Home Reno Projects
Sep 4, 2020
Home Renovation Projects that Maximize Your Home's Resale Value
If you've got the itch to make some changes inside your home, you are not alone! Home renovations are on the rise as families are spending a lot more time at home and noticing new things that would improve their joy and their home's functionality.
Before deciding to drop lots of hard-earned cash on a renovation project, most homeowners also want to know what renovations are likely to see the largest return on investment when it comes time to sell their home. We've put together a list of eight renovations that typically show the highest return on investment based on our years of experience in real estate.
Remodel Your Kitchen
If you've spent any time watching home remodeling shows on HGTV, you're likely heard the phrase "kitchens sell houses." One of the best ways to transform your home, increase value, and make potential buyers fall in love is to update your kitchen.
Many families believe that the kitchen is the heart of the home, so they want it to function well, have plenty of space and look beautiful. A bright kitchen is important to many buyers, so choosing some lightly colored elements like cabinets, counters, or backsplash will enhance the natural light coming in the windows.
If you don't have the budget to afford an entire kitchen remodel, upgrading your appliances is a good place to start. New appliances will use less energy and help you (or a potential buyer) save money on utility costs. They also instantly transform the look of your kitchen and make it look newer.
Add A Deck
Indoor/outdoor living has become a very popular term in the world of real estate. Today's buyers are looking to extend their lifestyle outdoors - relaxing, cooking, and enjoying family time in their yard.
One way to increase your home's value and appeal to potential buyers is to bring what you love most about the indoors, outside. Adding an inviting deck is a great way to extend your available living space and show potential buyers the lifestyle they can have in your home. If the design of your home is not suitable for the addition of a deck, a great patio or porch will do the trick.
Open The Floorplan
If you are ready for a major renovation to your home, opening your floorplan up to increase the spread of natural light and overall functionality will make an enormous difference for both your family and potential buyers in the future.
If you've seen nearly any show on HGTV, you know that the vast majority of today's buyers are looking for an open concept floorplan with sight lines between the kitchen and main living space.
This is a costly renovation, but it will also bring the most potential return on your investment when you are looking to sell, all while improving the function of your home for your family while you are still residing there.
Fresh Paint and New Baseboards
It's incredible what a fresh coat of paint can do to a home! Sticking with light, popular, neutral colors, particularly in the grey family, will help buyers see themselves in your home.
Today's buyers value natural light and brightness, so they will often want paint that contributes to that goal. Having your home already painted in these popular colors may make buyers more eager to make an offer because it is less work that they will need to do once they take possession of the home.
Similarly, new (or freshly painted) baseboards can really transform a room. Being so low to the ground, baseboards typically collect dust, dirt, and debris that can take away from the brightness of their color and the bold statement they make.
Upgrade Your Garage Door
The simplest and most inexpensive renovation on this list that will increase your home's value is adding a new, beautiful garage door.
There are two main reasons why a new garage door will add to your home's value. First, a new door will provide higher quality insulation, keeping your garage cooler in the summer and warmer in the winter, which, in turn, will make your home easier to heat or cool. Second, we have the aesthetic piece. A new garage door can greatly update and change the appearance of your home.
We've talked about curb appeal (link to curb appeal post) several times before, and this is a great way to increase your home's curb appeal and scratch that renovation itch at the same time.