- If you want to increase the value of your home, invest in kitchens and bathrooms, says one expert.
- If you’re on a tight budget, spend hundreds of dollars consulting a decorator.
- Simple things like upgrading the paint or rearranging the furniture can make a big difference.
Dana Bull has extensive experience in enhancing home values.
The 33-year-old real estate investor purchased a Salem, Massachusetts condo for $200,000 in 2012. Two and a half years later, she made a good profit after putting about $10,000 worth of work into the property.
“I made about $50,000,” she told the insider. That’s about a 20% return on investment.
She noted that it helped that the market was in full swing at the time. But her upgrades, including new appliances, countertops, and paint, certainly played a role.
Today, Bull is financially independent from the 22-unit rental portfolio she built over five years, but she still works full-time in real estate as a licensed agent and consultant. She has advised hundreds of buyers, sellers and investors nationwide.
If you’re thinking of selling your home and looking for ways to increase its value, look at two rooms.
Upgrade your space on a budget
You don’t necessarily have to break the bank to upgrade your kitchen and bathroom.
If you’re on a really tight budget, Bull’s favorite hack is to spend a few hundred dollars consulting with a decorator or designer. , you can do them yourself.
“There’s no room for error, especially when you’re on a tight budget,” she said. “You don’t have to leave the whole thing to someone else,” she pointed out. “You can pay $150 for someone to help you choose a paint color. It’s one of the best ways to
That’s what she does every time she buys a new property. It’s “the best money you can spend,” she said. Ask if there are any designers or color consultants who can help you choose. You can also work with a virtual design company to create interior mockups. They will recommend the type and size of furniture to purchase and where to place it to enhance the space.
“I’ve done a lot of this kind of thing, and it’s fascinating,” Bull said. “For example, it never occurred to me to put the sofa in one place or the bed in another.”
Unless you’re really a design expert, it’s often worth paying for a pro, she added. It’s usually an advantage to work with someone who really knows what they’re doing.
If you choose not to work with a professional decorator, a general rule of thumb is to stick to neutral colors that make the space feel light and airy. It will appeal to the masses, Bull said: “You’re light and pretty and you can’t go wrong.
Light and clean, no doubt.Dana Bull, Real Estate Investor and Consultant
If you have the budget to install new appliances or flooring, be market aware. The final choice of materials and products should depend on the price of the house.
For example, “If you put Frigidaire on a million-dollar property, people might not like it,” Bull explains. On the contrary, “If Viking puts his stove on a low-priced property, that’s overkill.”
by the way No To spend money, avoid customized features that appeal to you but may not necessarily appeal to the masses.
“Be careful with anything that’s very custom to you, your tastes, or your lifestyle, like a truly unique wallpaper,” Bull said. If you know it might, try it, you just need to stop and ask yourself, “Will I get enough value and fun with this upgrade?” Because you may not see a return on investment when you sell. “
Set a budget before embarking on any remodeling or renovation project. Then give priority to the kitchen and bathroom.
“It may cost less than $30,000 to redo an entire kitchen, but $10,000 can add value by whitening your kitchen cabinets, adding molding, and installing new knobs. .
“If you don’t have the budget to do it all, find where it’s most cost-effective.”