Rooms For Improvement
You can’t go wrong with a modern, well-renovated kitchen and bathroom. These are the key rooms homebuyers look for to indicate the overall quality of a property. Modern fixtures, quality construction, and updated appliances give a property a move-in ready feel that most buyers are looking for, and can drive up the perceived value – and price – of your home. Even if a full redesign isn’t feasible, never underestimate the power of a fresh coat of paint. Then maybe add a tile backsplash and upgrade the appliances to give the appearance of newness to potential buyers. Consider adding a few colorful walls to amp up the intrigue of your listing. For neutral paint purists, stage your space with pop-color décor accents.
More Is More
Additions, like a family room or master suite, add to a home’s resale value. After all, more square footage often means higher selling prices. Keep in mind the original style of your home and add on accordingly to maintain the home’s intended appeal. Don’t tack on a modernist solarium to a classic Colonial! Incongruous, quirky or otherwise objectively ugly renovations are sure to serve as a liability to many buyers and will drag down your selling price. Another way to increase your home’s value? Finish the basement or attic to up the square footage. Done smartly, these additions will bring a decent ROI (return on investment).
Function Over Fashion
Sure, granite countertops and new subway tile in the bathroom will inspire buyer oohs-and-ahhs, but if the basics aren’t sound – think damp, musty basements, spent roofing, splintered decking, drafty windows – those bells and whistles come out in the wash once the home inspector has made the rounds. Make sure the backbone of your home is sturdy before adding on superficial extras. Adding extra insulation to your home or upgrading to energy-efficient heating and cooling systems are another cost-effective way to add value for potential buyers – installation of which may offer you tax benefits, too.
Make sure the backbone of your home is sturdy before adding on superficial extras.
From The Outside In
Curb appeal goes a long way in drawing potential buyers in to see the home. Bright flower beds, a fresh bed of mulch and trimmed hedges are a cost-efficient way to improve the property’s first impression and can be done in a weekend. More intensive facelifts, like replacing shingles or siding, shoring up or adding a deck or porch, and repaving the driveway also have the potential to really pay off. Replacing the garage door and front door are easy ways to add value.
Renovations are a part of the home-owning journey. Making improvements, additions, and updates throughout the time you own your home and up until you sell it can have a net-positive impact on your profits if you stick to universally appreciated projects and high-quality materials. (You may want to read How to Attract More Buyers by Increasing Curb Appeal.)