Spring is right around the corner which means the housing market is heating up and sellers are preparing their homes for the season ahead. During this time of preparation, you as a seller may be taking on home projects that will improve your home and its overall value.
Despite what you think, not all home projects result in increased home values. Some projects are more effort than they are worth what you will actually get out of it in profit. That’s where we come in to help. To get the most out of your efforts and budget, here are 6 home projects that add significant value to your home.
1.) Upgrade the Kitchen and Appliances
If there is one room in the home to focus on, make it the kitchen. To many, the kitchen is the heart of the home. If the space appears fresh and inviting with new renovations, it can drastically increase the value of the home. According to HGTV reports, you can expect to get back 60-120% of your kitchen investments. When it comes to kitchens, there are a few areas you will want to consider making improvements on:
- Countertops and Backsplash: Countertops set the tone for the kitchen. Opt for those with an earthy yet elegant look that will attract buyers. Natural stones like granite and marble are popular choices for their look and durability. If you are on a tight budget, consider laminate with natural stone patterns to achieve a similar look.
- Kitchen Cabinets: If you are willing to put in the wok, updating your kitchen cabinets can also pay off. Refurbishing your current cabinets is a great way to modernize the space. Repainting or staining the cabinets isn't too expensive. Don’t forget to update the cabinet hardware as well.
- Appliances: If your kitchen’s appliances are in serious need of an upgrade or you have the money to invest, it is definitely worth it. Appliances add immediate appeal for buyers. Because appliances are by far the most used feature in the kitchen, be practical when making your selections. Be sure to choose kitchen appliances wisely. Opt for energy-efficient appliances that complement the countertops and cabinets for a clean and cohesive look.
2.) Add a Bathroom or Make Updates
Outside of the kitchen, the bathroom is the next big focus. A few big bathroom updates to make include removing wallpaper and applying fresh paint, as well as replacing old outdated light and sink fixtures with more modern ones. If the floors are worned and stained, consider adding tile or vinyl tile to freshen them up the space.
Any home can benefit from an extra bathroom. If your budget allows you to add on an extra bathroom, expect to get back about 80-130% of whatever you spend. An unused closet or area under a staircase can easily be converted into an additional half bath. Of course, the cost of this project depends on the fixtures and features you use. If you are thrifty, you can easily find good deals on these bathroom items.
3.) Focus on the Home’s Flooring
The flooring in our homes experience a lot of wear and tear over the years. Depending on their condition, it may be time to pull it up and replace it with new. Hardwoods are a classic choice for throughout the home. It provides practicality and comfort while also warming up the interiors to create a more welcoming home.
If installing hardwood floors is not in the budget, consider installing them in the spaces that are most important such as the kitchen and main living area. Wood-like tiles and vinyl flooring also exist to help you achieve a similar look for a fraction of the price of real hardwoods.
When it comes to carpets, replacing them is not as profitable of an option as many buyers tend to replace carpets or switch them out for other flooring types anyways. Instead of installing new wall-to-wall carpet, focus on cleaning up the carpet you already have so that it is nice and presentable for buyers.
4.) Create More Space for Life
Your home doesn’t have to be huge to feel spacious. Add-ons to the home can be expensive and oftentimes not possible due to the lot the home sits on. However, that doesn’t mean you can’t open up the interior for a more spacious feel. Knocking out a non-structural wall within the home can be a great and relatively inexpensive way to create a sense of flow within the home. For just a few hundred dollars you can easily turn two rooms into an open living layout that will appeal to buyers by creating more space for everyday living.
5.) Maintenance Does Matter
While we often consider the more fun and flashier upgrades like new flooring and countertops, basic maintenance is just as important (if not more). Maintenance fixes like insulating the attic, repairing plumbing leaks, replacing windows, and inspecting the home’s furnace/septic can go a long way towards its value.
Buyers want a home that they can move right into with peace of mind that they, and their new investment, will be safe and secure for years to come. Many are willing to pay a bit extra for a home if they can be ensured that the place is up-to-date on all regular home maintenance.
6.) The Power of Curb Appeal
Don’t underestimate the power of curb appeal. Your home’s exterior is the buyer's first impression of your home. It gives buyers a preview of what they can expect inside. If the home’s exterior doesn’t appeal to them, they probably won’t be too interested in stepping inside. As a seller, those are potential buyers lost.
Luckily for sellers, curb appeal is one of the easiest home projects that adds significant value. Even simple solutions like weeding the yard, trimming the hedges, cleaning the gutters, and planting some flowers can present your home in a brand new light. If you have the time and budget to spare, a fresh coat of exterior paint and trim can brighten up the home and invite buyers to come inside.
If you are selling your home this spring or summer and looking to improve your home’s potential and get the most value, a knowledgeable realtor is just what you need. Our team at SimpleShowing has the expertise and commitment to ensure clients get the best exposure and deals as possible. Plus with our 1% listing fee, sellers can save thousands of dollars on their listing.