a 74 percent return on investment. Minor remodels, which cost around $19,000, see an even higher 83 percent ROI, bringing in nearly $16,000 on resale. Whether you choose to go big or stay simple, renovating your kitchen will make your home more appealing to the modern buyer.
Remodeling your home can make it sell more quickly and for a better price, but you have to keep the modern buyer's needs and wants in mind. With these three upgrades, you can make your home as appealing as possible to today's savvy and technology-driven buyer.
Author Bio: Vicky Clary is the Marketing Director Curtis Homes, a semi-custom home builder of Southern Maryland Communities. For over 50 years Curtis has been providing premium homes and townhomes with the customer at the forefront.