There are so many things that you can do to update your home – where do you start? What gives you the best bang for your buck? Do I need a designer or permits? Start inside or outside?
Lots of good questions. Here are your best answers:
The first rule of thumb:
Use the 10% rule: Ensure that your home is not too terribly different from the rest of the homes in the neighborhood. If hardly anyone else in your neighborhood has new cabinets and granite, then adding that won’t give you as much of a return. Don’t add that 3rd garage bay if less than 10% of the homes in the neighborhood have one. Reason? The other homes in the neighborhood have a direct impact on the value of your home.
Therefore, if everyone else in the neighborhood is updated, do not expect to get as much for your home, but the overall value of your home may be increased by the higher values around you.
Rule of thumb #2:
Do not overdo one area such that you won’t have money for the other areas. Your kitchen is fabulous with new granite, sink, paints, appliances and lighting but the rest of the house is still stuck in the 80’s. Not a good recipe. Instead, go more moderate in several rooms.
Start with Kitchens and Baths, first repairing any deficiencies. Turn that 1.5 bath into a 2 full bath before you go for all new tile or updated items. Start with easiest items after that: Removal of old wallpaper and fresh paint in neutral colors go a long way. Remove and replace outdated tile colors, old sinks and appliances.