All homeowners want to make a profit when they sell their home. This article provides 8 tips on how they can do that by renovating their home and potentially increasing its resale value. As always, when unsure of your options, contact a local real estate agent who can step you through which options are best in your market.
Home Renovation Projects That Can Increase Resale Value
If you’re ready to build your dream dwelling, but want to get the best value for your dollar, below are eight renovation projects that can increase resale value and give you the most significant possible return when it comes time to put your home on the local real estate market.
Boost Curb Appeal
Improving curb appeal is a good starting point for homeowners to increase their property’s marketability. Create a positive first impression of your house by simply maintaining basic lawn care, replacing the garage door or adding a porch area.
An overall landscape upgrade or new siding — such as brick or stone veneer — may also go a long way in enhancing appearance and attracting potential buyers.
Clean And Declutter
According to a recent survey by HomeLight, deep cleaning and decluttering might add more than $4,000 to a home’s resale value. Cleaning is relatively inexpensive and prospective buyers are more attracted to a pristine, bright and well-maintained home.
Additionally, it can make your home feel larger and welcoming. Declutter your home prior to listing by removing personal items, such as family photos, which encourages potential buyers to imagine themselves living in the space.
Consider renting a storage unit to keep items instead of cramming them into the garage or basement — since buyers are likely to look at these areas, too. If you don’t plan on selling anytime soon, you could still benefit from making better use of your space and organizing your home.
Update The Bathrooms
Outdated bathrooms could be a major turnoff to prospective buyers. Remodeling key aspects can spruce up your existing bathroom and showcase it in the best light. If you aren’t looking to completely reconfigure your space such as removing bulking tubs and upgrading to larger shower areas- consider upgrading the basics.
Some common features to upgrade include the faucet, lighting, hardware, mirrors, vanities, countertops, flooring, tiling, or simply switching up your current décor. A key is to establish a renovation budget so you do not overspend!
Add Square Footage
Incorporating more usable space into your existing abode — such as adding a bathroom, sun room or master suite addition — can increase function and value. Opening your floor plan helps to provide a spacious layout — a desired feature on many buyers’ wish lists.
Homebuyers appreciate ample space, especially in areas with limited real estate. Designs that completely or partially open around the kitchen, living or dining room are particularly favored among buyers. If adding a new room is too costly, consider converting a space, such as an attic, into a functional game room or bedroom.
Want to set yourself apart from the competition? Consider adding an in-law suite — a unique feature that most homes don’t have. Keep in mind that building on other spaces, such as sunrooms, may add value only in upscale neighborhoods and is less likely to bring in higher bids in lower-end neighborhoods.
Rejuvenate Your Kitchen
Prospective buyers want to see homes with modern updates that are move-in ready — not fixer-uppers.
A major kitchen renovation that includes custom cabinetry, upgraded fixtures, proper lighting, energy-efficient appliances, an open floor plan, and natural stone or quartz countertops can put your home at the top of prospective buyers’ wish lists.
The kitchen is often the most used and desired location of the home, so if you are considering a remodel, the kitchen is a great place to start!
Finish Your Basement
Ideally, you want to view your basement an extension of the rest of your home. If its currently dark, dusty, and unusable- this could be a turn off for buyers. Certainly, keeping a section dedicated for storage is essential, but consider renovating your basement space into a more livable and loveable inviting room.
Build An Outdoor Living Space
Many potential buyers desire homes with functional outdoor living spaces. Adding a deck, patio, or sunroom to your backyard can make your home more appealing. According to MoneyCrashers.com, Homeowners recoup about 65% to 90% of their investment with the addition of a deck.
Keep in mind that the cost of adding a deck varies widely — it all depends on the design, size and resources used. Although, higher-grade materials can increase the structure’s life span. Having this additional space adds interest to buyers and can set you apart from your competition.
Spruce Up With Fresh Paint
Get the biggest bang for your buck by coating interior or exterior walls with fresh paint. Modern, neutral colors can go a long way toward updating the look of your living spaces.
Paint is also relatively cheap, and applying a coat or two to your walls is one of the easiest ways to upgrade your home. Consider making your dwelling eco-friendlier by opting for low-VOC paint, which releases fewer volatile organic compounds — such as benzene and formaldehyde — into the air.
Home renovations may be worth the upfront expense, especially if you reside in a competitive housing market. Revamping your property helps improve your standard of living.
Some updates could add real value when it’s time to refinance or sell — and even set you apart from the competition. Of course, if you are performing regular home maintenance, you can substantially reduce costs as well by ensuring your home is in tip-top shape before you begin a renovation project.