No matter how long you have owned your home, you surely want your home’s value to continue rising. When you think of a home renovation, you likely think of a massive undertaking like what we see on Fixer Upper. However, there are many things you, as a homeowner, can do to upgrade your home, even if you are new to the renovation world! Let’s check out some great updates that add value to your home.
5 Great Updates that Add Value to Your Home
1.) Minor Bathroom Remodel:
Not every home renovation you take on needs to be a major update. Our first great update that adds value to your home is a minor bathroom remodel. Even with just some minor updates, you can have up to a 102% return at resale! If you are looking to resell, one of the first things a potential buyer will look for is an updated bathroom, because buyers don’t like having to do this work themselves!
You can choose as few or as many bathroom updates to maximize your home’s value such as opting for a walk-in shower, replacing your toilet with a low-flow toilet, or updating your tub.
While 77% of homeowners have reported having a shower and tub combination in their master bathroom, more and more builders are opting for just a walk-in shower to appeal to a new demographic of homebuyers. If you prefer to keep your tub, consider replacing the tile, re-caulking it, or just reglaze your tub’s finish!
To finish up your bathroom remodel, consider swapping out drawer knobs, faucets, your shower door, or just give the room a new coat of paint!
By spending just about $3,500 you can completely transform your yard and raise your home’s curb appeal, while still having the potential to return an average of 100% at resale! Landscaping does take a while to see the fruits of your labor, so if you are looking to sell, be sure to start your landscaping in advance.
To begin, talk to your neighbors for recommendations, or stop by a garden center for ideas. Think about choosing one focal color at the front of your house and then choose varying heights, or neutral complementary colors, of surrounding plants. Don’t be afraid to use your shears to trim down any overgrown shrubs. If you need grass, consider sod for a reasonably priced option! Potential homebuyers are always drawn to yards that are inviting, and yards that already have a well-maintained lawn in place.
3.) Minor Kitchen Remodel:
Like your bathroom remodel, this also doesn’t need to be a major renovation. By implementing some updates, your property can have up to a 98.5% return on resale! Everyone has a different preference when it comes to their kitchen landscape but consider starting by looking at your appliances and if you can swap any out for energy-efficient ones that can reduce energy, without sacrificing quality.
Cosmetic updates you can take on include refinishing cabinets or even just your cabinet doors, updating your countertops or floors, swapping out lighting fixtures, installing a new sink, or replacing your current window treatments. Families, especially, will appreciate being able to move right in and begin cooking their family meals right away!
4.) Other Exterior Touches:
When homebuyers are contemplating a purchase, what can hold them back from purchasing is if they need to renovate a home’s exterior. With just a siding, paint, and entryway update, the average return at resale can be up to 95.5%!
Having old and worn siding is a sore sight on the street. Installing new siding is the quickest facelift you can give your home and you’ll see the biggest return on investment with this update. Other common exterior updates include window replacements (bonus points if they are energy-efficient windows), new paint for your door or a front door (or garage door) replacement that can increase your home’s security and value, updating any other paint on your exterior, or swapping out awnings or fences/railings. If you’re looking for a more drastic exterior update, consider adding a deck or porch addition. You can do this for $11,000 and get back $10,000 of this at resale!
5.) Finish your basement:
Potential homebuyers love the ability to be flexible with bonus rooms. One way to maximize this is by finishing your basement. By doing this, you can see up to a 90.1% return at resale! And you’ll get back about 70% of what you put in!
The biggest renovations you want to implement are finished walls, any fixes needed for flooding prevention, and making sure your floor and ceiling are covered to keep the basement well insulated. Once you do that, then you can think about creating a wet bar, bathroom, recessed lighting, and more!
These are just 5 updates that add value to your home, but the list goes on! We specialize in helping our clients get the most out of their homes! So, whether you are looking to sell, or looking for your new home visit Lantern Real Estate Group to get all of your home buying questions answered, and to ensure you are maximizing your home’s value!