Your home is one of the most important investments of your life. However, when it comes to selling it, worry sets in, and you may wonder whether you will be able to sell it at a reasonable price that reflects its actual market value.
To get the best price for your home, it pays to prep it before putting it on the market. This is where remodeling comes in. Remodeling can boost the value of your home to either a profit or the same range as other nearby homes in its category.
According to a report by Remodeling Magazine, most remodeling projects barely recover the homeowner’s investment at the point of sale. Therefore, think of the return on investment (ROI) when you choose to remodel your home.
Read on for a list of some remodeling projects that can add value to your home. Incorporating some of the projects will help your house to fetch a great price.
New Paint Job
Repainting the inside of your house is a must-do remodeling project for anyone wishing to list their home on the market. The project is not expensive, but it can add thousands to your asking price. A new coat of paint adds warmth to the house and a luxurious, inviting feel.
According to a 2017 survey carried out by the home renovation site Houzz.com, most real estate agents recommend painting the inside before listing.
Repainting is even cheaper if you can do it yourself. However, it’s wise to hire a professional to do the work to bring the best out of your home.
Some of the things that can reduce the value of your home are windows.
Old-fashioned, single-paned windows can turn away prospective buyers. The windows could also lower the perceived value even if your home is in excellent condition.
A new window installation is something you should consider before selling your home. Window installation can lead to a 90 percent ROI on the selling price. If you invest in energy-efficient windows, you get to save up to $500 a year in heating and cooling expenditures. Also, buyers nowadays prefer homes with energy-efficient windows.
Remodeling a kitchen is probably one of the most critical projects you can do. The project can go either way. Therefore, you have to undertake it after thorough research and preparation.
If your kitchen is in good condition, you should probably just replace the sink, faucets, and cabinet doors. Minor remodeling projects offer a better return on investment. However, you can also go big with a total overhaul of the kitchen to make your home stand out from others listed on the market. A kitchen makeover provides up to 60 percent ROI.
However, you may want to be mindful of high-end accessories and customizations, as they hardly ever pay off unless you are targeting a particular set of buyers.
Bathrooms are essential, and generally, buyers appreciate efforts of getting them in excellent condition. Bathroom repairs also lead to significant financial payoffs when you list your home for sale. You can recoup 80 to 130 percent of your return on investment from renovating the bathroom.
Things like a new sink, faucets, tiles, and a new bathtub are appealing to buyers. However, if you are looking to bump the value of your home considerably, consider installing an extra bathroom. An online search of listed homes in your area with varying numbers of bathrooms will show you how significant the prices differ.
It is also not that difficult to install an extra bathroom. Just be creative; think of an underutilized room. For example, you can convert the storage room that likely won’t add anything to your home’s value to a bathroom.
Installing a Deck
According to Hgtv.com, a deck brings back 60 to 90 percent of your return on investment. Outdoor living spaces add value to homes since almost everyone loves them.
The cost of installing a deck will depend on the size of the house, the design, and the materials used. However, the little you spend setting up a deck, the best you get out of it. It’s even better if you could do most of the work yourself.
Landscaping your home is probably the best remodeling project as it can return over 100 percent of the investment used.
First impressions are a great deal. Buyers love a home that is well-cared for and inviting before they even get inside. Generally, the value added to your home depends on the type of landscaping.
According to homeguides.sfgate.com, landscaping can increase the value of your home by tens of thousands of dollars.
The above are just some of the remodeling projects that can improve the value of your home when you want to put it on sale. It’s better to undertake the projects years before listing your home on the market to benefit in the long run.