If you’re planning on selling your home for profit, you might be considering where to make upgrades before the sale. Upgrading can help you eliminate problem areas of a home that might make it hard to sell, but also can add to the purchase price – or at least allow you to recoup a partial piece of your investment. There are four key areas to look at when deciding on where to spend your money.
1. Kitchen: If you are going to spend any money, spend it on your kitchen. You can almost always recoup money when it comes to the kitchen, as this is what every property buyer wants – a large, functional kitchen where people can gather, cook, and converse. If your budget is small, even consider just upgrading the hardware of cabinets and perhaps one appliance – it will make the whole kitchen look more expensive. For the latest designs, take a look at this kitchen upgrade photo gallery.
2. Bathrooms: Although buyers will not pay top dollar for bathroom upgrades, nobody wants to sit on cheap toilet, so upgrading wash basins, toilet fixtures, and baths/showers can make a home much more appealing. In terms of return on investment, bathrooms are second only to kitchens.
3. Outdoors: In Australia, outdoor space is a must, and many Australian buyers will make quick judgments against a home based on its curb appeal. Thankfully, upgrading your outdoor space may only require a bit of lumber and a fresh coat of paint. It’s worth the investment – nice outdoor spaces can make a home fly off the market and help encourage buyers who are on the fence to overlook negative aspects of the home.
4. Home Maintenance: If your home has any maintenance issues, these should be addressed in renovation budgets – savvy home buyers will otherwise move on or ask you to pay for them anyway in the price negotiations. New siding, new roof, and new windows are three items that top most lists.
As you can see, there are plenty of ways to spend your home renovation budget when you are preparing your property for sale. There’s also been a massive trend in the last decade to move towards open-plan living, so if you can find ways to incorporate a more open plan into your remodel, the more palatable your home will be for potential buyers, but structural changes can get pricey.