Not all home improvement projects add value to a home. Find out which worthwhile investments to make so you can get a great asking price.
Aside from beautifying your home and making a truly comfortable and ideal place to live in, home improvement projects can have a beneficial effect on its market value. However, some home renovations positively impact the value of your home more than others. For example, personal preference projects – such as swimming pools, home music studios, tennis courts, and basement game rooms, among others – will not likely have a huge effect on increasing your asking price.
If you want to make sure that your home improvements will increase your home’s value, you have to focus on these valuable investments:
Consider your home’s bedroom to bathroom ratio. For example, a four-bedroom, one-bathroom house will have a lower value compared to a four bedroom, two-and-a-half-bathroom house.
Upgrading the bathrooms
Your bathroom should be clean and induce relaxation. Check your faucets and sinks to make sure they are working properly and not leaking. While major bathroom renovations can be costly, it can also offer an excellent return on investment. However, even less expensive work can do wonders for your bathroom’s general charm. A good paint job, adding a new mirror and replacing sinks, faucets and light fixtures can go a long way towards making your bathroom look fresh and fantastic.
Remodeling your kitchen
First off, consider your kitchen space. Do you have enough space to easily move around and get things done? If not, what can you do about it? Next, consider the layout of your kitchen. Remember the work triangle principle, defined by the National Kitchen and Bath Association as an imaginary straight line drawn from the center of the sink, to the center of the cooktop, to the center of the refrigerator and finally back to the sink. This makes working in the kitchen flow more easily. After planning the space and layout, you can then move on to aesthetics, such as adding a backsplash, kitchen island and barstools, or changing the cabinets.
Updating the plumbing and electrical wiring
Most potential new homeowners will want to make sure that a home’s plumbing or electrical wiring are in tiptop shape, because really, there’s no use in investing in an fabulous-looking house if the more important components are in bad condition.
Restoring or upgrading the flooring
You would be surprised how important flooring is to potential homebuyers. In a survey conducted by USA Today in 2013 they determined that 54 percent of homebuyers are willing to pay more for a home with hardwood floors. IN a separate survey conducted by the National Wood Flooring Association in the same year, it was revealed that 99 percent of participating real estate agents believe that hardwood floors make homes easier to sell. In addition, 82 percent of the real estate agents who participated in the survey believe that homes with hardwood floors sell faster than homes without them. However, it is also true that the actual ROI on your hardwood floor will depend on your location and specific market.
Repainting your rooms
A fresh coat of paint can have a beneficial effect on your rooms. If you haven’t painted a room before, get advice from experts so you can avoid making mistakes. Never hesitate to ask for help with color choices as well if this is something that you can’t decide on.
Repairing roof damages.
It goes without saying that a damaged roof will bring the value of your home down significantly since potential buyers will have to factor in the cost of repairs into what they are willing to pay for the house. Make sure to perform regular roof maintenance to prevent water leaks.
Renovating the basement or attic.
Especially if you have a big basement or attic, it would be beneficial to finish it out, this way you can add livable square footage to your home and drastically add to its overall value. A renovated basement or attic can become a guest bedroom or family room. Make sure to secure the necessary permits and follow all the codes for this project, otherwise your efforts will be all for nothing. Also consider insulating your attic, since this is a pretty simple and easy update.