When looking to maximize the value of your home, it’s important to know which improvements will have the greatest impact. The right upgrades can make all the difference in what buyers will pay for your property. To help you decide which improvements to work on, we’ve shortlisted a few upgrades that can potentially increase the value of your home.
1. Convert or Build a Home Office
We all saw the world shift when the pandemic hit. Office work has found its way into our homes and for some, it means making room for a work-conducive area.
In a survey done by HomeLight during Fall of 2021, results showed that 60% of top real estate agents had clients with home office as a top priority in their property search. With this demand, home offices add over $10,000 in resale value, according to a mid-2020 data by the same company.
To accommodate an office in your home, you can try converting spaces such as walk-in closets. Or, you can also go big and construct an accessory dwelling unit (ADU) right in your backyard. Whichever way you want to do it, you’ll benefit either way — while you’re living in your home and when you decide to sell your home in the future.
2. Finish an Unfinished Basement
If you have an unfinished basement, you might want to fix it up prior to selling your home. According to HomeAdvisor, it can get sellers a potential of 75% return on investment (ROI) with a finished basement of around 400-1,500 square feet. Turn it into an office, a guest room, a great room, or just leave it blank and let potential buyers imagine what they’ll make of the space.
3. Touch up or re-do your exterior paint
Out of all the upgrades in this list, exterior touch ups may be the most doable and economical. Although this upgrade is not as drastic as the others, it can change your home’s curb appeal instantly — from looking run-down to brand-spanking new! Here are some ways you can change the exterior look of your home:
- Pressure wash the exterior, including the sidewalk, driveway, patio or deck. Nothing beats a sparkling home free of dirt and those green algae.
- Paint the main door with a bold color against a neutral exterior, as often recommended by designers.
- Check the exterior of your home for any flaking or chipped paint. If there are any visible paint issues, it would be better to at least touch them up.
- Go all-out and re-do the exterior paint entirely.
4. Add a deck or patio
Outdoor dining, back yard barbecue, outdoor gym or additional living space — decks and patios are a fantastic way to get your daily dose of fresh air while entertaining or getting a bit of sweat on. These spaces are a common addition to any American home and can add an average of over $7,000 in resale value. Building a deck can cost you around $4,300, which will likely lead to a positive ROI when you decide to sell your home.
5. Install New Windows
According to a study by the National Association of Home Builders (NAHB), 90% of home buyers found energy-efficient windows to either be essential or desirable. Replacing your home’s windows can be expensive, but an estimated 80% of the cost can be regained at resale, according to a HomeLight survey.
If you choose to install new windows, make sure to check the the U.S. Department of Energy’s online guide that contains the government’s minimum energy-efficiency standards for new windows. These standards may vary based on the climate zone where the home is located.
6. Kitchen and Bathroom Remodels
Swap out the kitchen and bathroom fixtures and drawer knobs for a newer, modern design. If your home has a more traditional or eclectic vibe, replace the fixtures and knobs with a design suited for its style. The important thing is to get a refresh from all the gunk that has been stuck in the nooks and crannies of these items. If done right, this simple and inexpensive swap can give your home a cohesive feel.
If you have the budget to make a minor remodel, this can garner you an estimated amount of 71% ROI, according to HomeLight. Comparing that to a major kitchen remodel, which can only get you 56% ROI, the minor remodel is the better choice. For bathrooms, a minor remodel can get 60% ROI while an upscale remodel gets 5% less.
Here are some items that you might want to remember when remodeling your kitchen or bathroom:
- Replace the countertop. Granite countertops add more value to your home, but it can be expensive. A less expensive option would be to put in granite tiles instead of a whole slab.
- Replace the cabinetry. If you don’t have the budget for this, you can make your cabinets look modern and brand new with a fresh coat of paint.
- Replace the appliances. Upgrade the appliances into stainless steel and energy-efficient ones.
- Replace the old fixtures and drawer knobs with standard ones. This won’t cost you as much, so make sure you include this in the remodel.
- Replace the old tiles. You can also have them regrouted to save money. This feels the same as having a fresh coat of paint on your wall.
- Refinish the tub and liner. This is an inexpensive way to make the bathroom look brand new.
We hope these tips help you sell your home quicker and at a higher value!
Source: HomeLight.com