For a faster, more profitable home sale
Before you put your property on the market, it's a great idea to consider whether there are any improvements you can make to bump up its value. Some home improvements can provide a much greater return than others, and while others may make the property more aesthetically desirable, they might not increase your sale price.
When it comes to the property upgrades that require a bit of a bigger budget, here are 5 improvements that will actually increase the value of your home.
If your roof is missing some shingles, or they are curled up or buckling, it’s time to consider either re-shingling or completely replacing your roof.
The structural integrity of your property - or lack thereof if your roof is in a state of ill-repair - will make a considerable difference to the value of your home. If it feels like a big undertaking to you, imagine how it presents to a prospective buyer.
While you’re at it, you may consider going the whole hog and adding some solar panels. These are an attractive property addition to buyers, as people tend to favor them but not have the motivation to install them for themselves. The savings on energy costs can increase the value of your home.
While we’re on the subject of energy-savings, let's take a look at window and door replacement. Not only can new windows and doors vastly improve a property’s appearance, but they can also significantly improve the energy efficiency of the home. Old, worn and drafty windows can be a big turn off to buyers.
Replacing your windows and doors can be a sizable investment - potentially in the region of $8,000 - $12,000 - but, so long as you go for an energy-efficient option, it will not only increase the property’s value but save on heating and cooling costs, too. If you do this early enough, you can even begin to recoup some of the costs in your own energy bills before selling.
So long as your kitchen remodel is carried out in a cost-effective way, it should add value to your home, especially if the current one is in dire need of an upgrade.
Depending on the condition of your current kitchen, you may be able to get away with a partial renovation. This could include such things as a countertop replacement, refacing or replacing of cabinet doors and handles, adding a tile backsplash, upgrading appliances and/or replacing flooring.
If the kitchen is particularly old, outdated or has a significantly impractical design when it comes to functionality and smart use of space, it might be best to consider a full renovation. The benefits of tearing a kitchen out and starting from scratch is that the layout can be completely reconfigured, which can dramatically improve the space in itself.
Be careful to stick to smart, cost-effective choices when it comes to renovating for the purpose of selling your property - your personal preferences are irrelevant, and every dollar spent needs to be assessed based on its return value.
Bathroom renovations are similar to kitchen renovations when it comes to selling - potential buyers can certainly be put off by an old, worn out bathroom, and a partial or full renovation can certainly add to the value of your home.
A partial bathroom renovation could include replacing the vanity, shower tray, toilet or tub, adding or replacing tiling, repainting, replacing light fixtures, replacing the flooring, etc.
Again, if it is too far gone, it might be more efficient to rip it all out and start again. Energy-efficient upgrades are always a good idea when it comes to resale value and desirability, too.
As Realtor Darren Robertson explains, “The usable square footage of a property is usually an important figure that potential buyers focus on. Being able to significantly increase that figure by completing a space in your home that is already closed in is a no-brainer.”
Try not to get too ambitious regarding the use of the renovated basement design, as unnecessary plumbing and electrical additions can significantly increase your outlay, but may not translate in returns.
Make sure that you take care to properly insulate and have the area professionally protected against moisture - a bodge-job here will end up costing you far more than you will recoup.
So long as you tackle it smartly, though, finishing your basement can add to the amount of usable floor space and consequently increase the property value accordingly. You can easily jump online and see what properties in your area (with an additional room to your current room count) are going for.
It's surprising how many people get carried away with their renovations, even though they are for the express purpose of adding value for resale. So, make sure that you approach it with the attitude of considering every dollar spent as counting towards a financial return upon selling.
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