Increasing the value of your property depends on many different factors. Sure, the depreciation is working against you and the neighborhood is something that you can’t affect, however, through home renovation, you can make a world of difference.
Still, even this is not a simple task. Some projects add a great increase in lifestyle quality but are not necessarily great for the resale value of the place. So, you need to figure out exactly what you want from this place.
Also, you need to understand that some of these improvements aren’t necessarily effective as stand-alone features but would require an additional project. All in all, here are the top five home renovation ideas with the power to drastically boost your property value.
1. Entertaining deck
The first thing you can do is add some value to your home’s exterior by adding an entertaining deck. What makes this idea especially valuable is the fact that you can choose the amount of works that takes place here depending on your budget/ambitions.
For instance, you can just construct a deck and add some seating but you could also take it a step further. You could erect a roof structure, add a shade sail, make a screen overgrown with vines, add an outdoor carpet, etc. Some people even go as far as to cover this exterior area and add a hot tub. Keep in mind, nonetheless, that if boosting value is your main objective, investing too much usually doesn’t give stellar ROI.
2. Kitchen remodeling
The kitchen and bathroom are two areas that people will visit first when they decide to check out your home. Remodeling the kitchen is an easy way to increase the value of the place but in order to stay on the safe side ROI-wise, it is important that you avoid doing anything drastic.
Kitching islands are great for those who want to remodel their own kitchen but the cost to install them usually won’t be covered when you decide to sell the place. However, replacing the dishwasher and restoring the flooring in your kitchen can add a disproportionately large amount of value. Furthermore, it is usually a good idea to do some work with the lighting of your kitchen. This alone will make a big difference in the overall impression that the area makes.
3. Add windows
The majority of construction projects are not worth it but adding windows may just be an exception to the rule. According to expert home builders, adding windows can make the place a completely different look. Just keep in mind that an external window affects more than the lighting structure of your home. It also changes the energy efficiency of your home. This is why it’s especially important that this is done by professionals.
Keep in mind that with every window installation, you also need to worry about new blinds and curtains. These simple design tricks may not sound like something too big but they should never be neglected. Just make sure that you take the rest of your home into consideration while doing so.
4. Warm and inviting living room
When selling a home, you’re actually selling an idea. It is incredibly important that a person can immerse into living here, which is why you need to make a homely atmosphere. This often goes beyond mere decoration of the place. What you need to do is attack all senses at once. For instance, artisan scented candles are relatively cheap but they can make the place feel like home.
Keep in mind that you also want to appeal to the tactile senses. So, add a rug and try to decorate your home with more fabric. Change upholstery on your furniture and add more cushions. Finally, you may not even need to make any kind of investment in order to change the layout of the place. Simply move some furniture around in order to let more natural light in.
5. Extra value
Try providing something extra in order to boost the value of your property. Now, adding a new bathroom is quite expensive but you can also add value by making one more bedroom. This is a simpler project because it doesn’t involve plumbing work and it often doesn’t involve electrical work either.
You can also make a special room at a relatively low cost. For instance, since the 2020 pandemic, more and more people work from home. So, why not make a home office. This is a great way to incentivize potential buyers but it is also not as costly as you imagine it to be. Outfitting a home office is quite inexpensive (especially when compared to other renovations). Also, the most expensive part of a home office is the device itself (computer, laptop, etc.) and this is something that the buyer will bring on their own. A home gym is another great idea (at least a home gym space).
Sometimes, it will seem counterintuitive to spend money in order to upgrade the place that you will sell soon afterward. However, it is essential that you understand that without this, you’re facing two unpleasant eventualities:
- You won’t be able to sell the place.
- You won’t be able to sell it for what you consider to be a fair price.
In the first scenario, any necessary investment will do. When it comes to the latter, you need to be extra careful for your investments not to exceed the price increase.