Photo Credit: Weather Shield Windows and Doors
The basics are what every buyer wants when purchasing a home. Longevity of the roof, working gutters and downspouts, a dry basement, a reliable furnace and HVAC system, nice flooring, walls that are painted in neutral tones, and working plumbing.
Choose simple, subtle and tasteful paint colors for the outside of the house, simple landscaping that will appeal to the masses versus incorporating bold choices.
Best Bang for the Buck
Consider new flooring, kitchen and bathroom renovations and state-of-the-art appliances. These upgrades will give the highest return on investment often recouping 80% or more of their cost at resale. Other areas to look into would be roofing, sidings, doors, windows, decks and energy upgrades.
Passion projects are investments that the current homeowner makes in the house, like upgrading the home with a wine cellar, adding a hot tub, dry sauna, a pool, game room or tennis courts. However, they are all very expensive upgrades and most probably will not increase the value of your home to the prospective buyer(s) who might not share in your same interests.
Remember, this is your home. If you plan to live there for many years, add the amenities you want to live with regardless of whether or not it will increase the resale value. When it’s time to sell, do the basics to prepare your home for sale. Don’t take on expensive projects just to increase the purchase price. It’s usually best to make simple, subtle, neutral renovations that improve functionality of your home. There’s no guarantee that a specific renovation will add value and you might spend more upgrading than you receive back at resale.