It’s no secret that sellers want to get the most value out of their existing homes or that sellers often turn to home improvement projects to increase the value of their properties. Not every renovation yields a high return when it comes down to accepting an offer. For sellers to get the best return on renovation investment, it is important to think about value vs. cost and avoid overspending. Take a look at these home improvement projects that tend to add value to a property.
- Update the Kitchen. Not every kitchen remodel needs to include brand new cabinets or granite countertops. Kitchen updates can often be among the more expensive renovations for sellers, so choosing projects and materials wisely is key in boosting the value of your property. Sometimes updating appliances or adding a window for more natural light can transform and update a kitchen just as well as brand new, high-end countertops.
- Update the Bathrooms. Bathrooms are a huge selling point for most buyers, and nothing turns a buyer off like an outdated bathroom. Taking the time to upgrade bathroom fixtures and amenities can really pay off for sellers. If you have the space and budget, also consider adding an extra bathroom.
- Set Aside a Home Office Space. With more and more Americans either working from home or bringing work home in the evenings, a home office is high on many buyers’ lists. If your home has some extra space not utilized for something else, consider turning that into a home office area. Just be sure that it does not feel cramped and there are outlets for computers and equipment.
- Finish the Basement. This is one of the best ways to increase the square footage and amenities in your home. The possibilities are endless with a finished basement – you could add bedrooms, a new bathroom, create a media room or game room, or turn it into a playroom for the kids.
- Natural Light and Open Space. Buyers don’t want to tour a home with small, dark, cramped rooms. Simply knocking down a wall can add value to your home by opening up the space. Larger, more open spaces, are easier for buyers to imagine living and entertaining in. Adding windows, sky lights, or vaulted ceilings also help bring more natural light into a home.
- Mind the Deck. Buyers really love indoor/outdoor space, so you don’t want to overlook your existing deck. If it needs repairs, it is a good idea to do it before putting your property on the market. If your home does not have a deck yet, consider adding one to increase the value of your home. Adding unique elements to the outdoor space or using high-grade materials for a longer lifespan also help decks add property value.
- Curb Appeals and First Impressions. The first impression a buyer gets from your home could make or break each potential deal. Make sure the exterior of your home is clean and tidy and consider painting the exterior if it looks tired and word. Make sure that outdoor garden and lawn space is utilized and maintained.