So I finally bought my first house, it’s great but as you can imagine it needs updating and I have a fair amount ($5K) to make some updates to my house, but since its my first house (starter house) I now the money I have won’t cover everything that needs to be done.

My dilemma is what should I fix and what will bring the most return on investment when it comes time for me to sell/move up to a newer place?

The areas that I am thinking of spending my money are:

-Driveway: mine has cracks, missing pieces and has lots of weeds, etc. growing

-Roof:  not in great condition and doesn’t need to be replaced immediately (according to the home inspector probably in the next 5 years I’ll need to replace it).

-Exterior:  The paint on the house is beginning to show it’s age in some places and probably needs a touch up if not more

-Kitchen: the kitchen has all new appliances and is generally nice but isn’t anything fancy (no stainless or granite) – is basic good enough or should I go high scale?

I’m really more focused on making sure I maximize my money for return on investment and less about my thoughts on the house b/c it fits my needs perfectly…right now.

Thank you.

Congrats on your first house...it's a huge step.

It sounds like your looking for a return on your investment, I would pesonally suggest upgrading the Kitchen.  I've always heard that the two places in a house where you can make the most money is the bathroom and the kitchen.  IKEA (http://www.ikea.com/) has great designs that are stylish and fairly affordable for kitchens...you might want to take a look there if you have one around you.

I wouldn't worry about the roof/driveway (yet), but do keep some money in reserve incase you need to repair/fix those issues in the future.

 Good luck!

I don't have any first hand knowledge but I am looking for a house so I would have to say that if you plan on selling the following would be imprt.

-Driveway

-Paint

-Roof

These are all the first things a potential buyer would notice when driving up to or by the house - we all know how important 1st impressions are.

My 2 cents.

Thanks guys for the responses, Jack brough up a good point about outside appearance...I think that's probably where I'll start.  Just have to see what my better half says first!

Hi TX native,

I agree with the others. Focus on the outside to help boosts its curb appeal. Hopefully, by spring or summer, you will be able to attract more buyers that way. My experience is that most buyers lack the vision to see the possibilities of a home or just do not want to spend the money fixing it up.

Hope that helps! Good luck and let us know how it goes!

Heather