Increase the resale value of your home with these 6 renovation ideas
The housing market is on fire right now. Sellers are making a substantial profit as homes are incredibly competitive and are selling for higher than their current value.
If you’re in the market to sell your house, you’ll still want to consider making home renovations for a fast sale and a high return.
Here are 6 improvements to make so you can increase the value of your home.
1. Enhance The Backyard
Creating a functional backyard increases the overall living space that’s available to the buyer. The more space, the higher the selling price. You can easily do this by providing simple and affordable enhancements such as outdoor dining or kitchen area.
Outdoor kitchen costs are much lower than they used to be. Many come in prefabricated kits you can build yourself.
2. Give The Walls a Fresh Coat of Paint
One of the cheapest ways to increase the value of your home is with a fresh coat of paint. All of the walls within the interior, as well as the exterior, should be completed before putting the house on the market.
Make sure when deciding on colors that you’re using more neutral tones rather than something overly eccentric. The rooms need to be versatile so the potential buyer can envision what they want the space to be, yet feel bright despite the amount of natural light that’s within the space.
3. Improve Your Kitchen
The kitchen is one of the most important elements to improve when selling your home. It’s a communal space that people spend a large majority of their time in when they’re at home.
According to Better Homes and Garden, a kitchen remodel can recoup upwards of 52% of your original investment when selling your home. However, it’s important to take into consideration which elements are going to give you the highest return.
For example, spending money on replacing cabinets or adding a backsplash with a more modern appeal is more affordable than replacing all of the appliances, but can offer a higher return based on your initial investment.
Think about what the most critical elements are for your kitchen renovations when taking into consideration your overall remodeling budget.
4. Window Replacements
Much older homes probably don’t have efficient insulation or upgraded windows. Single-pane windows can make the entire house much colder during the winter months while also dramatically increasing energy bills.
To make the house more energy-efficient, it might be a good idea to consider replacing your windows with double-pane windows instead. It’s definitely more of an initial investment but will pay off when you go to sell the house.
5. Create a Smart-Home
Technology is changing the way homes are being built. People are looking to buy something that offers a sense of ease and safety. Creating a smart home doesn’t mean you have to spend thousands of dollars on enhancements.
Simple things like installing automatic lights or replacing old thermostats with smart ones are affordable enhancements you can make to the house.
6. Replace Carpet With Hardwood or Laminate Flooring
Carpet is now seen as being dated. More people are looking for homes that offer vinyl, laminate, or hardwood floors throughout the house. Not only does it provide the appeal of luxury living, but it's also substantially easier to clean and maintain.
You don’t necessarily have to upgrade every single room. Focus more on the primary communal areas such as the living room, kitchen, and dining areas.
Summary
Home renovations that increase the value of your home can be as simple or elaborate as your budget permits. Small enhancements, such as smart lighting throughout the house or more complex improvements like improving the backyard landscape, will each make their own impact on your listing price.
Look over your budget at what you can realistically put towards your renovations and start narrowing down the areas that need the most attention. And don’t forget, a fresh coat of paint will always be the most affordable way to increase the value of your home.