If you wish to make your humble abode more valuable in the real estate market, then giving it an upgrade makes a lot of sense. But not home upgrades are created equal — some add substantially more value than others, and it can be tricky to determine which improvements will bring you the most return on your investment.
So, to help you on your quest to boost the appeal of your home, here are four core home upgrades that have the potential to add the most resale value to your home.
Renovate Your Kitchen
The kitchen is one of the first and foremost things that buyers look for, and even a minor makeover can add a ton of value to your home. In fact, according to Moving.com, a minor kitchen remodel will recoup around 81% of its cost in average resale value — which is a lot.
But kitchen remodeling is also one of the most expensive home upgrades, so you need to consider exactly what you want to upgrade instead of a full renovation. Consider spending no more than 15% of the total value of your home on your kitchen renovation.
There are plenty of valuable upgrades you can make to your kitchen to fit your budget, such as:
- Modernizing the kitchen cabinets and countertops
- Upgrading to new energy-efficient appliances
- Improving the lighting
- Updating the sink and faucet
- Repainting the walls
Talking about repainting…
Repaint Your Interiors
The look and feel of your interiors play a pivotal role in forming a strong first impression on potential buyers. A fresh coat of paint in contemporary colors can go a long way in giving your living space a seriously valuable upgrade, so don’t hesitate to pick up the paintbrush.
Repainting your interiors — the walls, doors, and other woodwork — can give your home an instant facelift. It will also make everything look clean and brand new.
For a subtle touch-up, repaint all the walls in a light, neutral color. And if you fancy a major makeover for your home, then sand and paint all woodwork in addition to repainting the walls.
It is a good idea to practice moderation when it comes to applying a repaint for the purpose of adding resale value. Research for colors that have the highest market appeal and complement your home’s theme, character, and neighborhood.
Energy efficient lighting reduces the electricity demand and is a cost effective method of lighting system compared to conventional lighting methods.
In trending years, the gap between power generation figures and demand figures is a matter of concern, as it implies the failure of power supply system to meet the power demand, thus a warning about lack of conservation of energy.
Revamp Your Flooring
Another crucial home improvement that can really pay dividends in terms of appearance is flooring. While it can be an expensive job, if your home’s flooring looks dated or in poor condition, it can turn off potential buyers in the blink of an eye.
In particular, a lovely hardwood floor can last decades, adding richness to your home décor while easily enduring rough use from kids and pets. It is easy to clean, super durable, and extremely popular amongst home buyers today.
If your home has carpet flooring presently, the average ROI for installing hardwood floors is between 70-80%, according to Realtor.com. What’s more, hardwood flooring attracts buyers — 83% of home buyers prefer to have wooden flooring as an amenity.
And while revamping your hardwood floors can be a costly affair, according to the National Association of Realtors, it can recoup 100% of the cost during resale, making it one of the most prudent home upgrades to boost living space value.
Note that if you have a room converted into a home gym, make sure it has rubber surfacing rather than wooden flooring, as a rubber surface is shock-absorbing, sweat-resistant, prevents slips, soundproof, and more durable.
Again, do your homework before opting for expensive wooden flooring. If you choose something that doesn’t match your locality theme, you may not get a valuable return on your investment.
Refurbish Your Bathrooms
When it comes to adding value to your home, don’t forget your bathrooms. As is the case with the kitchen, a complete overhaul of your bathrooms can cost a pretty penny and may not be worth it in terms of significantly increasing the home’s resale value.
That is, an intermediate bathroom remodel — installing better tiles, fixtures, counters, toilets, and lighting — will get you a return of around 70%, so it’s best to consider specific upgrades instead of a major renovation.
In essence, bathrooms just need to look hygienic and cozy, so paint the walls a neutral shade, and replace the shower curtains with fresh ones or a glass door. And of course, regrouting and eliminating all limescale is a sensible choice.
Over to You
When upgrading your home, just keep in mind that most buyers want a home that’s move-in ready. This means ensuring all major aspects of your home (the ones listed above) are in top-notch condition, along with modest upgrades to them that add real value, as described.
Finally, it’s a good idea to do some research and speak to a local agent about the sort of features that give the best ROI when selling homes in your neighborhood.