Improvements That Will Help Your House Sell
When it comes to home improvement projects, not all money spent can be recouped when you sell in the future. That is why you need to make smart decisions when remodeling parts of your home. It is smart to consult with a local real estate professional if you know you’ll be selling your home shortly. Every real estate market is different. Some improvements may do a world of good while others might be throwing money out the window.
You need to consider the cost of remodeling versus the value that it provides to determine if the home improvement project is worth the investment. To help you with your decision, here are some ideas for home improvement that will add value to your home.
These improvements are typically going to add significant value in any kind of real estate environment. These are the kind of home improvements that will help your home sell.
1. Finish your basement
Home buyers appreciate more space and prefer to buy homes with a more significant area than their previous one. Adding livable square footage to your home will add significant property value, and the basement is your prime opportunity. Your basement can easily be turned into a family room, a bar, or a workout room.
There are a few things to consider when remodeling your basement. First, the valuation for your living space above ground is separate from space below ground. This is because the cost of finishing a basement is lower than the price of improving the living area above ground.
Next, the kind of finished basement you create will have a considerable impact on the value a buyer will be willing to pay. For example, a full walk-out basement has the highest value addition to your property. This type of basement adds a significant amount of natural light that improves the ambiance.
Finally, there’s the dilemma of personalizing the basement or improving it for the resale value. Making a highly personalized basement will make selling the home a bit difficult. They may have no interest in a theater or a workout room. If you are planning on reselling it, merely adding basic rooms like a living room or a bathroom will make it more desirable.
2. Remodel your kitchen
Kitchen remodels can add value to your property, but you need to be cautious. Buyers are willing to pay more for high-end kitchen finishes, but that doesn’t mean you will be able to recoup the cost of the renovation when you resell. The national average return on investment for a major kitchen remodel is 62.1%. Compare that to a minor kitchen remodel with a national average return on investment of 80.5%. You should think twice about making major kitchen renovations when minor cosmetic fixes can do the trick.
Minor kitchen remodeling includes adding a new coat of paint and installation of a new faucet. You may also add new cabinet and drawer fronts. Adding a window over the sink also makes a good impression on potential home buyers.
As for installing countertops, you should check out the price and the competition. If similar homes in the area have high-end countertops, you may have to invest in new ones. However, the high cost of new and fancy countertops may not be worth the resale value.
3. Renovate or add more bathrooms
Bathrooms can give a substantial return on investment. If your home doesn’t have enough bathrooms, adding one or two can increase your home’s appeal. To find room in your house for extra bathrooms, take a look at additional rooms and unused spaces such as closets or the area under the stairs.
Minor bathroom renovations that give a big return, including removing old wallpaper and lighting fixtures. Some significant updates you can do include updating the vanity, faucets, countertops, and sink; replacing the flooring; and adding a tub. There are several affordable options for these renovations that will give your bathroom a modern feel without breaking the bank.
4. Add a deck to your home
Deck additions have one of the highest cost-to-value ratios in home renovations today. Outdoor living spaces such as decks increase the home’s living space and serve as a gathering area for visitors and family members when the weather is beautiful.
The cost of adding a deck varies depending on the size and the material to be used, as well as the amenities that you decide to put in it. Compared to composite, making a wooden deck provides a higher return on investment. The cost of wooden decking did increase by 15% last year, but the high perceived value of this home improvement project still puts them at the top of the list for ROI.
There are a lot of different home improvement projects that you can take on to increase property value. Consider the cost of the improvement versus the value that it provides. As you look around your home, be strategic, and think like a broker. Most importantly, do not overspend.
5. Add different types of landscaping
There is a reason why real estate agents are always talking about curb appeal – it really matters when it comes time to sell a house. First impressions are vital. If the home doesn’t look great on the outside, it sets the mood for what buyers will be thinking about the property before they ever go inside.
When most people think about landscaping the automatic assumptions is shrubs and trees. There are, however, so many more landscaping items that can enhance your homes curb appeal. Here is an excellent resource of other landscaping items that can help sell your home. Many of these projects will add instant eye candy to your property that buyers will love.
It is also wise to follow some of the popular landscaping trends when selling. There is no point in trying to reinvent the wheel. You should not be trying to make your property stick out in an odd way. The focus should be on appealing to the masses.
When you are in a competitive real estate market making improvements to your home really helps. A large percentage of today’s home buyers want turn-key properties. Many buyers have an aversion for wanting to spend their time competing home improvement projects.
Homes that are in tip-top shape sell for far more money than those that need work. Take the time to look over your budget. Even making some low cost home improvements can really help. Do you best to make your property the best it can be when selling.
About the Author: The tips on home improvement projects that will increase property value was written by Aki Merced. Aki is the Content Manager at Handle, where they build software that helps contractors, subcontractors, and materials suppliers secure their lien rights and get paid faster by automating the collection process of unpaid construction invoices.