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Remodelling or renovating your home can make it more comfortable and, if done correctly, increase its value. Not all renovations are the same. Some projects will add value to your home, while others may lower the selling price. What can a homeowner do to increase the value of their home?
PROJECTS TO IMPROVE THE VALUE OF YOUR HOME
REMODEL THE KITCHEN.
Kitchen renovations pay off. Many potential homebuyers seek modern, up-to-date kitchens.
Remodeling Magazine’s 2018 Cost vs Value Report shows that you can expect to recover 62.7 to 81.6% of your investment in a kitchen remodelling project. But don’t go overboard. It’s not wise to add an $80,000 kitchen to a $125,000 house.
Start small when remodelling a kitchen. You can replace the kitchen faucet, install new cabinet hardware and replace your old light fixtures with energy-efficient ones.
Instead of replacing cabinets, you can paint them a different colour or hire a refacing cabinet. They will refinish the box and install new doors, drawers and hardware. These minor changes will make your kitchen look better.
UPGRADE YOUR APPLIANCES.
Consider ordering replacement doors and face panels from your manufacturer if your appliances aren’t matching. This will make your kitchen look more cohesive without replacing the appliances.
You can replace older appliances with energy-efficient models that are more sustainable and less expensive. Many people are eligible for a discount through Seattle City Light. Buyers are always looking for ways to save money while shopping for a home.
BOOST THE BATHROOMS.
Bathroom remodelling will return 87.7 per cent to 93.5% of your investment, according to the Cost vs Val Report. Don’t get carried away as you did with the kitchen. You can update the fixtures, paint the room, and re-grout your bathtub. Bathrooms can be transformed by adding a mirror or light fixture.
REMODEL YOUR ATTIC OR BASEMENT.
The cost of adding square footage to your house can quickly rise and cause you to spend more than you originally planned. Don’t try to add space. Instead, renovate what you have. The attic could be used as a bedroom or exercise area. The basement can be converted into a family space. Potential buyers will be more interested in a flexible room customized to their liking.
GET DECKED OUT.
Adding a deck is a good investment because of the high return on your investment. Decks are cost-effective and increase living space, but they also have a lower price per square foot.
According to Cost vs Vale, a wooden deck in Seattle that costs $13,084 will average 106.7 per cent of its worth at resale. Composite decks cost around $19,227 to build and will return an average of 122% of their value at resale.
BOOST CURB APPEAL
First impressions count. You can make your home look better by simply cleaning it or adding a walkway. You don’t need to spend a lot to make your home more appealing.
A new front door can instantly transform your home’s appearance. It is easy and inexpensive to install. The Cost vs Value Report ranks a new front door as one of the essential home improvements.
For a complete look, prune shrubs, mulch bushes and trees. A flowerbed or pot with geraniums can add a little colour to your garden.
To remove dirt and years of buildup, scrub your siding. Any areas that are damaged should be repaired.
Please don’t overdo it, as with most of the items on this list. A backyard paradise can be friendly, but it will not increase your asking price. You only need a well-kept lawn, well-placed shrubbery, and vegetation to increase the “wow” factor.
IMPROVE YOUR ENERGY EFFICIENCY.
An inspector will check if the home has poor insulation or drafty windows and doors. This can lead to higher energy consumption, which will increase homeowner’s costs. Start small, like adding insulation to your attic. To prevent energy loss, seal cracks around doors, windows and light switches to seal them.
Potential buyers may be turned off by single-pane windows that are too small. You can save money on cooling and heating costs by installing Energy Star windows. You can also qualify for a green tax credit by upgrading to Energy Star-rated windows.
Window buyers are more likely to expect them to be in good shape before buying windows. This could reduce your asking price. However, they could be replaced to decrease the asking cost.
PROJECTS THAT MAY NEGATIVELY AFFECT THE VALUE
Home improvement projects can harm the home’s resale price. It is less likely that a project will positively impact your home’s resale values if it is not customized to your tastes, needs, and preferences. Your home recording studio may be a favourite of your family, but a young family may not find it appealing. The family could be turned off if the room is not redesigned.
This doesn’t mean that you shouldn’t try any of these projects. You shouldn’t expect potential homebuyers to spend more for a $10,000 kitchen or marble flooring in the bathroom.
These are some examples of projects that could have a negative resale price.
SWIMMING POOLS
Although an in-ground pool might seem like a luxurious option, it can negatively impact the value of your home. Pools can pose safety risks for families with young children. Prospective buyers may not be interested in the extra energy and insurance costs that pool ownership can bring. It’s also important to consider whether the pool is usable throughout the year. A collection could be an attractive selling point if you live in Florida or southern California. A pool in Seattle? But not so.
LUXURY UPGRADES
Although you might love the marble floors in your bathroom, buyers may not be willing to pay more. If you live in high-end property, the best quality upgrades don’t often have the same resale values as mid-range quality upgrades. Instead, make sure you invest in high-quality appliances, flooring, and promotions that appeal to a broad audience.
Keep your upgrades in line with the rest of your neighbourhood. Your home doesn’t have to be the most expensive.
GARAGE CONVERSIONS
Although converting garages can increase the square footage of your home, most buyers prefer garages. It won’t increase the value of your home.
