Renovating your home before you sell can help you get the highest sale price. However, not all renovations are created equal. No one is a mind reader who can tell you exactly which feature will entice your eventual buyer. However, there are general trends that can help you determine which renovations will be most valuable for you, and which might be a waste of time.
Home Renovations that Add Value
Remodeling Magazine surveyed real estate professionals to determine which projects added the most value to homes on average. It’s no surprise that the most popular projects were not always those that made the most money. The renovations that actually added the most value were:
- Finishing basements: Add drywall, flooring, and paint.
- New paint: New, neutral paint can make every space in your home more appealing, so it will fetch a higher asking price.
- Floor plan changes: Changing to an open floor plan is ideal, as it will make your home feel more modern and spacious.
- Focus on curb appeal: Landscaping, stone veneers, and new garage doors are all good investments. So is adding a steel front door. Also try giving your exterior a new coat of paint, even in a bold colour.
- Bathroom: Change your fixtures to make a dramatic change.
- Kitchen: Focus on minor remodels, including changing the cabinet fronts to something trendy.
- Hardwood: If you have carpet or other flooring types, replacing it with hardwood is a great idea. Refinishing existing hardwood is also a good idea.
If you want to learn more about having these value-added features added to your home contact our experts today.
Home Improvements that Do Not Add Value
Not all home improvements will add to your home value, even if they are expensive, or something that you personally look for in a home. Here are some home improvements that are very unlikely to add value:
- Roof replacements: Necessities like roofs don’t add value, but they will reduce value if they are in poor condition.
- Expensive landscaping: Choose mid-grade landscaping, as everyone has a different taste in plants.
- In-ground swimming pools: Few people will pay more for a home with a pool, even an inground pool.
- Whirlpool bathtubs: They’re expensive and not desired by most buyers.
- Gourmet, high-end kitchens: Most high-end features do not recoup their value in most markets.
- Home offices: Having the space for one is great but adding features doesn’t help increase your home’s value.
- Sunrooms: Specifically, they aren’t worthwhile in cold climates.
Planning Your Home Renovations?
Ultimately, the renovations that will add value and won’t add value depending on your specific home and the market that you’re selling in. It’s wise to reach out to real estate and remodeling professionals to get advice specific to your home.
Adding value to your home is easy when you trust our design and build experts to complete the job. Contact us today.
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Sources:
https://www.homelight.com/blog/what-upgrades-increase-home-value/
https://www.moneycrashers.com/7-home-improvements-to-increase-its-value/
