Are you considering selling your home? If so, you’re probably wondering what home improvements will add the most to your home value. Here’s a breakdown of some popular home improvement projects and their potential resale value impact.
Before we dive into all of this, we just want to remind you that you should always consult with a financial and real estate professional before making financial decisions related to buying or selling real estate-like taking out a personal loan, home equity loans, paying cash for improvements, doing a cash-out refinance, etc.
A Finished Basement
Finishing a basement is an excellent investment for homeowners looking to increase their home’s resale value. Not only can adding living space improve the home’s aesthetics, but it also increases square footage that could put you ahead of other sellers – all without making major renovations elsewhere in the home. In order to have efficient airflow, natural material flooring is recommended, like cork and bamboo, as well as low VOC paint for brightly colored walls. With thoughtful touches like these, any potential buyer will be thrilled with your finished basement!
More Bedrooms and Bathrooms
If you are considering putting your home on the market, a few home improvements have proven to create the greatest resale value impact. One of those upgrades is adding more bedrooms and bathrooms. Studies show that homes with an increased number of bedrooms and bathrooms can lead to large returns on investment – a fact not to be neglected when attempting to improve the monetary worth of your house! The national average cost for these improvements tends to yield around 15% combined profit for homeowners. Furthermore, by adding these extra rooms, you will also make your residence more desirable for prospective buyers. So if upgrading for resale purposes is what you have in mind, increasing the number of bedrooms and bathrooms is a smart way to go.
One way to check how much additional bedrooms and bathrooms could fetch you in your current local market is to get a free home valuation from a trusted real estate expert like Tracy Alford. She offers free home valuations, and you can inquire about getting yours within seconds by inquiring through her website. If you’re thinking of selling but aren’t sure where to start, start here! Before you do a cash-out refinance, get a home equity loan, or take out a personal loan, strategize with a local expert about how to best increase your home value.
Kitchen Remodel
A kitchen and dining room remodel, or just a kitchen remodel, is a great way to boost the value and style of your home. By planning ahead, selecting cosmetics that will stand the test of time, and consulting with experts in the field, you can create a custom kitchen that demonstrates your personal tastes and adds tremendous value to the market for potential buyers. From clever storage solutions to modern appliances and a fresh coat of paint, upgrading your kitchen is something all homeowners should consider if they want to increase their potential return on investment when selling.
New Flooring
New flooring is an investment that can pay off when reselling your home. Whether you choose hardwood floors, tile, or vinyl, all types of quality flooring typically add significant value to the property. Plus, new flooring gives a refreshed look to the whole house and will make a great first impression on potential buyers. If you’re considering a home improvement project and want to boost your resale value, installing new floors is worth considering.
Energy Efficiency Home Improvements
Thinking about selling your home? Investing in energy-efficient upgrades can provide a great return on investment! Not only can it decrease your utility bills and help the environment, but energy-efficient upgrades commonly have a positive impact when it comes time to sell your home. Window panels, energy-efficient appliances, better insulation, LED lighting, and solar-powered water heaters are all great investments that could potentially add value to your home. They’re always worth considering if you’re trying to boost resale value!
Get Started Today!
While these home renovations can add tremendous value to your home when you want to sell, it is important to find the ones that will impact your situation the most before you fork out a few thousand dollars on something that, while it may increase curb appeal, it doesn’t pay for itself in the sale. Some people get tempted to fix all the eyesores, like a dented garage door or a cracked sidewalk, but these may not be the best use of your money. A qualified real estate expert will be able to help you determine how much each improvement may impact your resale price. Maybe a new bathroom could give you a lot of bang for your buck, or perhaps adding an additional bedroom would make the largest difference in value.
Contacting local real estate expert Tracy Alford is key, as she can help you assess which home improvements are best for raising your home’s resale value. Additionally, with her expertise and knowledge, she can help you budget accordingly and ideally plan out which improvements should be made first to get the most value out of your home. Don’t delay this important decision. If you’re considering selling in the near future, know that the future is now!
