May 20, 2020
Home Projects that Do and Do Not Increase Home Value
Are you getting ready to sell your home? Or are you wanting to make some updates so that in the future you can sell? If you’re looking to increase the value of your home, there are lots of home projects to get started!
When making decision regarding home upgrades, it is vital to consider the market value of your home and those around you. How much is your house worth versus your neighbors? Check the market against your home’s current value, then plan renovations to ensure that you don’t lose money.
Some projects help to increase the value of your home, others might be nice, but don’t contribute to you making money in the long run. Check out these projects to do and NOT to do if you are wanting your house value to go up!
3 Projects to Do:
Kitchen & Bathroom Updates
The kitchen is still king and is one of the first home projects you should look to do! Buyers of all kinds want to see a move-in ready and updated kitchen. Bathrooms linger not too far behind. While you don’t want to rip the room down to their studs to redo, think of easy and cost-effective ways to add value to what currently exists.
A coat of paint can go a long way in making a room look nice and new. If your cabinets are in great condition but need some touch up, add some neutral color to them. If appliances or counters need updating, look for stainless steel and quartz. Buyers love to see uniformity! When making these changes, consider the rest of your house and your neighborhood. You don’t want to put so much money into the renovation that you don’t make back what you spend.
Modify floor plan
While many might say the best way to add value to your home is to add square footage, it isn’t always the answer. Many times, you have what you need already- it’s just a matter of making it work right!
This might look like removing a wall or two to open up the space. Many buyers like the idea of the house flowing together, instead of the rooms that are lived in, such as the kitchen and living room, being boxed off.
Curb appeal is always something that you need to move to the top of your to-do list! Landscaping is one of the best and most affordable ways to increase your home value. Plant native trees, young shrubs and annual flowers with perennial foliage.
Step-up the front porch game or paint your front door for easy ways to increase the value, and the looks, of your home. Consider the windows, the siding and the roof. While those home projects might take a bit more cash, would they help your home sell? Might be worth a shot!
3 Projects to Avoid:
In Ground Swimming Pool
While it is important to consider the curb appeal of your home, you don’t want to jump into projects that would cause the next homeowners to have a lot of upkeep. Many times, buyers are looking for low maintenance. If they want to jump into the big things- let them make that call! A swimming pool is a prime example.
Pools are tons of fun but require a lot of work to keep them up. This is one you definitely want to avoid! If you aren’t quite ready to move but want a pool for yourself, consider an above ground one or an option that is easy to be removed.
Some love sunrooms, some despise them. Maximizing your space is a great way to increase the value of your home, but not if might cause bills to rise in other ways! These rooms are typically beautiful additions to a home, but they don’t provide much insulation. This typically raises energy costs in the winter and summer and might turn away buyers.
This isn’t a one size fits all solution, however. Consider where your house is located, what is the attraction to the area, and the specific group of people that might be interested in buying your house. Sometimes a sunroom might make you more competitive if you live in areas like the beach or on a lake. Consider all of these things before adding it on. Make sure it won’t just be an attraction, but also a huge selling point!
A garage follows along the same line as a sunroom. It’s not that the additions themselves aren’t enjoyable or a likable room that families would enjoy, but that for what they cost to create they do not have much return of investment. There are times it would be a smart addition, especially if you figure to be in your house for a long time. But if you are just looking to spruce up your house to sell it- this might not be the best route to take!
As you can see, there are many options for ways to update your home to increase its overall value. There are also some home projects you could get into that might be a great addition, but that might not make you much in return. Consider that before you start making your “upgrade” list! As always, we are here for you. If you need help with your mortgage, let us help lead you to the smartest way home.