A report by Harvard’s Joint Center for Housing Studies estimated that Americans spent about $340 billion on home remodeling projects in 2018. This was a 7.5% increase in the 2017 figure. With a home being the average person’s biggest asset, it’s only logical that one should dedicate sizable cash to taking care of it.
Home improvements are a tried and tested path to increasing home value quickly. Of course, the degree by which your home’s value will increase following a remodeling or renovation project will depend on various factors including the spaces renovated, the materials used and the quality of design. Apply these simple investments to optimize the value of your home.
1. Streamline and Update Your Kitchen
Unless your home is falling apart all over, the space you should prioritize your hard-earned repair or remodeling cash is the kitchen. During an open house, many buyers will bypass all other rooms and head to the kitchen first. Purchase decisions are made or discarded based on how much the kitchen will appeal to the buyer.
When planning a kitchen remodel, avoid the temptation to rush into buying new tiles and fixtures. Instead, start by thinking about the flow of the workspace and layout. Pay special attention to your cooktop, sink, and furniture in the kitchen. Develop a flowing design that’s consistently centered on your preferred theme.
Once you have your layout right, it’s the foundation you need to seamlessly install new cabinets, appliances, and hardware.
2. Renovate the Attic or Basement
If you have a big attic or roomy basement, don’t relegate it to storage for miscellaneous stuff. Finish it out instead. You could transform these spaces into everything from a gaming hideout to an extra bedroom for your growing household. Renovating your attic or basement can instantly inject square footage (and therefore equity) into your home.
For this to work, you must get the necessary permits and follow all building codes. Failure to do so would mean the newly renovated rooms will not be considered livable space and therefore cannot be included in the home’s square footage. As always in the US, different states follow different codes so you must hire a contractor who understands what it takes to comply.
3. Beautify the Bathroom
The bathroom is arguably the most intimate space in a home. It’s a place that helps you get away from the noise around you. Beautifying it can trigger a substantial appreciation in your home’s value.
Fortunately, you don’t need to be extravagant to make the bathroom stand out. Something as simple as re-grouting the shower, adding crown molding, applying a new coat of paint, fitting a mirror and installing new light fixtures, can transform your bathroom from bland and boring to fresh and fabulous.
4. Upgrade the Plumbing
The plumbing is the guts of your home and only a tiny minority of people will pay top value for a property if the inner mechanics aren’t up to speed. Old, rusty pipes aren’t just a bad thing because of the amount of metal that will find its way into your drinking water. It’s also an unappealing sight. Plumbing problems cause buyer anxiety because it’s not always immediately apparent how deep the problem runs and how much it will cost to repair.
For this reason, an appraiser will give heavy consideration to the quality of plumbing when determining the value of a home. In years past, replacing the plumbing was an arduous undertaking that had walls torn up and drywall debris scattered all around. Today, re-piping is a quick, reliable process that involves running plastic tubing through the walls like a cord. That means less holes, less debris, less labor and less money spent.
5. Front Yard Makeover
The front yard is a buyer’s first impression of your home. If it looks dirty, disheveled and neglected, it will put off a sizable proportion of buyers from venturing further in. A great front yard says you are proud of your neighborhood and are keen on playing your part in maintaining its visual appeal.
Work on a nice paved walkway, add color to your lawn furniture, plant various colored flowers and trim the grass. Clean lines work wonders.
If you hope to work your way up the property ladder and finally have the money needed to buy your dream home, then maximizing the value of your current abode will be a key step toward that goal. Apply these investments to your home remodeling design plans, and you will be well on your way to having a home that people cannot wait to buy and move into.