Renovations have a big impact on your home’s value. However, this does not mean that the more expensive a project is the higher the price your home will fetch after renovation. Before you start remodeling your home, you should consider whether you want to sell immediately or are remodeling for your own enjoyment.
You might not be in a position to renovate depending on whether you live in campus apartments such as CoLab off campus apartments for rent or enjoying some luxury living in Englewood CO. Here are some things that you need to know before you take on any renovation project:
Consider the 5-year Rule
If the plan is to continue living in the apartment for at least five more years, you should only worry about your needs. Instead of focusing on the buyers’ needs and you are not moving any time soon, you should think about yourself. However, if you are moving soon, you should consider what buyers want when renovating.
Make sure that you spend as little as possible while increasing the curb appeal to get the most out of the renovation project.
Renovate the Bathroom
Bathroom renovations are quite popular because people use the room often, which means that it has more wear and tear. Depending on the quality of materials used and the contractor who does the project, you can recoup most or all of your money. For a major renovation, you can expect a return of about 85 percent of the renovation cost, which means that the profits will decrease.
Start with Inexpensive Fixes
If you are planning to sell your apartment soon, it is a good idea to start with inexpensive cosmetic renovations such as painting and washing the windows. A fresh coat of paint can make a world of difference to a dull and dreary apartment. Even repainting your kitchen cabinets only can have a big effect on your kitchen – consider painting them white and installing some cool knobs.
Unless something is actually broken and needs replacement, you can just update it. You might end up spending a fortune on a renovation project and not recoup what you spent.
Kitchen Renovations Give Big Returns
Even a minor kitchen-remodeling project that includes front cabinet replacement and new counters can give a 6.5 ROI. In most cases, kitchen remodels recoup about 74 percent of the cost. If you do not have a lot of money for remodeling, you can just update your appliances.
The goal is to have your kitchen looking better than the rest of the kitchens in your neighborhood. Buyers are not necessarily looking for a high-end kitchen that looks flashy. They just want one with a clean feel that will not make a dent in their pockets. When thinking about what to renovate, you have to think about the added value to the would-be buyers.
Add Central Air and Heated Floors
What is the current buyer interested in when looking for a house? People are looking for houses with washers and dryers, which means that installing them will increase the value of your apartment by at least 5 percent. In some places, people prefer central air conditioners because they are more efficient.
Split air systems are also trendy because they save on window space. Heated bathroom floors are also exciting because they add a hint of luxury. You should add this feature to increase the value of your home.
You need to know all these things before you start renovating your apartment. Make sure that you ask for advice from renovation experts. Doing so will keep you from wasting your hard-earned money.