If you’re planning a home renovation, do it for your
own enjoyment. But if you might move in
a few years, know that some projects won’t generate the return you hoped
for. Here are some do’s and don’ts.
Do consider these upgrades:
Ø Replace your kitchen countertops with stone
or granite (check material cost calculators at www.homewyse.com). Paint
your cabinets and add new handles.
Ø Modernize the bathrooms. A total
renovation can cost thousands, but just replacing the vanity in one bathroom
with a granite top and dark-wood cabinets will make a huge difference. For example, you can find one at Costco for
about $600.
Ø Make your home more energy efficient. Buy energy-efficient appliances, insulate
your attic, seal air leaks around the house, and install a programmable
thermostat. While these upgrades may not be obvious, they will save you money
and buyers will appreciate them.
Enjoy these, but you may not get a return on your investment:
Ø Installing a pool. A pool is entertaining, but it can be a liability
when you sell. Buyers worry about safety
and maintenance.
Ø Creating a dedicated home office. It’s appropriate if you work at home and use
it everyday, but if you just use it to pay bills, make sure the room can also
be used as a den or spare bedroom.
Ø Over-renovating for your neighborhood. If you spend $25,000+ on a new kitchen, you may price yourself out of the local market when it comes time to sell.
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