We've all heard that kitchen and bath reno's add the most to a home's value, but what about other items's that your real estate requires. There are a few good rules of thumb to follow when doing a renovation or addition with an eye to re-sale:
1) Your goal should ALWAYS be low cost with high impact. Sometimes a quick paint job, de-cluttering and re-arranging furniture can be just as good as a $30,000 kitchen makeover.
2) Never spend more than 5% of the homes original value. For instance if you're purchasing a $500,000 home, keep the budget at $25,000 for those reno's if you're planning on selling within a year or two.
3) Consult a realtor to find out the latest buyer trends. Are people wanting more rooms, smaller yards or vice versa?
4) Remember the market goes up and down regardless of your renovation so you want to keep to a solid time-line for the re-sale target.
Check out my website for the great link to a guide on how much various additions and/or alterations will run you.
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