Consider these 3 updates to add value to your home
Itching to update your home? If so, there are a few things to consider before making a mad dash to your local home improvement store.
“If you’re putting your home on the market—or at least know you’re going to be putting it on the market in the next couple of years—any renovations you make should be directed more toward the market than to your own needs,” says Mike McPhillips, Senior Residential Loan Officer at Independent Bank.
If you’re planning to stay in your home, however, tailor your renovations to suit your family’s style and needs. To gain the most value from your investment in home updates, McPhillips recommends focusing on these three key areas:
Kitchen upgrades. Beautiful kitchens attract buyers, but the costs for kitchen renovations can range from several to tens of thousands of dollars. McPhillips says to first consider your market. “You want to make sure you don’t overbuild for your area.”
Bath improvements. Spa-like bathrooms are in hot demand. If you’re considering a major bathroom renovation (or any significant renovation), McPhillips recommends researching licensed and insured contractors, including calling their past clients for references. “Always get a written contract including the price, how long it will take, and what exactly is to be done.”
Curb appeal. Consider a new front door, or simply painting the existing one, and adding a few nice bushes or updated lighting to improve your curb appeal. “It’s low-cost, and it makes a good first impression,” says McPhillips.
Equal Housing Lender