Whether you’re planning a few DIY renovation projects in the backyard to improve your outdoor space or a major overhaul to boost square footage and pad your investment portfolio for when you’re ready to resell, there is no wrong time to add value to your home. Making changes to your residence, big or small, has the ability to greatly benefit the worth of your home. According to Remax, if you were to make certain modifications to your home, especially major repairs to windows or the roof, you can expect to recoup what you spend on the work plus add significant resale value to your home as well. When it comes to ideas on how to boost the earning potential of your abode, it helps to listen to the experts.
Designer, entrepreneur, and HGTV personality from the hit show “Extreme Makeover: Home Edition,” Breegan Jane, has some incredibly intelligent ways for you to revamp your home and increase its value. Although the thought of going through major or minor home remodeling may send you into a panic, Jane takes you step by step through which specific transformations can bring about major benefits. Let’s take a look at what advice she has to share.
Choose your upgrades with care
It helps to know what potential buyers are looking for, especially if you’re making changes to your home in order to bump up the resale value right away. Designer Breegan Jane explains via her website that homeowners should “upgrade elements in your home that are in high demand in your particular market.” She goes on to explain that before you start making decisions on what to upgrade first, pay close attention to the real estate market in your area and what buyers are listing as their top priorities for a new home. It’s also beneficial to talk to your real estate agent or even a mortgage broker to see what specifically you can improve in your home that will make the most impact on the value of your property.
With most homebuyers, a decision on whether or not they’ll even consider purchasing a home can come at the first glance, according to CNBC. If curb appeal is what is drawing buyers in your particular market to snatch up new properties, then it might be better to spend your time on exterior cosmetic fixes as opposed to digging a new pool. A fresh coat of paint on your front porch, simple landscaping and tidying up of the lawn, as well as upgrades to the home’s siding and driveway layout could be all it takes to put you ahead of the competition as well as add major bucks to your asking price.
Focus on remodeling kitchens and bathrooms
Among the most important rooms to renovate in order to get the most value for your home are the kitchen and bathrooms. These areas are highly used and where many families spend their time, so it pays to make the most of these spaces and ensure they look their best. Breegan Jane explains that when these rooms are done right, they can be very appealing to home buyers and create a great first impression. “Ready-to-go renovations add instant value to a home,” Jane says via a blog post on her website. “If the kitchen isn’t move-in ready — it can often make or break a sale.” Remodeling your kitchen not only makes your home more attractive to homebuyers, you can expect to recoup up to 80% of the costs of the work along the way, according to USA Cabinet Store.
Also, adding an extra half bathroom in the basement can be reasonably affordable and become a bonus when families are looking for new dwellings. Family homes are always in demand in the United States, not only for the growing household that needs more space but also for people looking to rent them out for investment opportunities, as per CNN. It could be well worth it to focus your efforts on upgrading your kitchen and bathrooms first.
When in doubt, look to appliances and flooring
Another easy way to add value to your home is to upgrade your old appliances and floors. Since first impressions are key to reselling, there is no greater eyesore than outdated grungy stoves and dishwashers as well as ragged stained flooring. With regard to your appliances, there are some that are worth the splurge. If you’re going through the trouble of switching them out, don’t settle for low-quality replacements. “Always work to purchase better quality appliances than what you had previously,” advises Breegan Jane (via her website).
A more lucrative payoff could be to replace or refinish the flooring in your home. “By and large, most people highly value hardwood flooring, as many homebuilders are moving away from installing carpet,” Jane says. “It’s a great investment and option for increasing your home value.” This could be as easy as sanding your existing hardwood flooring to give it a fresh finish and make it look brand new, or upgrading from carpet to either tiled or hardwood floors. Putting in new wood flooring averages around $5 to $10 per square foot and gets you a return on investment of up to 80%; alternatively, adding new carpet at around $6.50 per square foot may only get you 40% on your ROI, according to Realtor. These touches can help to revamp your home while you live there and add more value to your real estate portfolio.