There is a definite art to home renovation and improvement projects. Creating a vision of how to transform a home is something that many homeowners enjoy doing. Implementing those projects can also be an enjoyable process as well. But, something that homeowners don’t always take into consideration is how these improvement projects can actually enhance their home’s resale value when it comes time to sell.
Now there are many market factors and fads that influence the price of a home, but there are some definite truths about how value of a home is determined and how much of an impact home improvement projects can have.
First, let’s talk about square footage. We all know that square footage has a huge impact on home price. The smaller the home, the less you will usually get when it comes to selling when comparing homes in the same area. This is because people know they will need room to grow in their home. Many times they are buying a home before beginning a family and are projecting how many rooms or how much space they will need as the years go on.
That’s why a home improvement project that can have a huge impact on the resale price is finishing a basement. This project basically adds more livable space in a home. In many cases it can almost double the square footage sending the home value skyrocketing. Not only this but a finished basement can add to the enjoyment of the home while you’re actually living in it by becoming a gym, or a home theater, a home office and so much more. In some cases, a finished basement can even be converted into a rentable unit, making it an income producing space.
Another way to add square footage to a home, if you don’t have a basement is adding a bedroom. A room addition with a bathroom attached will also hugely improve the resale value of a home. This is because you’re adding another bathroom without shrinking other rooms in the home to accommodate it.
The saying that “Kitchens sell homes” is one that all real estate agents have heard and can attest to. Kitchens that are done well can wow a prospective buyer and expedite the sale of the home. However, this doesn’t mean that homeowners should gut their kitchen and completely rework the space in order to see an increase in value. It’s important to know that not all kitchen remodels are created equal. In analysing the numbers, it is clear that high-end kitchen remodels rarely make a huge difference in increasing your homes’ values and they don’t have a huge ROI. This is because very few people actually need or want a full gourmet kitchen and don’t see the value in paying to get it.
So what will make a difference in terms of kitchen remodeling projects?
Well, giving your kitchen an update by adding a tile backsplash with the current style or replacing older countertops can really have a huge impact on the wow factor and the price. If the kitchen cabinets are worn out, consider painting them to freshen them up. These smaller projects can bring your kitchen in alignment with current trends that will appeal to people shopping for their next home.
Another type of home improvement project that not only helps your home sell faster, but also increases the sale price is anything that enhances your curb appeal. The first impression of the home is extremely important. As people drive up to the house, they want to immediately feel welcome. That being said, the landscaping should be well manicured but not overly complicated. Landscaping that enhances the style of the home and doesn’t look like it’s a lot of work to maintain is your best bet. Think, fresh cut lawn, hedges, and some flowers included for pops of color
In addition to the landscaping garage doors and front doors have a big impact as well. Giving the front door a fresh coat of paint or buying a more elaborate door design can “class up” the entryway. A new garage door also makes the home look well-maintained and secure which puts prospective buyers at ease about any possible problems with the home.