After you buy your home, it’s easy to get excited about renovating rooms and putting your unique spin on the design of your home. You can imagine the results of renovating your home with a gorgeous new kitchen, the perfect family room, and the beautiful bathroom just waiting for a bubble bath. But then comes the question: where to start?
There’s an easy trick you can use to decide which room to renovate first. Simply choose the renovation that will get you the most return on investment (aka the most bang for your buck).
Renovations are often expensive, and although they add value to your home, you won’t necessarily make all of that money back when you sell the home.
For example, if you spend $20,000 on a backyard reno, you may only make back $15,000 of that when you sell. As a result, your return on investment or ROI is $15,000 or 75%.
Typically, kitchen renovations will score the most ROI because a beautiful kitchen will sell a home. Bathrooms come in second. By focusing on the ROI of your renovations, you’ll make smart money choices that will help your house sell for more. You’ll instantly boost the value of your home when you do the biggest ROI renos first.
But if your home already has a decent kitchen and/or bathrooms, you can look at the commonly used areas: living room, family room, and bedrooms. And if you live in a place where the backyard doubles as another room, consider the backyard as well.
But hey, if there’s a room you just can’t wait to get started on, go with that one first!
Your real estate agent should be able to help you get an idea of which room renovation will up the value of your home the most. As always, I’m happy to give you my opinion on which reno will be best for you—whether you just moved in or you’re getting ready to sell.
Just contact me whenever you’re ready to choose which room to renovate first.