Your house is your home, but it’s also a financial investment, likely the largest one you have. It’s great to enjoy the look and feel of your home, but as a tool for your financial future, it’s wise to evaluate the dollars you put into your home as it compares to the value it adds.
When it’s time for upgrades, make the most of your home improvement pennies with these projects aimed at also increasing the bottom line.
The kitchen is the hub of any home. Activity revolves around this room more than any other. Inasmuch, make sure the kitchen makes a statement that’s clean, functional, safe, and inspiring. Even small upgrades to refinish cabinets or install new flooring can make a big difference.
However, if you’re in the market for a kitchen upgrade, doing a major upgrade will pay dividends when it’s time to sell, so go ahead and invest in quality countertops, fixtures, and appliances.
Change the floorplan if you need to for better workspace flow. Improve task lighting. Create accessible storage. An effective top-to-bottom kitchen remodel is expensive and inconvenient, but remember it’s an investment in your largest asset.
Next to a kitchen remodel, the bathroom is the second-best place to bankroll upgrades. Again, you can go with smaller updates like replacing the vanity, mirror, toilet, or fixtures. Or, you can redesign the entire space to add more square footage, install a larger tub or shower, or add a walk-in closet.
If your sinks and bathtub are in good structural shape, you can save money by resurfacing them. When working on a bathroom remodel, plan for the future with smart home features like lighting and showerheads.
If you have an older home, upgrading windows not only saves you money on your energy bill, it can save you from structural repairs caused by leaks. New windows also bring a fresh, bright look, especially if you increase the size of small windows or change the placement for better views.
4. Garage Door
Curb appeal is everything to a potential home buyer. It’s the first thing that draws them in to take the tour, and the garage door is an essential component of that first impression.
As a functional unit of your home the garage door needs to work efficiently but don’t overlook the bump in value based on the replacement you choose. Go with a striking door to make a statement from the first moment the home comes into view.
Most additions will add value to your home, as long they are well constructed and have the proper permits when being built. Additions such as a garage are functional and used by all types of home buyers so they add value.
Constructing another bathroom or bedroom in a home with only one or two will likely pay you back too. However, more eclectic add ons like a darkroom, wine cellar, movie theater, or fourth bathroom may not see the same return on investment.
The outdoor space can also add value to your home. Potential buyers want to see the possibilities for entertaining in the backyard. Therefore a patio, deck, or paver-stone sitting area can all bring value to the space.
Place decking near the kitchen or other door that leads to the exterior of the home. Make sure it’s large enough for furniture and is properly constructed for durability.
In contrast to an addition, which actually adds square footage to the home, a conversion simply uses the space in a different way. A conversion can include finishing a basement in order to use it as a family room, gym, office, or additional bedrooms.
Converting a third garage bay into a room is another example. If your home is missing a key space and has an awkward area that could be used more efficiently, converting it can be a valuable investment.
There’s a reason the phrase, “mature landscaping” is often included in home listings. It’s nice to have a low-maintenance yard that is inviting and relaxing. Potential buyers will notice and, in addition to adding to the curb appeal, may be just the finishing touch that motivates a sale.