As a homeowner, you’re constantly thinking about what your home is worth–what you could get for your home if you sold it under current market conditions.
Hey, we get it! Your home was likely one of the biggest investments you’ve ever made (and will ever make) in your lifetime.
So, when you’re considering whether an expensive renovation or time-consuming project is worth it, it’s important to look at what it will do for your home’s resale value.
What do we mean? Think about it from a buyer’s perspective.
Some rooms are going to be better options for remodeling than others–like kitchens for example! Most buyers are suckers for a newly remodeled kitchen. While landscaping improvements and fixture upgrades are also what buyers look for.
Stick with us because we’re letting you in on which home renovations and improvements currently have the best resale value.
1. Bathroom Remodel
If you have a large remodel budget, a bathroom remodel could be your best bet when it comes to increasing the value of your home.
Master bathroom remodels especially, are at the top the list of best rooms to remodel often offering up to a 75% rate of return.
Keep in mind that energy efficiency is becoming increasingly popular as buyers are looking to save both money and the environment in the long term. Flow reducers might be a nice added touch to your shower or sink appealing to the buyers who are concerned with sustainability.
2. Kitchen Remodel
Experts categorize kitchen remodels as the best boost to your home’s value. It’s true, a beautifully remodeled, and up-to-day kitchen is a huge selling point.
The most valuable areas of your kitchen to upgrade include the countertops, cabinets, and appliances. While the most affordable options include changing out the backsplash, paint color, hardware, and lighting.
3. New Windows
Continuing on the higher end of the budget scale, replacing your home’s older windows with new ones will help to increase your home’s resale value simply by decreasing your utility bill.
Depending on the type of window and extent of the job, you’re likely to see somewhere around 80-85% rate of return. Avoid windows with fancy designs or shapes, as those don’t typically add any value–energy efficiency is what matters the most.
4. Curb Appeal
A buyer gets their first impression from the exterior of your home, so any improvements made to increase your home’s curb appeal can be beneficial.
Exterior projects can range in size and cost. Some choose to go as far as to replace their roof and siding, some simply hang decorations on their front doors and plant a few colorful flowers in the beds. In our opinion, anything helps when it comes to curb appeal.
5. Space Repurpose
If you’re willing to spend the big bucks, a basement or attic remodel can do wonders for both the square footage of your home and it’s value.
Buyers typically want to avoid having to do major remodeling projects, so the more you can do for them the more value they’ll see in your home.
Basement and attic remodels or second story additions typically yield a rate of return anywhere between 75-85%.
If you have a smaller budget, a fresh coat of paint throughout your house can drastically increase the look and market price of your home. Repainting is one of the easiest and most affordable renovations to do!
When repainting, keep in mind that homes with a consistent color flow from room to room, and homes with neutral and bright colored rooms are proven to sell the best!
7. Checking the Outdoor Areas
One last project to consider is creating an outdoor living space like a deck or a patio. Though it isn’t often cheap to complete, adding to the “livable” space of your home with an outdoor living space is sure to add value to your home in the eyes of a buyer.
Not to mention, a new deck is impossible for a potential buyer to forget when touring a home.
Now as a disclaimer we should say, that although these renovations are considered the best and have the potential for high ROI, nothing is guaranteed in today’s market. As with most investments, you assume some risk.
In today’s market, it’s more important than ever to price your home right. We know how to price your property to make sure it sells. Even if you’re just curious about your home’s value in today’s market, consider filling out this form for a free Comparative Market Analysis. It doesn’t hurt to know!