Our guest author today is Ethan Griffin...
Everyone enjoys participating in a renovation project from time to time. If you are thinking about what your next one could be, make sure not to make the decision too hastily. It is now more critical than ever to know which upgrades will and will not increase the value of your property. After spending so much time in them, our homes have become the center of massive changes and re-evaluation. For example, home offices and outdoor spaces have become highly wanted features. Whichever home improvement you go for, you should consider hiring an agent. This is done to ensure that the agent values your home correctly.
Having More Usable Square Footage Can Increase the Value of Your Property
Increasing the amount of usable space in an existing home makes financial sense. This is especially true in areas where most available properties have finite land and space. An example of this type of area is a city with many townhouses instead of large lots with acreage.
The value and price of all homes largely depend on the livable square feet they contain. This means that the more livable square feet there are, the better. Adding a bathroom, a lounge, or any other needed space to a home can greatly increase its function and add value.
However, your only option isn't just building an addition. Adding some walls can also convert part of an oversized kitchen into a small pantry. If you do want to build an addition, however, the national average cost to build an addition is somewhere around fifty thousand USD. Of course, the actual cost varies greatly depending on the type of room you would like to add. For example, building a small laundry room can cost you as little as around eight thousand USD. But, building an entire master suite with a bathroom can go up to a hundred thousand USD.
Upgrade Your Curb Appeal
Even simple things such as power washing your driveway or hiring someone to wash your windows and mow the lawn can significantly impact your home's curb appeal. Improving your home's curb appeal can greatly increase the value of your property. After all, it is the first thing your future buyer will see about your home.
|As long as you don’t
go overboard, working on your home's curb appeal can greatly increase the value
of your property.|
Hiring a good landscaper can be of great help. However, even if you don't have that kind of money, you can work on it yourself. Adding plants or repainting your home's outside walls are just some great ideas. You could also refresh your walkway or mulch the lawn. It's important to know where to stop though. Too many features can put buyers off since it can look like a hassle for upkeep.
Replace the old front door
Another great idea for improving curb appeal is refreshing old front doors. A fundamental steel front door costs about a hundred bucks. However, if you add another one to two hundred to that, you can get a door with so much more character which is sure to improve your home's curb appeal. If you are not in a financial place where you can afford a brand new door, adding a fresh coat of paint or lacquer may be all you need.
Improve Outdoor Living With a Deck or Patio
If the pandemic has taught us anything, having a nice usable outdoor living area is very important. When it comes down to it, a deck or patio is the most popular choice for making such an area for yourself. Depending on the way it is made, it can be a place to dine with family, have a beverage after a hard day at work, entertain friends, or work outdoors for a few hours.
On average, having a deck in your backyard adds over seven thousand dollars in resale value. Building a deck will usually cost between five and ten thousand dollars, depending on the size and any additional features you might want. So, you can almost be sure that you'll at least break even if you do not see a positive ROI on this project.
Refresh the Look of Your Kitchen
Most of your future buyers will focus on the kitchen as the central feature of your property. This means that if yours is outdated or looks subpar, it will negatively affect the property's resale value in the future. Another essential thing to consider is whether you have maximized the utility of the space in your kitchen. Not being able to use your kitchen fully because of poor layout can be a big problem for your home's value.
|Find a good balance when redesigning your
kitchen. It shouldn’t look flashy.|
A clever idea would be to hire a home inspector
to do a check-up on the fixtures in your kitchen. Inspectors can suggest which areas of your kitchen need renovating. This way, you can avoid working and spending money on things you don't need. In case you feel like updating your entire kitchen is too big of an undertaking for you at the moment, a minor remodel could still help
your home's value. Things like new faucets, drawer knobs, and cabinet fronts in a matching style will give the kitchen a modern, cohesive look.
Work on Your Flooring
The ROI of updated flooring depends on your property's current condition and value. We can separate the value of upgraded flooring into three scenarios. First, if you have a low-end property, having lovely hardwood floors or good carpeting will only add value for house flippers, since it is less work for them. Therefore, renovating floors could help raise the value of your property, but it is a pretty big gamble.
However, having updated and beautiful floors could be why potential buyers choose your home over someone else's property if your home is mid-range. So, replacing worn-out flooring is an excellent idea in this case. Finally, if you have a costly, high-end property, replacing the floors will only be a waste of money for you. Most buyers ready to invest so much into a new home are also prepared to replace the flooring themselves.
If you decide on this home improvement, we have two main tips:
Since replacing floors requires removing everything from your home, including bulky furniture, it can be hard to find a place for all of it. Renting storage is a great solution
for dealing with bulky items during renovation. You can move your stuff there for a while and put everything back when you're done.
2. Lately, many more buyers prefer the look of luxury vinyl planks in gray or espresso to hardwood or carpeting. Thankfully, this is excellent news for you since they are much cheaper to buy and install
Install Small Features
There are plenty of small features and appliances which are cheap and easy to install that most buyers will appreciate. The most popular ones lately have been:
• Energy-efficient appliances,
• Programmable thermostats,
• Security cameras,
• Video doorbells,
• Wireless home security systems,
• Wireless smart home appliances,
• Smart lightbulbs,
• Smart home assistant speakers.
|From cameras to smart locks, people will value
any form of added security.|
Many of these can be DIY-ed, or you can install them yourself. However, if it seems too big of a job or you might fail to do it yourself
, make sure to call a professional who can help you.
While considering which updates are worth making for your home, your best bet is to think whether doing so will make your buyer see your place as somewhere they want to live. That is the best way to gauge which home improvements will increase the value of your property.
Ethan Griffin is a freelance writer at Heavenly Moving and Storage
. He enjoys spending time with his friends and reading poetry. He volunteers at a dog shelter and enjoys custom blend teas.