Even if you can’t see yourself moving in the near future, home improvements have an impact on your home’s value and appraisal. And the reality is that not all remodelling projects or upgrades will increase your home’s value enough to recoup the entire cost of the improvement. In some cases, although it will add great satisfaction to you and your family, an upgrade may not increase the value of your property and may even bring it down when it’s time for you to sell.
For example, putting a fresh coat of paint can go a long way in updating the look of your kitchen. Consider using low-VOC paint to make it more eco-friendly. Other projects may include replacing cabinet fronts with an updated style and adding recessed lighting to brighten the countertops. Also, small, inexpensive upgrades such as adding matching drawer knobs, cabinet pulls, and faucets can easily add a modern touch to the room but can have a big impact when it’s time to sell.
But if your home has only one bathroom, it might be better to spend money on adding a second bath or a half-bath rather than remodelling your existing one. A new bathroom will not only improve your home’s interior but can also raise its value. It might be less costly to convert any small or underutilized space, such as a walk-in closet, an area under the staircase, or an old laundry room, although it still depends largely on the items and accessories you will use. Yet, a half-bathroom is critical for homes without a bathroom on the main level, especially during this unique time where we have to keep germs from spreading into our home.
This way, even if you’re planning to stay in the home for a few more years, the extra space will be enjoyed and benefit your family. And once you’re ready to sell, having a versatile room that can be converted into anything will have a great appeal to prospective buyers.
Adding a deck is one way to upgrade your outdoor living space and increase your home’s value. While it can cost anywhere from $14,000 to $19,000 on national average, it can recoup as much as 72% during resale. Again, however, it still depends on the design and materials you use.
If a facelift is all you need, consider improving your deck or patio by adding small details such as decorative planters, lighting, and other features that will make it more attractive and also enhance your home’s curb appeal.
Kitchen and bathroom remodels continue to be the two of the best investments you can make in your home to boost its appraisal and resale value. These areas are where people spend the most time in their homes, so experts say you can almost always tell if money has been well spent or not. Also, whether your goal is to enjoy your home more or make the most return on investment when it’s time to sell, remember to never go overboard and never make a space fancier than the rest of the house or the neighborhood.
