6 Home Renovations to Increase Your Home's Value
When preparing to sell your home, deciding which or how many, if any, renovations to undertake is no small task. Not all renovations are worth the time, money, and effort in the long run. Before taking on a project, it’s important to know its cost vs. the projected value of your home. Here are 6 renovation projects that tend to generate positive ROI:
1. Adding an addition
Additional square footage will almost always have a positive impact on the price of your home. Any type of renovation, whether it’s an additional bedroom or an extension to the living room, will be attractive to potential buyers. Even completing a previously unfinished basement can raise the price of your home by adding additional “completed” square footage.
2. Redo-ing the kitchen
The kitchen is the heart of the home, so it’s important to keep it up to date and functional. Remodeling a kitchen can be a huge undertaking, but updated appliances within a functional layout will excite potential buyers and bring in offers. Even making small swaps like new faucets or touching up the cabinets can make a big difference.
3. Renovate a bathroom, or add one!
An updated bathroom is a major selling point for any home. Adding modern touches like new sinks and faucets, a rain showerhead, or in-style tile will add value to your home. If your house only has one bathroom, or one and a half bathrooms, adding a shower or tub to the half or adding an accessible half bath for guests immediately improves the home’s appraisal.
4. Updating the HVAC
Not all major renovations have to be cosmetic. Updating your home’s HVAC system is a great way to add value. The HVAC system is one of the most critical items to maintain. Nowadays, many younger buyers are unwilling to overlook old mechanicals. Replacing the HVAC before you list your home will keep you from turning away a demographic of potential buyers.
5. Refreshing the outdoor living space
Outdoor entertainment spaces are always an in-demand feature of a home, especially for families with children. No matter what your budget is, there’s some type of upgrade that can be done to your outdoor space. Whether it’s a major project like adding an outdoor kitchen or screening in the back porch or an additional as simple as upgraded patio furniture or improved landscaping, there is positive ROI in taking care of your outdoor space.
6. Updating outdated light fixtures
Switching out lighting fixtures is one of the most cost-effective ways to positively impact your home’s selling value. Outdated lighting fixtures can deter potential buyers, but new, bright fixtures can really capture their attention. Choose fixtures that fit in the existing space and bring brightness to the room. Updating outdoor lighting fixtures can be a great investment as well!