Don’t let the market get you down. Putting the right amount of money in the right places can give you the extra jump in value you are looking for to purchase your next property. Consider updating these 5 areas of your home to boost your home’s value and to give you the highest return on your investment
1. What’s underneath is what really counts
Before considering any aesthetic changes to your property, the first place to look is at the foundation. If the roots to the house are rotten, your property will be, too. make sure to get a home inspection and make all needed repairs and updates to the infrastructure systems in your home like the plumbing, HVAC and electrical, before a potential buyer comes to look at your property. In the long run, a leaky basement can pose a larger problem than an unfinished bedroom, and buyers know that.
2. Nothing says “buy me” like healthy green grass
The only way to get people in the door will be sprucing up what’s outside your door. Curb appeal is a buyer’s first and last impression of your home, and if your home looks welcoming, well kept and attractive, others will be drawn to it. Focus on the most prominent features seen from the street or driveway such as your garage doors, front door, windows and garden. These are all relatively low-cost projects that will give you up to a 72 percent return on your investment, not to mention the added attention from prospective buyers.
3. A musty unused closet has more potential than you think
Additional bathrooms can add significant value to your home; whether it’s a half bath or a full bath, it’s guaranteed to be an attractive asset to buyers. However, the added value depends on the current bedroom to bathroom ratio in your home and on the investment you’re making in the project. If your added bathroom is equalizing the number of bathrooms in your home to bedrooms, you should consider adding a full bath; if you already have an equal amount of bathrooms to bedrooms, consider adding a full bath. The key is to balance the value of your home with the value of your investment. A half bath can increase a home’s value by up to 10 percent, with a full bath increasing value up to 20 percent; consider these numbers when deciding how much to invest in your project.
4. Food for though
The kitchen is often the center-point of the home, and thus one of the most important rooms in your house. Even if you don’t have the budget to incorporate major changes, small improvements can go a long way. Start with painting the room for a fresh, finished look. Then move on to appliances; if these are more than 5 years old, consider investing in stainless steel matching appliances to give your kitchen a congruent and professional appearance. Finally, take a look at your cabinetry and countertops. Replacing cabinetry is an expensive investment, but also carries the highest return for kitchen improvements. Simply refacing your cabinets can be an alternative way to add a modernistic look to the kitchen without spending too much. The same goes for replacing countertops. Rather than completely replacing what you have, try overlay countertops made of a composite granite/resin combination to give you the look of granite at a more affordable cost.
5. Bonus points for a bonus room
Depending on the layout and structure of your home, finishing your basement, or a section of your basement, can be a valuable investment. This extra room can act as a second living room, a game room, or even a space for a tenant to give your home’s next owner an extra source of income. It’s a versatile space that can boost your sale price by up to 30 percent for every 1,000 square feet added. Real estate agents might suggest higher value dependent upon whether there is outdoor access from the basement and ceilings high enough to make it feel more lie a usable space than a den. Take this into consideration when deciding whether a bonus room will be a worthwhile investment for your home; and if it is, be sure to balance your investment with the current value of your home.
Take these home improvement suggestions into consideration before putting your home on the market, and don’t forget – a happy home makes for a happy buyer, and a happy buyer makes for a favorable offer.
Our certified home inspectors can help you pinpoint any problems that could delay your property sale. Request a quote and schedule an inspection today.