Remodeling, renovating, and enhancing your house can be a terrific way to give it a makeover, add an extra room, or allow you to stay in one area longer. Will they, however, raise your home’s selling price?
It’s possible that you’ll want or need to sell at some point. Recognize that not all home upgrades are created equal to prepare for this possibility. Some will boost the value of your house, while others will make it more difficult to sell. Here’s how to discern the difference between the two.
The Most Resale-valuable Renovations
Specific projects increase the resale value of a home more than others. Here’s how to get the most bang for your money when it comes to home improvements:
Giving your house a fresh coat of paint is one of the simplest and most cost-effective methods to beautify it. If your home is on the market, this is one of the best methods to make a favorable first impression on potential buyers. Painting almost always pays off because it is a reasonably affordable project.
Improvements to the Kitchen
Families prepare meals, eat, gather, and socialize in this area of the house. In the kitchen, people like to see modern conveniences and trends. A refurbished kitchen can add up to $100,000 to the value of a home. So hire an expert kitchen contractor to increase your home’s value right away.
Beautify the Bathroom
Bathrooms are another area where a few modest adjustments can significantly increase the value of your property. A new toilet seat, as well as a new shower curtain and rugs, can help a dated bathroom appear more modern.
Replacement of Garage Doors
Most garage doors last between 20 and 30 years, so if you live in an older home, it’s probably time to upgrade. The positive point is that, regardless of how much you spend, replacement doors will almost certainly increase the value of your home due to their usefulness and aesthetic appeal.
Windows and Roof Replacement
Windows and roofs are costly to replace, so buyers want them to be in good working order when they purchase a home. Unfortunately, this means that, while changing them will not considerably boost resale value, failing to replace them will definitely decrease the resale value.
Renovations That Can Negatively Impact Resale Value
Almost any project has the potential to depreciate the value of a home. A general guideline is that the more personal your selections are, the more they are customized to suit your specific lifestyle or taste and the less likely they are to increase resale value.
This isn’t to say that you shouldn’t complete the project. It simply means you shouldn’t expect it to increase the value of your home, and you should expect it to make it more difficult to sell.
Here are a few renovations that can have a negative impact on your home’s resale value:
Bathroom renovations can add value to a home, but don’t go overboard. While a lavish, personalized bathroom may fulfill your aspirations, it may deter potential homeowners who do not share your vision. Keep it simple and think about making modifications that will appeal to a broader audience.
Personalized Decor That Is Difficult to Replace
A non-traditional tile pattern or textured ceiling may appeal to you, but it may not appeal to someone looking to buy your home.
In fact, some experts believe that using bright, intense paint colors for walls Isn’t a good choice. Although you can paint over it before putting your house on the market, making the walls neutral again may require more time and work.
Pools are not only pricey to install but are also costly to maintain. They also pose a safety risk to some families. Thus, if you buy a pool, be aware that you are unlikely to repay your investment.
Failed DIY Projects
Poor workmanship and failed DIY projects can depreciate your home, believe it or not. It’s advisable to enlist professional assistance, especially if your restoration job includes your home’s structure.
An inspector might quickly detect faulty craftsmanship during the sale process. Furthermore, there is a good likelihood that redoing it will cost twice as much as the original investment.
When starting a home improvement or remodeling project, you must first decide whether you are remodeling for the sake of increasing the home’s worth or resale price or for the sake of improving your quality of life while you live there. This will help you to decide which home improvements you should go for.