The housing market is constantly fluctuating. There are often good times to sell and good times to buy. If you have some time before you sell, consider improving your home to increase the value of it. Some renovations can add tens of thousands of dollars in value to your home. Even if you don’t plan on moving, increasing the value of your home is beneficial. Below, you will find the top 5 home improvements to increase your home value.
Top 5 Home Improvements to Increase Home Value
Investing in your home can reap major benefits. If you renovate the way that you want, it can make your home more efficient and easier to live in. However, home improvements can add value to your home if you plan on selling. Consider the top home improvement projects you can do to increase your profits when you sell your home.
Kitchen Renovation:
The kitchen is one of the most frequented areas of a home. It’s where food is prepared and where people eat. It’s also a gathering place for chatting and homework. Upgrading your kitchen can yield a major increase in your home value. Experts suggest spending roughly 6 to 10% of your home’s value on a renovation. This can result in a major return on investment. When upgrading your kitchen, focus on the materials and appliances. Broader appeal is helpful if you are considering reselling soon. However, you can customize it to meet your unique needs if a sale isn’t on the horizon. Work with a design firm for optimal results and added value.
Exterior Upgrades:
First impressions are everything when it comes to a home. This is why you always see the front of a home when you search for a new home online. Homes that jump straight into the interior photos often do not have a lot of curb appeal. Consider upgrades such as painting, new gutters, adding landscaping, and even a new roof. Don’t forget about the smaller details either. Add a new door, hardware, and a fresh welcoming mat to ensure you did all of the final touches.
Upgrade Home Systems:
Inventory all of the systems in your home. This includes electrical, plumbing, and HVAC systems. Upgrading these systems can improve your home value and make your home more appealing to new buyers. New home buyers will inevitably have a home inspection done. If they know all of the systems are new and up-to-date, it can be a major selling point. Research shows that replacing your HVAC system alone can average a 71% return on investment.
Outdoor Renovations:
The outdoor space around your home is a major selling point for home buyers. Whether it’s a deck, sunroom, outdoor kitchen, or firepit, they can all add major value to your home. Utilizing the outdoor space that surrounds your home adds major value. Be sure to consider your local weather, as this can impact how much value it can add. Additionally, avoid adding a pool to your home unless you really want it. Buyers often avoid homes with pools due to the safety and maintenance costs.
Add Square Footage:
Square footage is king when it comes to adding value to your home. In fact, it is one of the top home additions due to its major value. A study recently showed that adding 1,000 square feet increases the sale price of your home by at least 30%. Whether it’s an additional bedroom, bathroom, or both, increasing the size of your home offers a number of benefits. With growing families and people working from home in home offices, adding to your home can be appealing to new home buyers.
