For most people, your home is likely your largest personal investment. And while upkeep on your personal investments is generally a good idea, when it comes to home renovations, not all improvements are created equal. Some updates will yield a higher return on your investment and increase the value of your home. Some repairs are important and will help your home sell easily, but won’t necessarily increase the sale price. However, there are also improvements that are likely to increase the value of your home. Read on to learn about some of those improvements:
The kitchen is often known as the “heart of the home”. And that is because families spend a lot of time of their kitchens. So, when home shopping, home buyers are often looking for an updated kitchen. The more open and spacious the better. And, fortunately for your budget, according to the magazine Remodeling, a minor kitchen remodel typically yields a higher return on your investments than a complete renovations. Re-facing or repainting cabinets, new countertops, new appliances and some updated flooring can go a long way on recouping the money spent.
It may not give you the highest return on your investment, but bathroom remodels can certainly boost the value of your home. Bathroom remodels are also great renovations because they can be done relatively inexpensively. Re-grouting, installing a new faucet, a framed mirror, new lighting fixture, and a other minor tweaks can give your bathroom an instant facelift and create a beautiful space.
Another big way to increase the value of your home is to add finished square footage to your home. For example, finishing off an unfinished basement, adding a room in the attic, or even building an addition onto your home is a quick way to increase your living space and boost your value. If you’re able to go from a two bedroom to a three bedroom home, you’ll definitely see a bump in your investment.
Adding some more living space in the outdoors is also a great way to increase the value of your home. The addition of an outdoor space such as a deck can yield big returns. The average buyer these days looks for a home that offers space for entertaining. An open floor plan on the inside is equally important to having some space on the outside for guests and for family occasions.
There are also several minor updates that can recoup a high percentage of your investment. Replacing your entry door is one of them. Other small fixes include replacing your garage doors, replacing windows, caulking and repainting exterior/interior trim, repainting rooms, adding insulation, updating some plumbing, and cleaning your carpets. Any improvement that can make your home appear fresh and clean will increase the value and help to sell your home faster.
When it comes to home improvements, your choices are practically endless. Be smart about the investments that you make and easily increase the value of your home.
Need help with your home improvement projects? Contact Paulco Homes today!