When it comes to increasing the value of your home, you should not spend home improvement dollars willy-nilly; some upgrades and renovations are considered more valuable than others.
Rather than putting your hard-earned cash down the garbage disposal in unnecessary expenses, consider the following checklist of home improvement items that are worth every penny.
Check Off This List to Get the Most Out of Your Property Value
1. Create a Kickin' Kitchen and Beautiful Bathrooms
Kitchen and bathroom upgrades typically generate the greatest return on investment. Sinking tens of thousands into these individual updates could be risky, but investing a few thousand into each room – enough to upgrade appliances, fixtures, flooring, countertops, cabinets and slap on a fresh coat of paint – will automatically revitalize your home's appeal and boost its value.
2. Maximize Space and/or The Illusion of Space
A home is a person's castle. Making your home feel like a castle will maximize its appeal to potential buyers. Open floor plans and multi-use rooms currently hold one of the top spots on most potential buyers' priority lists (especially Millennials).
You don't have to build a new wing to make your home feel like a big, open space. Knock down non-structural walls, remove kitchen islands and add extra square footage of additional living space. Finished basements, attics and decks go a long way to make your home feel larger.
3. Appeal to the Boomers
While everyone's focus seems to be on current first-time home buyers (Millennials), an entire generation is purchasing and moving into the homes where they will retire and grow old – Baby Boomers. More and more aging Americans are deciding to stay home longer.
As a result, one feature on which these buyers are focused is accessibility. Accessible features include wider hallways and doorways, lever-style door handles, flush thresholds and easily accessible showers. If you have a single-story home for sale, consider upgrading for the older generation.
FREE DOWNLOAD: Top 5 Upgrades that Will Increase the Value of Your Home
4. Make It Simple
Most buyers prefer moving into a low-maintenance home. When choosing upgrades, opt for those which require little work:
- Hardwood Floors
- Vinyl Siding
- Minimalist Designs
- Native Spaces in the Yard
5. Upgrade Efficiency
Windows, thermostats, HVAC systems, water heaters, insulation and duct work – are yours up to date?
6. Make a Good Impression
Consider your home's appeal on both the inside and the outside. Outdoors, curb appeal matters most. It's your house's first impression and it should be a good one. Keep your yard tidy and vegetation pruned. Clean the gutters. Power-wash siding, sidewalks and driveways. Add a fresh coat of paint and a new doormat.
Inside, your home should feel welcoming and calm. Keep clutter at bay and consider hiring a professional home stager to help you create flow and elegance for a desirable interior.
7. See Your Home with Fresh Eyes
To maximize the value of your home, you should get rid of or fix anything that could raise potential questions (including blemishes, cracks, stains, shag carpet and dubious choices in wallpaper) before showing your home to potential buyers.
If you have lived in your home for a lot years, however, it is very likely you no longer notice these small imperfections. Ask an honest friend or relative, who has not spent much time in your home, to do a walk through and point out every problem that might grab a potential buyer's attention.
Check This Number Before You Dive into Renovations
Before sinking thousands into upgrading your home, find out the price at which homes selling in your neighborhood top-out.
If sales prices on the most valuable properties in your neighborhood peak at $300,000, and yours is valued at $275,000 as-is, then you should not invest more than $25,000 into home repairs, renovations or upgrades because you likely will not see much (if any) return on those dollars spent.
