Real estate agents and designers are well aware that quality kitchens and bathrooms make homes more attractive to buyers and redeem a higher resale value. With the right fixes, updating these areas of your home can significantly influence the value of your home. But beyond these typical home remodeling projects there are several other ways to add value to home.
However, not all home improvement projects have the same impact on home value, so it is important to think strategically about renovations. While many updates are worthwhile investments, less desirable renovations may actually have damaging effects on home resale value.
Here are the top home improvement projects most likely to add resale value to your home.
1. Kitchen Renovations
Kitchen renovations are the most popular remodel project taken on by homeowners. That’s because this type of update not only improves a home’s day-to-day functionality but also has a high level of return on investment. This can ultimately lead to an increase in home value. A prudent approach to renovating your kitchen is to address a variety of small fixes throughout the space, rather than to concentrate a large portion of your budget on any single element. For example, rather than investing in a complete overhaul of kitchen cabinetry, you are more likely to reap a higher return on investment by refinishing the cabinet boxes, installing new cabinet doors and hardware, and upgrading to energy efficient lighting fixtures for the same price.
Another key tactic to increasing home value with a kitchen remodel is to replace outdated appliances. Newer models may provide more convenient features with less negative impact on the environment. Even without purchasing all new appliances, you can contribute to a greater home value by replacing appliance doors or adding panels to create stylistic consistency in the kitchen.
2. Bathroom Renovations
Next to kitchen remodels, bathroom renovations are the second most desired major home improvement project among homeowners. These updates can lead to an aesthetic transformation, better room functionality, and contribute to a higher home value overall. Adding value to your home with a bathroom update doesn’t require committing to an expensive room overhaul. It’s possible to increase your home’s resale value by implementing smaller but impactful changes, such as swapping out old plumbing fixtures for water-efficient models, adding a fresh coat of paint to the walls, and installing new lighting and mirrors.
3. Adding Livable Square Footage to Your Home
Increasing the amount of livable space in your home by finishing an attic or basement into a fully functional room can increase the value of your home. While it’s also possible to add square footage to your home with an addition that builds a room from scratch, such a renovation tends to be more involved and expensive. Instead, you can convert an existing attic or basement into a finished space. Finishing an attic or basement allows you to count an additional bedroom or family room in the grand total of your home. Even without furnishing and decorating the converted space, the potential of a finished basement or attic to serve as an additional room tends to boost home value.
You can also consider building a deck or patio to add livable space to your home and increases its value is to build an outdoor deck or create a patio space. By making outdoor areas of your home more functional with a deck or patio, your remodel project adds to the overall square footage of your home, which, in turn, improves your home’s value.
4. Spruce Up Your Home’s Exterior
Curb appeal refers to the first impression your home makes when potential buyers approach from the outside. Aside from the areas inside a home that make it an attractive place to live, the curb appeal of its exterior can also sway potential home buyers to value a home higher. Updating the exterior of your home to improve curb appeal can be as simple as replacing an old front door, pressure washing the siding, and sprucing up the planters. For an even more impactful change, consider having the home repainted with a widely appealing color scheme or replacing old windows with more energy efficient models.
Projects That Detract from Home Value
While many home improvement projects add value to your home, some renovations can potentially drive your home’s value down. Having an in-ground swimming pool installed, choosing high-end materials, or converting a garage into a bedroom or living space are all examples of projects that lead to a lower home resale value overall. These types of projects may improve the functionality of a home for your particular family, but are not versatile enough to appeal to everyone.
For example, families with young children are less likely to value the option of an in-ground pool due to the safety risks associated with it. With fewer potential buyers looking at your home, its value decreases.
Home buyers are also not usually motivated to pay more for a home just because it has expensive luxury finishes. If the price of a home is skewed higher than comparable properties in similar neighborhoods due to its high-end finishes, it is actually less competitive to sell and valued lower overall.
Lastly, many families expect a garage to serve as a place for parking their vehicles or storing items they don’t want to keep in the house. Removing this option in favor of additional living space or an extra bedroom is strategically risky and may hurt the value of your home.
Add Value with the Right Home Improvement Projects
Updating your home with renovations provides a lot of benefit, often including a boost to your home’s value. Choosing to engage in more versatile home improvement projects can ensure that your investment pays off in the long run by improving your home’s resale value.
The Hardware and Home Center at Grayco Hardware & Home Center has everything you need to renovate your home. Our store representatives will be happy to provide advice and help you find what you’re looking for. Visit us today!