Renovating a house is both costly and time-consuming. We hear this all the time, yet flippers know how to make a profit in similar circumstances. Why?
It’s simple, they know which improvements are worth it and how to execute. Before you begin your next renovation project, it’s essential to know which improvements will have a positive impact on your home’s value. You can renovate any part of your home, but some projects yield higher ROI than others. Each improvement takes a certain amount of time and money to complete. Not to mention, some renovations may be more expensive than others, but don’t have the ROI you’d expect. Here are six ways you can instantly improve the value of your home.
Renovate your kitchen
Kitchen upgrades are in high demand for buyers. The top reason (32%) to take on a kitchen overhaul was the desire to upgrade worn out surfaces, finishes, or materials.
Even a minor kitchen countertop upgrade can recoup 77.6% of what you spend. However, this can be much higher by understanding the area around you and seeing what other homeowners are doing. By studying area comparables, you’ll see that certain neighborhoods warrant certain upgrades. In other areas, those same changes may not be worth it.
New light fixtures (with LED bulbs) are wonderful for highlighting your floors and countertops. Other simple upgrades to your kitchen may include new blinds, curtains, and even open shelving. Be sure to look at trends in your area and see which upgrades are getting the best prices.
Renovate your bathrooms
Renovating your bathroom is a surefire way of increasing home value. Buyers are looking for updated bathrooms and you can start with budget-friendly upgrades. Bathroom renovations have a cost recovery of 71% according to this report. A cost recovery is the money recouped after renovation expenses. Even small improvements such as extra storage in the form of bathroom cabinets is attractive to buyers. Consider affordable tile, faucet swaps, and a new vanity as other fantastic bathroom renovations.
Add curb appeal
First impressions are critical to homebuyers. You can improve the value of your home just by making some quick exterior upgrades. Investing in solar light posts, painting the front door, and installing shrubs are not only quick improvements, but they are affordable. A landscaping service keeps your yard tidy and you can powerwash your decks and house for a pristine look. If you want top dollar for your home, upgrading both indoors and outdoors makes a huge difference.
Painting your home is easy and cost-effective. It’s also a great first impression that provides your home with a fresh look, no matter where you paint. Painting can be applied to any bedroom, kitchen, or bathroom and it can instantly add value. Scratched or nicked cabinets can benefit from a fresh coat of paint instead of replacing them. This saves on the cost of starting over.
To cast the widest net and appeal to the largest buyer pool, stick to neutral colors. Stray away from deep personalization to help homebuyers visualize better. Some trending paint colors include:
- Muted blue
- Black & white
Homebuyers are looking for environmenaly friendly features. 63% of people said that energy efficiency promotion in listings was very or somewhat valuable, and why not? Going green cuts down on utility costs and it makes a positive impact on our planet.
Keep an eye out for Energy Star products and start replacing a few traditional appliances around your home.
Energy-efficient water heaters are a great place to start — they could be gas, solar, or electric. Water heaters alone could save you over $3,000 over the lifetime of a unit. Additional energy-efficient appliances to consider include:
- Light bulbs
- Heat Pumps
Find Ways to Create More Space
According to this report, homebuyers are looking for finished space more than ever before. Buyers want a median of 2000+ square feet which is 8% higher than the 1,877 square feet that they currently have.
The key here is to focus on the basement even if your home doesn’t have that much space. The basement is versatile and can be converted into an entertainment center, home office, home gym, or children’s playroom. Finished basements increase value because it creates a normal liveable space, it’s customized, and your home will be closer to move-in ready status.
Handling Your Home Value
There are a wide variety of ways to add value to your house. Some are more costly than others or require a greater time commitment. If you can’t manage home renovations and improvements on your own, you can always call a professional to assist in the process.
At Revive, we handle your renovations and have the network to help you with project management, budgeting, and more to maximize the value of your house before selling. By working with the pros, you can sell your home faster and get maximum value when you close.