Sometimes homeowners talk themselves into spending money on home improvements by reassuring themselves it will add value to their home at resale time. However, it turns out that many improvements do not add the value you want. Do your best to discern between improvements that are worthwhile and those that won’t help you sell. Don’t let TV shows and your personal desires or unique needs guide your home improvement decisions if your goals are solely improving resale value and recouping your remodeling costs. Read the tips below to help make sure you stick to projects that successfully increase your home’s value.
Little Investment, Big Reward: The best improvements are the ones that pay off with little money and effort. Functional changes may not be very obvious, but they add more value than luxury attractions. Typically, more personal home improvements don’t make a significant difference in resale value. So it’s a good idea to look for solutions that everyone can use, like improving the kitchen or bathroom versus adding a man cave. Remember, the actual cost and payback for each project depends on real estate market values in your area, as well as your home’s overall condition.
Appliance Upgrade: Energy efficiency and updated appliances in your kitchen, bathroom, and laundry room are more important than ever to potential buyers. If something is truly old and inefficient, you should consider purchasing a newer model. Adding new hardware can be a great way to spruce up these rooms if you can’t afford all new things. Remodeling a kitchen and keeping up-to-date on appliances can really pay off because these spaces are generally the heart of a home.
New Rooms on the Cheap: Adding a bedroom can add thousands of dollars in value to your home. The difference between a bedroom and any other type of den, living room, or office is simply just a closet. Adding a closet to any room with a door and window can turn it into a bedroom. You just need to put up some framework and add drywall. Make sure to check local regulations or specs you’re required to meet to be able to add the extra bedroom to an official listing. You can even consider finishing your attic or basement to make it livable space. If your home only has one bathroom, you could also consider turning underutilized areas into another bathroom. Reinventing your existing space can be much more efficient and effective than adding square footage.
Paint & Packaging: The least expensive yet most cost-effective value booster for your home is likely painting it. A fresh coat of neutral colors inside and out will brighten your home and make everything look more attractive. You also want to make sure your home has curb appeal, so you might want to consider investing in some low-maintenance landscaping like shrubs and colorful plants.