Big ticket items, like countertops, bathroom fixtures, carpeting and wall finishes should be in colors that appeal to the greatest number of customers.Īccordingly, soft, neutral colors should almost always be used. Of course, what is bad taste is in the eye of the beholder? Be very careful on imposing what you believe is your extreme good taste on a property.įor example, you may think that bright green granite is a beautiful material for your kitchen counters, but most people will not agree with you. Nothing turns buyers off more than bad taste. Renovating a dated kitchen can increase your chances to get top dollar for your property.įocusing on neutral design elements will appeal to the largest buying audience. Like a kitchen, any work done must insure that the room is safe. Updating a shower door, or hardware in the room may be an easy fix. With regards to bathrooms, it may be possible that the existing tile can be used, and the fixtures such as toilets and sinks replaced. Make sure the floor is slip resistant and that counters have rounded edges. For example, make sure that all electrical outlets are properly grounded and are the required distance from water sources. Just remember, when improving a kitchen, it is important to make it safe and family friendly.
Do they need to be replaced, or can they be refinished, refaced or painted? Objectively look at the existing kitchen cabinets. Not every kitchen and bathroom needs a complete overhaul, but almost all require some updating. These are some of the best renovations for resale as they will make purchasers fall in love with your property, and pay for themselves. They will surely decrease the days a property spends on the market.Īccording to US News, the average kitchen remodel in the United States runs $16,000 and the average cost of a bathroom makeover is $10,000. Not only are these improvements the key to getting a good price for your house flip, but they are crucial for getting people interested. In the highly competitive residential home sales market, you cannot have a dated kitchen or bathroom and expect to get top dollar for your property. Most of these are not very expensive, but along with your marketing plan they will make a huge difference in attracting the right buyer for the best price.
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What do they have in common? Learn a lesson from both of these kinds of properties to determine how to maximize your return on home improvements. Which ones are selling the fastest? What improvements do they have in common? Now look at the ones that have sat on the market the longest. Look at houses that are on the market in the area. Be careful not to spend your money on things that will limit the number of people interested in the property. Such things as home offices, concrete patios and sports courts generally do not add value to a property. Remember, not all improvements add value. While some buyers might spend a small amount more for a more improved property, they will not likely spend a significant amount more if there is nothing in the area selling for that high of a price. It is very easy to over improve a property and end up with a product that is beautiful, but overpriced for its location. This is important to remember when figuring out what improvements to add.
The three key factors in valuing residential real estate are location, location and location.