With the real estate market in a slump, many house sellers have decided to stay put until it improves.
However, when the market starts to pick up, you want to be in a position to sell your home fast and at the highest possible price. Remodeling can make a massive difference between sold and for sale.
But what if you decide to sell your home sooner than later? The fact remains that renovating your house adds equity value that realizes a profit when you sell.
Most people want the best value for every dollar used, but before embarking on the remodeling project, you should consider the expenditure versus the benefit. In the end, you want every improvement to command a higher price when selling your home.
If you are ready to sell or want to do a renovation that creates major changes in the design of your home, it is best to consult with a real estate attorney to make sure everything is in accordance with current laws.
Keep in mind that here you will find renovations that do not involve large expenses and will also improve your home.
The key to achieving this, is undoubtedly, figuring out which projects significantly increase your home value, recouping your investment and the ones with zero or minimal return on investment.
Five renovation ideas that increase your house resale value
So which home investment increases your resale value? Below, we have compiled a list of home improvement projects you should embrace.
1.Spruce up the exterior space
Your outdoor spaces play heavily in the overall impression of your house. The first impression of your home by a potential buyer is to look at the exterior, and a good first impression increases your resale value. To spruce your exterior, you can;
- Groom your yard by trimming the lawn and shaping the hedges
- Replace the annual flowers and plants with perennial foliage and low maintainance native plants
- Strategically plant native trees, which may reduce energy costs and raise the value of your home and neighboring ones.
- Replace any cracked concrete outdoor surfaces, add a cobblestone finishing on the driveway or slate finish on the patio or pool or a brick look on your old walkway. Whichever improvement you take on your outdoor flooring surface, potential homebuyers will surely notice.
- Refresh your exterior paint. Start by repaint the front door since it’s the first thing your potential buyer will see before entering the house. Later you can add a touch of fresh paint on other exterior areas.
- Update your home entrance by adding attractive doors. Your entry doors act as architectural components; thus, it should complement your overall home design. So, whether you choose a decorative stained, cut glass panel or a solid wood door, having a welcoming entrance will increase your home ROI.
- Install or repaint your mailbox. Stain the wooden mailbox post to prevent it from rotting. Plant small flowers, like marigolds, around the mailbox base to add a striking look and attract buyers.
- Add a deck to increase your home value and create an outdoor living space desired by many potential home buyers. Spruce it up with built-in flower pots, built-in seating, fire pit and multiple stairs for a welcoming feel.
- Install energy-efficient modern windows to provide insulation, thus saving on cooling and heating costs.
2. Improve the interior
Improving your interior adds aesthetic appeal while increasing your property value. Spruce up your interior by:
- Paint, paint: Freshly painted interiors look updated and clean. Use neutral and modern tones like a muted green or beige with a touch of white, to update different rooms and add a chic look. Avoid bright colors like purple, yellow, or pink and dark tones like chocolate brown or navy, since they are a polarizing and unattractive choice for most potential buyers.
- For small rooms, add wallpapers with calm and straightforward patterns to make them appear large.
- Replace your floors. Nothing turns off buyers like an unpleasant floor. Opt for new carpeting or use high-quality laminating floor or hardwood to give it a modern look. Finish it off by adding a throw rug for little warmth and color.
- Let in attractive light by installing mood-enhancing dimmer switches. Put sun tubes or skylights in the roof to allow enough natural light. Replace your traditional bulbs with the energy-efficient LEDs or a modern and clean look at an affordable cost. Additionally, put new and modern outlet covers to give your electrical wiring a great impression. A well-lit home with lots of natural light to boot will appeal to potential buyers.
- Replace heavy curtains with shutters or vertical blinds to allow more light in. making your home feel more open and appear larger.
- Increase storage space by adding a custom shelving system in the garage or closet, since most potential homebuyers want ample storage space.
- Update your ceiling by scraping off any dirt and installing box or crown molding beams for a sophisticated look.
- A well-serviced HVAC system improves home air quality while getting rid of allergens, contaminants, and saving energy costs. Start by hiring professional services, such as air conditioning companies to update your HVAC system and test your home’s indoor air quality.
3. Embrace basic updates
Walk around and make a list of broken things or anything in need of repair. Individually, you may think essential updates and fixes aren’t necessary, but a small broken thing or smell may give an impression of a neglected home.
Most basic repairs are DIY. Clean your gutters, wash your windows, keep your shed clean, and many other small upkeep jobs.
Keeping up with regular repairs and maintenance eliminates a future selling problem hence providing potential buyers with a stable, healthy, and safe home.
4. Update your bathroom and kitchen
Real estate pros believe that the kitchen is considered the heart of any home, and any remodeling is worth investing in. A minor kitchen redo may recoup around 80% ROI while a significant one 60%.
The bathroom has an average of 67% ROI for a mid-level remodel and 62 percent for an upscale renovation.
This means it’s advisable to concentrate on these two rooms before working on the others. The most advisable renovations include;
- Modernize your kitchen by adding new quality and matching countertops and cabinets. Cabinets add more space while transforming the appearance of your kitchen. If you can’t afford new ones, try resurfacing to remove stains and painting them for a new look. For countertops, opt for granite or marble as they last longer and retain their beauty with age.
- Update your refrigerator, gas top stove, and other kitchen appliances with stainless steel, energy-efficient models, for a chic and modern look.
- Bathroom updates are a smart move. Start by doing small changes like replacing the old wallpaper with a textured or faux finish for an appealing look. Update your bathroom tiles, lighting, and plumbing and for a guaranteed increase in value.
- Additionally, a spa tub, double sinks, multiple jet showers and a separate toilet room in the master bathroom are value-adding features.
5. Reinvent extra square footage
Add extra square footage by reinventing an existing home space to create versatile rooms and increase your ROI.
For example, you can convert an attic into a home office, extra bedroom, game room, or craft room. A finished basement can quickly become a bar, game room, media room, or playroom.
Additionally, you may add a small apartment in the garage which you can rent out for extra income.
Projects to Avoid
Although the below home renovation may increase your home’s wow factor, they won’t increase your resale value. If planning to stay, certainly indulge in them to improve your family’s quality of life. These projects include;
- High-end kitchen
- Swimming pools and whirlpool baths
- Expensive landscaping
- Roof replacement
- Non-bedroom additions
Well-chosen home renovations projects not only add the aesthetic appeal of our homes, but also increase value. Concentrate on the above upgrades to add comfort and character to your house while retaining the market taste and attracting potential buyers.