One of the main benefits of owning a property is that the home itself increases in value over time. That means, granted there is no ’08-style fallout in the housing market, homeowners are building wealth the longer they sit with their home.
When it’s finally time to sell the home it can be for a huge profit. It makes sense that many homeowners want to capitalize on how much they might be able to make during this sale. House upgrades are the major way in which homeowners increase the value of their home before a sale.
What kind of home upgrades do the best at boosting the value of a property? Read on and we’ll walk you through what you need to know.
1. Remodeling the Kitchen
The kitchen is one of the most important pieces of a home. It’s likely the area that will receive the most scrutiny from buyers, each, in turn, imagining themselves trying to make a big meal in the space.
Updates made to the kitchen, by the same logic, can be a huge boon to your overall home appeal. According to research done by HGTV, work put into remodeling a kitchen space can expect to be recouped by anywhere from 60% to 120%.
Where should you put your attention when it comes to remodeling your kitchen? You can start with the basics. A fresh coat of paint, in modern shades, can do more from your home’s appeal than a completely-fancy (and expensive) re-design might.
Replacing the appliances in your home with new (and energy-efficient) models is another great way to snag the eye of buyers and increase the asking price for your home. These appliances will help you save money while you’re still living at home, and will help further line your pocket once you’re out the door.
Replacing countertops and cabinets is another strong idea for a kitchen redesign– just make sure that you’re not going overboard. If you pour a huge amount of money into your kitchen and make it far fancier than the rest of your house, you might turn people away instead of pulling them in.
It’s a mistake many homeowners have made and not one you want to find yourself in. Keep things consistent and you’ll be rewarded.
2. Add a Deck
One of the home renovations you likely hear a lot about is the addition of a deck. This is a sure-fire way to increase property value and it’s one of the reasons so many homeowners embrace the idea.
The other major reason, of course, is who wouldn’t like to spend the afternoon out on the back deck? Time spent outdoors is important for our mental health and providing a convenient space for new buyers will drive your home’s price upwards.
The cost of actually installing this deck will vary greatly depending on the particulars of each home. On the low end, you might be able to have a deck built for around $2,000 dollars. On the other end of the spectrum, it could cost you as much as $12,000. It depends on the size of your home, the geography, and a wealth of other factors.
You could always do the job yourself but remember that deck construction is not an easy task. You will need specific tools that you might now own, and failure to properly build the deck could result in injury to yourself or others later on. This might be one you might want to leave to the professionals.
If you do embrace the DIY ethos, it’ll be another good reason to have an inspector come look at your home prior to putting it up for sale.
3. Energy Efficient Windows
Energy-efficiency is on the mouth of all home buyers of the modern era. Homeowners want to both do better for the planet and keep their energy bill down in the process. That means if you’re home hasn’t been updated to be as energy-efficient as possible, it’s a lost opportunity.
If you still have old-fashioned single-pane windows in your home, one of the best renovation projects you can embrace is getting rid of them. Adding energy-efficient windows can cut down on drafts and wildly improve the heating and cooling of your home.
This could mean hundreds of dollars shaved off your energy bill at the end of the year.
Replacing all the windows in your home can be quite expensive but it is easy to recoup this money on the sale of your home later on. Getting energy-conscious is bound to increase your home’s value.
That’s not the only way to recoup this investment either. Installing the right kind of windows might make you eligible for a sweet 10% green energy tax cut from the federal government. You might also be able to get additional discounts from your state government depending on where you are located.
Last but not least, it might be worth reaching out to your utility company to see if the installation makes you eligible for certain credits. Many utility companies offer rebates and discounts for their more green-minded customers.
While installing new windows might not be the most exciting home renovation idea of those listed, it’s the angle that might be able to save you the most money at the end of the day.
These House Upgrades Will Increase Property Value
If you’ve lived in a home for many years, you might be thinking about the big sale you have on the horizon. How can you best increase the resale value of your home prior to when that day comes? The above home upgrades are some of the best options available to you.
Need more help during the sale of your home? Contact me anytime to schedule an inspection.