Which Home Improvements Can Increase Home Value?
Updates to your home can really add to its overall appeal, but not all renovations translate into higher resale value. If you’re thinking of selling in the near future and are weighing your renovation options, then it’s best to get informed. Some home improvements have a big impact on potential buyers, while others fly under the radar. If you don’t want to invest a lot of money into your home only to have your efforts go unnoticed and unrewarded by buyers, here are some updating tips to get your home ready to turn a bigger profit.
Think Outside the Box… Literally
When people consider home improvements they often picture what they can do to change the inside of the house. Landscaping is overlooked a lot of the time and the reality is that it can make a big difference for potential home buyers. According to real estate expert Roger Voisinet in an article for This Old House, “an investment of around $400 or $500 dollars in landscaping can bring a return of four times that.”
It’s important to keep in mind that people see the landscaping before they see the inside of your house. While you don’t have to add any spectacular groundskeeping features, maintaining the yard and outside of the home will keep buyers from bypassing it altogether.
Make a Good First Impression
Once the potential buyers get across the lawn, they’re going to enter through your front door and come into the entryway. Sprucing up this area of the home typically doesn’t take a lot of effort or money and it leaves people with a positive initial reaction. For example, you can paint your front door in an eye catching color, hang some beautiful plants, pick up a new mailbox, or affix some stylish new house numbers to the front of your home. By adding elements such as a storage bench or mirror just inside the door you can also bring some personality and function to the space.
Clear the Way
In days gone by, houses were smaller and rooms were more divided. These days the open concept is king and it certainly plays a big part in selling homes. If your current home is not very open and you have the renovation budget to do so, consider opening the space up. This can be done by taking down non-structural walls and other room dividers. Buyers seem particularly attracted to homes that have the kitchen, dining room, and a living room or sitting area all in one open space.
If your budget isn’t large enough for wall removal, then decluttering the space can help areas look more open. Consider renting a storage unit for a short while to get some items out of your current home and make the space more enticing to buyers. You can also try decorating tricks, such as using a similar color scheme throughout your home, to visually open up the space and tie it to adjoining parts of the home.
Kitchen and Bathroom Revamp
Prospective buyers love a good kitchen and an impressive bathroom. As anyone who’s ever entertained knows, the kitchen is the gathering place of the home and the bathroom is where you begin and end each day. We spend a lot of time in both of these rooms and they’re the areas of the home guaranteed to be seen by guests.
Buyers want these areas of the house to look impressive and to function well. According to HGTV, “In the hottest housing markets, springing for a kitchen or bath remodel is a sure-fire investment, often returning more than 100 percent of the cost.”
Of course, it’s essential to keep in mind that all the cosmetic updates in the world won’t cover up a lack of home maintenance. If the roof is leaking, the carpet is especially worn, or the furnace is about to give out, buyers are going to think twice. Be sure to take care of the essentials and then fix up what you can from there.