5 Renovations With the Best Resale Value
Home projects are not only fun and exciting, but they can actually add to the overall value of your home. While all improvements will help in some capacity, there are certain projects that provide a larger inflation rate than others. With that being said, whether you are preparing to sell or are just in the mood to jazz up your home in one way or another, you might want to consider the following projects to ramp up the value of your home.
1. Bathroom Updates
Sprucing up your bathrooms can go a long way towards adding resale value and overall appeal to your home. And—believe it or not—you don’t need to go crazy with this one to have the desired effect. Simple measures such as re-grouting your shower, adding crown molding and a fresh paint job, and swapping out fixtures and accessories can make a big difference. Even efforts as small as updating your drawer pulls, installing a new and trendy mirror, or swapping out lighting fixtures can stand out to buyers. However, while some people want to install wallpaper in their bathrooms given the vast number of options out there (tempting, we know!), if you’re looking to sell this may not be the most sound idea. Wallpaper is hard to take off if a potential buyer doesn't share your taste, creating an unnecessary and unappealing project for them. Also, the moisture in bathrooms is not a good match for wallpaper over time.
2. Improve Your Front Yard
There’s no better advertisement for your home than your front yard. After all, that’s where your curb appeal originates! Spending time and money making this aspect of your home over will never go to waste, and there are many easy and fun improvements to be made. This is also a relatively inexpensive way to increase the value of your home. Consider installing a paved walkway or even something as simple as adding color to your planters with vibrant flowers. Other easy ways to improve your outdoor aesthetic are painting your front door, upgrading your mailbox, or getting new exterior light fixtures. These measures will easily make your home stand out from the bunch and you certainly won’t regret them.
3. Upgrade Your Kitchen
It is undisputed that the most meaningful renovation you can perform in your home that will give you the highest return is to upgrade your kitchen. The most important thing for a kitchen is a desirable layout, so that's a great place to start. This means an easy-to-maneuver space, that the sink and dishwasher are in close proximity to one another, and that your cooktop is in relative proximity to your sink for ease of use while preparing food.
If your layout is already solid or if you are looking for a less invasive project, have no fear; there are still updates to be made. For instance, you can repaint your cabinets for a fresh and clean look, add a colorful new backsplash for an instant update, hang a pendant light to make a statement, or replace your draw pulls and cabinet hardware for something more subtle. Replacing older appliances for stainless steel options also makes a big difference in creating a more modern aesthetic for this space.
4. Get Technical
In today’s day and age, adding technological advancements to your home does nothing but make it more appealing. While this can be a delicate line to balance since technology evolves so quickly, and you preferably want to make long-lasting updates, there are certain measures that are quite impressive. For example, programmable thermostats are always appealing to buyers. Lights, security systems, locks, and even doorbells that are more high tech create the impression that a home is innovative, which is particularly appealing to millennials. Given that this age group grew up on smartphones and is technologically savvy, they are more willing to pay for amenities—in fact, studies note that they will pay three to five percent more when these innovations are present.
5. Add a Fireplace
If you don’t already have one, this could be something to consider. While this is a bit of an undertaking as far as a project is concerned, it is one that buyers will take notice of. According to a survey by Angie’s list, 54 percent of the 2,000 respondents noted that a gas-burning fireplace increases a home’s value the most, while 58 percent said that they prefer a wood-burning fireplace in a home. Regardless of the type, a fireplace is a great addition that home buyers will love.
Connecting home updates to the desire to drive up the resale value of your home can be great motivation to make some improvements. Luckily, you don’t need to break the bank to raise the overall value of your home and you can even have some fun while doing it!