Whether you are looking to sell your home, or just want to ensure that you get a positive return on your investment for any home improvements that you do, it is worth knowing what type of renovation will benefit the market value of your property before you dive in.
The first step before investing any money into your property is to check the market value of the properties in your area. If properties in your area top out at $500,000, and your own property is already worth $450,000, then you know that any spend over $50,000 is likely to be lost when it comes to selling your home.
Update Kitchens and Bathrooms
Kitchens and bathrooms are notoriously high traffic areas, and any potential home buyers like to see sleek modern spaces when considering prospective new homes. This is not to say that you need to spend a fortune to have an impact on the value of your home. It has been found that simple updates will often achieve the most return on investment.
Consider replacing old vinyl countertops with granite or marble and make simple lighting swaps for an instant upgrade. A new floor can have a huge impact and replacing cupboard doors, or even painting the existing doors can also improve the overall look. Equally, modern updates to toilets and vanity units can have a significant impact and needn’t break the bank.
Look for Ways to Improve Energy Efficiency
Research shows that homes with high-efficiency air conditioning and heating systems and dual-pane windows generate a 5.8% higher selling price and will sell faster than homes without.
Consider installing a reliable system with a trustworthy company that can take care of all your heating and conditioning needs. Installing solar panels can also impact the value of your home, as well as cut down electricity bills, but make sure you are in an area that receives enough sunlight first.
Invest in Curbside Appeal
First impressions are important when potential buyers come to look at your home. A thorough clean up out the front of your house can make all the difference in making your home more appealing. Consider planting some native trees and spend time making your lawn look good. Keep shrubs neat and trim and consider planting flowers. A lick of paint on the front door can also make all the difference and is a relatively low-cost exercise.
Consider Adding Square Footage
Given that families will often consider a house that has too many bedrooms, but rarely will they consider a house with too few, adding an extra bedroom to your property will instantly increase the number of people who would consider buying the property.
A quick attic or basement conversion can be a simple way of adding more rooms to the property. It is also worth considering the trend towards modern open plan living. The removal of a wall to combine kitchen and living areas into one big family space will instantly make your property more appealing.