Owning a piece of real estate can be rewarding, but it’s up to you as a homeowner to do what you can to maintain the value of your property. Once you know for a fact that your home is worth at least as much as you’ve paid for it, you can take the next step which is to increase the value of your home. Before you jump the gun and start aimlessly funneling cash into your next home renovation project, it’s important to come up with a game plan and figure out which projects actually give you a return on your investment when you do decide to sell your property.
Keep in mind, not all projects are going to yield a big payoff. In fact, it is often surprising to homeowners that the least costly projects were the ones that did indeed increase the home’s overall value. When choosing from the potential projects below, take your budget into consideration as well as your personal needs, especially if you’re looking to live in your home for a long time.
Keeping Up With The Curb Appeal
The curb appeal of your home does play an important role in the overall value of the property. People’s first impressions when they see your front yard and the exterior of your home can either positively or negatively impact its value. It’s never too early to start thinking about curb appeal, even if you’ve just moved into the property. In fact, if you take care of your home from the start, you won’t have to worry about expensive fixes later on.
Things to consider for curb appeal:
- Clear away old junk as well as debris that may be cluttering up your yard. Outdated trailers and non-working vehicles should be towed away!
- If you need space for additional stuff from the inside of your home, build a large shed that matches the look and feel of your property. There’s nothing wrong with adding storage space, but it should be done in a classy manner.
- Install plants and trees that are appropriate for your climate. For example, if you live in a desert climate, don’t attempt to grow flowers that require lots of water!
- A driveway leading up to your property is a great way to increase any home’s value. You don’t need to go overboard with the complementary landscaping, but as long as it’s neat and clean, you’ve done a good job.
A Bathroom With A Modern Twist
Bathrooms are generally the places that most homeowners look to when they want to sell a home. Potential buyers do care about the amount of space the bathroom has, but also the fixtures and the overall quality of the bathroom renovation job. You can go crazy and rip out the bathtub, sink, toilet and re-do everything, but if you’re trying to stay within your budget, there are quick fixes to take into consideration.
Quick fix ideas for the bathroom:
- Give your vanity a boost by painting the cabinets and switching out the hardware if it’s starting to look a bit dated. In addition, if your sink is okay, consider replacing the faucet for a newer one to give it that modern appeal.
- Your bathroom can always use a fresh coat of paint, and when in doubt, try something a bit more neutral to give you that spa-like relaxed look.
- Vanity lighting, as well as a new mirror, are great ways to update the bathroom, especially if you’re not looking to rip everything out and replace it.
- Re-tiling the shower is always a great idea and if granite is out of the question, choose neutral porcelain tiles. They’re not just durable, but they lend a timeless appeal to a room that can feel outdated quite quickly.
Restore Functionality To Your Kitchen
Ask any real estate agent, and he or she will tell you that a nice kitchen alone can sell a home. After all, it’s the place where friends and family often get together. The problem with kitchens is that if you stick too close to trends, you may find that your kitchen is quickly dated. Our advice is this: use fixtures and cabinets that are timeless and can look great in the space even years from now! Now may be the time to hire a local kitchen renovation expert.
Quick kitchen boosting ideas:
- Worn laminate or tiled countertops serve as a setback if you’re looking to cash in on your property. There are affordable granite and quartz countertops out there, but if you’re opting for less dramatic and more utilitarian, try installing a butcher block. When all else fails, granite tiled counters still give you that great look for half the price of a slab.
- Homeowners don’t like vinyl flooring in their kitchen, so replacing it with something more modern such as wood flooring or tiles is a much safer option. Keep in mind that you shouldn’t go crazy with your flooring options!
- White or dark cabinets are generally preferred nowadays, so if you have older cabinets, slap on a fresh coat of paint! It’s cheaper to repaint and restore older cabinets than it is to completely replace them. Don’t forget to switch out the hardware that goes with your cabinets as not doing so can date the kitchen as well.
When done correctly, home renovations can boost the value of your home. With that being said, never expect to receive a 100% return on your investment as that’s impossible in today’s real estate market.