Price tags appear in the minds of home owners when the word renovation is said. Renovations can help sell a home, but you don’t want to put in more than you’ll get out of it. Starting with a budget and researching various prices and sales will help limit the amount of dollars spent.
CNN Money’s article, “Nail your home renovation budget” provides several tips to an affordable renovation. The article begins with a budget based on the percentage value of the room you are renovating. Each room is a percentage of your home’s total value. The kitchen accounts for 10% to 15%, the bathroom 5% to 10%, half baths 5% and a complete basement or attic 10% to 15% according to the article. To determine the appropriate cost of renovation take the room’s percentage and multiply it by your property value. That price is how much you should plan to spend.
To stay under budget the article suggests not moving or removing walls and doing your own demolition and painting. It also advises going with more simple designs for countertops and purchasing used rather than new items. A used item may still be in excellent condition and come with a less intimidating price.
Do a quick search on Google and you’ll find numerous resources on how to decrease the price of renovations. Save money by taking time to plan and think about purchases. If you’re trying to sell your home speak to your REALTOR about what renovations will increase the value of your home. Albuquerque is full of great homes that are older and need some updating. The right upgrades will help you house sell faster and for a higher price, but make sure to find out what renovations net the highest return on investment. Also make sure that you are picking finishes that will be appealing to a wide range of buyers.