Renovations. Weekend Warrior Projects. Pinterest Craft? Whether a big scale or small scale – home improvement can always feel daunting. That’s why we’re talking about projects that boost your home’s resale value. Improve your home for yourself, but also, do so in a smart way that directly contributes to a higher resale value. Not planning on selling your house soon? Think about making these improvements to enjoy your home before you sell. Don’t find yourself down the road wishing you had done it sooner!
Update Kitchen & Bathrooms
Yes, kitchen and bathroom updates may not be what you’re wanting to hear – but as the high use, high traffic areas of your house, and a proven rise in home value: it’s worth the number one spot. However, keep in mind that you get more money back on an update than a complete renovation. According to Remodeling Magazine, “A minor kitchen remodel recoups 81% of its cost in added value on average, versus 53% for an upscale kitchen remodel with stone countertops, custom cabinets, and commercial-grade appliances”. For bathrooms, there is a similar outcome with Remodeling Magazine stating, “a midrange remodel — new flooring and a few updated fixtures — delivers a 70% return on investment, while an upscale bathroom remodel — heated flooring, custom cabinets, and designer fixtures — sees 56% on average.” According to NerdWallet, the overall potential bump in sale price is 3 to 7%.
Drawing in potential buyers to actually want to come into your house is a pretty important step of the buying process, and by really focusing on that curb appeal, you can (relatively painlessly and with a low budget), increase your home’s value. To start, give your front door a fresh coat of paint with a bold color that really pops. Because this is the focal point (not to mention, entrance), of your house, you really want it to stand out! Next, update your mailbox and think about the minor investment of nice house numbers to put on your mailbox or the front of your house. In addition, think about the yard. According to over the National Association of REALTORS, if you are planning on selling soon, any yard maintenance, “will reap benefits in your home’s selling price, usually 100% or more”. (Bonus: Add some potted flowers around the outside of your front door for an extra inviting feel!).
Work Your Floor Plan
Changing your square footage or floor plan may sound like the most involved project you could take on for your home’s value, but in fact – it could be as simple as reimagining space you already have to create more desirable elements for your future buyers. For example, buyers are loving “flex spaces” that can be used for home offices and dedicated laundry areas that are above basement level. Both of those could simply come from repurposing space that you already have. For more square footage, think about finishing your basement (remember, moderate renovation will have a better ROI than upscale renovation), or add on a deck if you have any easy space part of your house to add some decking.