Upgrading Your Home During A Recession
The best investment you could possibly make during a recession is to buy a home because
the prices are extremely low for what you get and when the market returns, your investment will skyrocket. If you are already a home owner, then the next best thing to do would be to start upgrading your house because the upgrades that you do will put your home above all the rest during the turn-around. Simple upgrades now can also make living in the house more enjoyable. Who said you can't love the home you are upgrading until you move? Here are 5 great ideas for simple and cost effective upgrades to your current living arrangements.
Kitchen
Your kitchen is the biggest room that will give you an 80% return on your investment. Replace your Formica or laminate counter tops with either granite or something green. Granite counter tops are a great selling point for a kitchen as it catches the buyer's eye right off the bat. Another great idea if you are working to make your home green is to try cork counter tops. The cork is made from, you guessed it, recycled wine corks. These green counter tops are easy to maintain and give your home a unique look.
After a good counter top, appliances usually offer the next best return in a kitchen. Matching stainless steel appliances help bring the kitchen together and offer a modern look. A dated kitchen could actually decrease the value of the house. If all of your appliances already meet these criteria, move next to brushed nickel hardware on your cabinets. This will act as the glue that ties the whole kitchen together.
Dated cabinets will also bring the value of your kitchen down. If possible, try replacing the cabinets and adding crown molding. If this is absolutely not feasible with your budget, don't underestimate the value of paint. Make sure the paint job is simple as to not detract from the rest of the look of the kitchen.
Bathroom
Your own personal spa. That is what you should think about when remodeling your bathroom and possibly getting a 70% return when remodeling. Buyers look to bathrooms as a getaway and if you can replicate the spa feel; they will be more apt to pay more for the house. If you do not want to put in the two-person Jacuzzi tub, a simple re-glaze might do the trick to restoring your existing tub.
A new shower curtain, new towels and a simple upgrade in sink hardware are usually the only other thing that bathrooms need. These simple and cost effective upgrades can offer that "new house smell" to an otherwise musky bathroom.
Those 5 simple upgrades will not only make your house more valuable, but they will make you feel like you are living in a million dollar home. It is amazing what kind of effect a few changes will have on your self-esteem and confidence. These high-return upgrades will also make your home show extremely well, but if you want to put your house over the top on the market there are a couple other things to pay close attention to when upgrading.
Curb Appeal
The phrase "we fell in love at first site," used to only apply to people, but it has since transitioned to houses. Remember that the first and last things people see in a house are usually the front and back yards, respectively. If you can catch their attention from the start and give them one last feel of home before they leave your investment will go a long way and offering a 45% return.
Paint
This can be a touchy subject. The electric blue living room with lime green accents isn't what we have in mind for a paint job here. Not everyone is as artistic as you are, with as wide of a color pallet to play with, so grab a can of neutral paint and go at it. Most people can imagine better against a neutral color than one that is pre-determined for them. Also, painting every room, yes, even the Tennessee orange bathroom, can offer a 70% return in the long run.
Your kitchen and bathrooms are by far, your biggest return on investment rooms because they have the ability to capture buyer's eyes and can either make or break a decision to buy a house in a split second. Other than that, focus on curb appeal and a simple paint job to get you the most money out of your recession upgrades.
by: Volker Weiss
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