There are many reasons to upgrade your home, including personal taste, greater functionality, and increased efficiency. However, with any home upgrade, it is important to know which improvements are for your enjoyment only, and which will increase your home’s value. Here are 8 of the upgrades that will give you the most return on your investment.
One of the first questions a prospective home buyer will ask is, how old is the roof? This is because it is quite expensive to replace a roof. If the roof of your home is nearing its expiration date, especially if it is showing signs of excessive wear and tear, then the cost of a new roof will likely be deducted from the sale price of the home. It is certainly a bonus for a home buyer to hear that your roof is relatively new.
Most professionals agree that replacing siding is probably the most profitable investment you can make into the resale value of your home. Generally speaking, installing upscale siding will give you about 80% return on your investment. Upscale siding includes fiber-cement and vinyl siding. But selling a home is not just about the dollar value of each distinct part. Home appraisers consider the general condition of the home when determining value, and a worn-out exterior is a major defect. Curbside appeal is another crucial selling point. Upgrading your siding will influence how your home looks, and that first impression is critical.
The bathroom can be a major turn off or a key selling point for potential homebuyers. People are looking for a highly functional, modern, and attractive bathroom. No remodeling project will give you 100% back on your investment, but bathroom upgrades can be heavyweights in this regard. For a bathroom to become a selling point, it should be fitted with eco-friendly plumbing, a walk-in shower encased by glass doors, a modern vanity with storage, trendy embellishments such as a tile backsplash, updated fixtures, and it will feature soothing colors and a relaxing vibe.
The kitchen is an area where upgrades are not only desirable but expected. The kitchen is the heart of the home and is often visually central to the entire house. Everyone has come to expect certain upgrades, and an outdated kitchen will be a major strike against your home for potential homebuyers. You will need to make an honest assessment of your kitchen and replace anything that is obviously dated or damaged. This includes appliances, flooring, lighting and plumbing fixtures, paint color, and cabinetry. Your cabinetry should not only be attractive, but it should also be highly functional. For example, roll out shelves minimize frustration when you need to grab ingredients from your cabinets.
Old carpets are generally threadbare and stained. High traffic areas become worn down, and no amount of shampooing will restore the volume. Similarly, hardwood floors can become scratched and lackluster. Dirty and damaged flooring can be a major turnoff for homebuyers, but new carpets and refinished or replaced hardwood floors are highly attractive. The condition of your home is a major factor in determining value, and your floors are some of the most obvious indications of condition. Replacing flooring is one of the most inexpensive ways that you can increase your home’s general appeal.
If your home is without a patio or deck, installing one is a great way to increase your home’s value and desirability. The more functional and attractive you make it, the more return you will get on your investment. You might consider putting in an outdoor kitchen or fireplace. Built-in fire pits and grills are popular. Pressed concrete is a good option for flooring, as it looks professional and is more durable than wood. Adding a shingled roof or even a simple pergola is an added bonus. Because an outdoor patio or deck becomes an extension of your home, it is a desirable upgrade that will increase your home’s worth.
Because the value of a home is mostly determined by its square footage, increasing your home’s square footage is an obvious way to increase your home’s worth. The simplest way to do this is to finish your basement. While not all homes are equipped with a basement, those that are will benefit greatly from taking the plunge and finishing it. An unfinished basement will not be counted in official square footage measurements, but once you finish it, you get to add all that space to the value of your home. In addition to the simple factor of numbers, you can add value by carefully considering how to use the added space. Home theaters and game rooms are highly popular, as are home gyms, home offices, and extra bedrooms.
Because curb-appeal is so vital, it will always increase your home’s value to spruce up the outside a bit. Landscaping projects can take a house from boring and forgettable to exciting and irresistible. They can start with a house and end with a little piece of paradise. Begin by keeping your yard weed-free. Trim and prune existing bushes and trees. Keep your grass mowed and edged. Plant ornamental shrubs and brightly colored flowers. Use paving stones to create height, add texture, and enhance interest. Strategically place accent lighting to add nighttime curb-appeal. Utilize tasteful planters and artistic elements. Consider hiring a landscape designer to transform your yard into something magical, and you could get a 15 percent increase in property value.
Many people wait until it is time to sell their home to complete needed upgrades and turn it into the house that they have always dreamed of having. What a tragic waste! Don’t let that happen to you. Overhauling your entire house at once is overwhelming and expensive. But if you update your home a little each year, you will soon have the house of your dreams. And you will rest easy, knowing that the money you put into necessary upgrades is an investment that will make a return through increased property value. Besides, you and your home deserve the very best!
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