There are many home improvements you can make, but not all of them will boost the market value of your home. Ideally, the improvements you make should enhance your enjoyment of the property, while also boosting the resale value of the home. Determining which renovations can have this dual effect will help you spend your home improvement money more wisely.
Get a Home Inspection
Before you start making improvements, getting a home inspection can help you figure out where to spend your money. Even if you're not selling your home right at the moment, the home inspector's observations will be especially useful. He can pinpoint problems that have escaped your attention and allow you to make repairs, before the issues advanced and require more costly renovations. If you are selling your home, discovering problems early and fixing them in advance of the buyer's inspection can help you avoid some sale price haggling.
Update the Kitchen
Updating the kitchen is one of the best ways to improve the market value of your home, particularly because home buyers are more critical of the kitchen than most other rooms in the home. Additionally, many low cost improvements have a big effect on the appearance of the kitchen. For instance, giving the walls a fresh coat of paint, adding a faux wood finish to cabinets, and changing the splash guard behind the stove are all worthwhile investments. If you want to go bigger, try changing out appliances and fixtures with stainless steel items. Since stainless steel is long-lasting and easy to clean, home buyers will be more impressed with these updates.
Expand Your Floor Plans
Another thing home buyers are looking for are homes with open floor plans and maximum square footage. Depending on your home, knocking out walls may not be the best way to go, but that doesn't mean you can't add more living space to the property. Renovating attic and basement space is one of the best methods for maximizing livable square footage. Since remote working is becoming more common, home buyers will be looking for the extra space with the intention of using it for a home office or creative workspace. If you're not selling, you can use the space to suit your own family's needs. The renovated spaces can be used as guest bedrooms, playrooms for children, or a game room for entertaining guests.
Consider Adding a Pool
This one is a bit tricky, because adding a swimming pool won't always add enough value to the home to cover the cost of its installation. For instance, take a home valued at $400,000 with a new swimming pool that costs $50,000 to purchase and install. Working with an appraiser, you might find out that the updated value of the home is $435,000. In that case, you have lost $15,000. The best strategy is to price custom pools in Naples and find the best quality pool at the lowest possible price. This will help you maximize the property value as you add a swimming pool for your family to enjoy.
Look at Your Carpets
If you haven't replaced your carpets in recent memory, it may be time to get rid of them. Similarly, if they're not really very attractive in color or texture, you might want to pull them up. Carpets are hard enough to care for and new homeowners won't want to replace the flooring as soon as they move in. Consider bringing in new carpets or replacing carpets with hardwood or tile flooring.
Redo the Bathroom
Next to the kitchen, bathroom renovations provide the biggest return on investment for homeowners. You can replace a vanity, faucets and piping, and lighting fixtures for under $1,000. If the linoleum seemed stained or worn, you may also want to update the flooring. In renovating the bathroom, there are few things you can do that won't boost the resale value of the home.
In many cases, improving the home's resale value will largely depend on trends in your market. Often, consulting a real estate agent can provide the guidance you need in renovating your home. Your renovations should be cost-effective, increase the value of your home, and improve the quality of living for your family. If your renovations can achieve all three objectives, you will have turned your home into a smart investment.
