Need a Home Value Boost? Try These Renos!
Looking to increase your Home Value? Lovely! One of the best ways to do so is with a Renovation project. Upgrading your home can increase buyers’ interest in your property and potentially cause its Equity to rise. So what Renovations should you take on? Here are a few ideas to get you started…
Who would buy your home?
If you live in a 1 or 2 bedroom condo, within a business district, chances are you’ll probably attract a couple or single person. Do you have a larger home in a residential neighborhood? The odds of drawing-in a family are greater. So consider what Renovations you’d take on that would appeal to your potential buyer. IE Increasing the size of your kitchen may be more alluring to a family. Whereas a “man cave” room can appeal to a single male professional.
Add some square footage!
An addition can dramatically increase the value of your home! One of the first aspects of a home that potential buyers consider is the home’s size. Just adding one bedroom or an extra bathroom can make the difference; According to the National Association of Home Builders, reports that adding a half-bath to your home increases the value of an average home by 10 1/2 percent. Adding a full bath boosts the value by 20 percent. This figure holds true when the number of bedrooms and bathrooms are equal before you make the addition. You can also convert existing space (usually attics, garages, or basements) into additional living areas as well.
Simplicity may be the key!
Sometimes simple & affordable Renovations can make a HUGE difference. A fresh coat of paint, some decorative ceiling tiles, new flooring and/or carpeting, and even new appliances (dishwashers, stoves, etc.) can go a long way in increasing Equity & Home Value. Another aspect, often overlooked by sellers, is how much light exists in the home. Rooms that are too dark, not only look dreary and depressing, appear smaller. Add light by installing and/or cleaning existing windows.
Considering a kitchen or bathroom makeover?
If you already have nice cabinets, you may want to have them refinished or re-painted. Cabinets may appear as brand-new which can really make the room pop! Also, there are companies that specialize in selling recycled kitchens and bathrooms (And sometimes you can just buy parts of them ala-carte.). They’re often recycled from upscale homes; Meaning, you can get a luxury kitchen or bathroom for a fraction of the price.
Enlarge your kitchen with a side-return
Okay, so you’re probably asking yourself “What is a side-return?” A side-return is a hallway that runs along the side of the kitchen and is often used for extra counter space and additionals cabinets and pantries. It also increases the overall size of the kitchen and can add about 15% value to your home! Click here to learn more…
An open floor plan
Although you may have more rooms, sometimes the feeling of being “boxed-in” can outweigh the benefits of having an open floor plan. By taking down those non-load-bearing walls, you can create a larger more open space that is appealing and inviting to potential buyers.
That extra “rainy-day” room
Along the same lines of the “add some square footage” section but with different intentions; we all need our own personal cubby space. An additional room (even a small one) can benefit many of today’s busy buyers; Whether it’s a meditation room, an office (cause let’s face it, remote work is becoming more common), a man cave, a lady cave, or even a child’s playroom this addition can be a life-saver!
Don’t forget the exterior! Exterior window boxes and shutters, when added to your windows, can increase your curb appeal- adding a LOT of Home Value. Other little things like re-paving your cracked driveway, some exterior paint, fixing those broken steps can really help add Equity to your home.
Okay, this may sound silly, but just staying on top of maintaining your home is a reno in itself. Mowing your lawn, planting flowers, making repairs as needed will help prevent small problems from becoming larger & more expensive issues down the road (and will increase your selling potential). Maintenance can have a positive effect on the overall appearance of the home while helping its functionality.
Need some cash to do these Renovations? Considering refinancing with a cash-out option. Learn more here.