Home Improvement for Resale Value: What Areas to Focus On
You bought your home for a set price either a few months, years, or even decades ago, and a big purchase like that definitely put a significant dent in your wallet. Should you ever decide to sell, wouldn’t it be nice if you could get a little bit of a profit in return? By making some home improvements, you can raise the resale value of your home to not only make some extra cash, but also attract more buyers in the process. So…where should you start?
What’s Cooking in the Kitchen?
Many would venture to say that the kitchen is the heart of the home, and they’re right. Your kitchen is where everyone congregates to share a meal and socialize. Chances are it’s the first place you go to when you get home to drop off keys, bags, or grab a snack. It sets the tone for your home, so it’s a good idea to do a little reno in this room. According to HomeAdvisor, the average price to remodel your kitchen will range from $13,397 to $34,492, and take anywhere from 5 to 6 weeks. The variation in price depends on the extent of the remodel. Before you call in the tools, ask local real estate agents about the things buyers look for in a kitchen. Many buyers prefer an open kitchen, so you might put some serious thought into bringing down that wall. Other features to consider are granite countertops, stainless steel appliances, lighting, and a neutral color palette.
Revamp the Throne Room
The bathroom is yet another area of the home we spend a lot of time in to not only do our business, but relax, unwind, and maybe even escape from the kiddos from time to time. Basically, it’s an oasis that is worth improving, especially if yours is outdated. Take a look at what you’ve got in front of you, and decide if you need a total remodel or basic updates, as the average cost for a bathroom remodel according to Remodeling Magazine is around $19,000. The projects that will offer you the greatest return on investment are additional storage, a double sink/vanity, and new tile. Another option to consider, and one that will most definitely require a contractor, is adding a new bathroom altogether. Whether it is a full or a half bath, having that additional bathroom could be a great selling point for potential buyers.
Know the Difference Between Enjoyment and Resale
While there are plenty of projects that will increase your resale value, there are some that won’t. The key is to be able to recognize the difference between an improvement that will recoup the costs and one that is for your enjoyment. One such project is swimming pools; they are great for summer cool downs, outdoor lounging/meals, and exercise. However, they can be a hassle (and not to mention pricey) to maintain, and families with children might be worried about potential accidents. Yet another outdoor improvement to be wary of is extravagant landscaping such as fountains, waterfalls, and fishponds. Curb appeal is definitely important though, and minor improvements go a long way. Add some potted plants for low maintenance upkeep, keep the lawn mowed and weed-free, and stay on top of leaves and limbs. While you can certainly turn your yard into a colorful explosion of flowers and plants, some buyers will only see time and water wasted, so make sure you are doing it to appease your green thumb rather than raise your resale value.
Making a profit from your home is a lot easier than you might think. Focus on areas of the home that get the most use such as the kitchen and bathroom. However, be sure you don’t get carried away on projects that impress you more than they impress potential buyers. Your home is your happy place, but know the difference between improvements that add resale value and ones that you want just because.
Seth loves hands-on DIY projects and sharing what he has learned with others. He first got into doing DIY projects to save money, but over time he has developed a real passion for this hands-on, intensive work.