March 9th, 2020
If you’re a homeowner, you may be thinking that now is the time to finally take the plunge and do some major renovations to your home. You can do this for many reasons, one being that you’d like your home to suit your personal needs more closely, but another reason to do so is that renovating your home can increase the value of your property.
However, if you’ve got an eye towards increasing your property value, especially if you’re going to put the home up for sale soon, you should think strategically. While many renovations will improve your home, not all of them will increase the property value equivalent to what you’re investing.
Here are a few of the renovations you can do that will usually see a bump in value and increase sales appeal.
Renovating a kitchen is practical on many levels. For you, as a resident, it makes sense to change a kitchen space to the configuration you’d like to see since this is a room that will see intensive daily use. This might mean tearing down walls and making it an open concept, or rearranging the space so that you make better use of the stove and sink placement, maybe even put in an island counter for more convenient food preparation.
Whatever the case, renovating a kitchen, especially if the kitchen is a few decades old, is always a good way to increase a home’s value immediately. A kitchen, for example, that hasn’t been remodeled since the 1980s, is likely to be remodeled anyway by new buyers, and that fact might even be used to try and negotiate for a lower price on the property.
This is another area, like the kitchen, that can have an immediate effect on property value. Bathrooms may not be used as often as kitchens or other rooms, but they are essential parts of the home. If you have an older home, for example, with only one bathroom on the second floor, it may be wise to think about adding another bathroom to the first floor. Family homes with only one bathroom available tend to be a more difficult sell with actual families who will be fighting for bathroom access in the mornings.
Even if there’s no family consideration, an older bathroom shows its age. Like kitchens, bathrooms have fixed counters and appliances that will always reflect the decade they were installed. You can’t just modernize a bathroom by putting in new furniture or a new coat of paint the way you can change a living room. New bathrooms are always better.
It may be the roof, or it may be the siding, but the exterior of a home is the first impression that home will make on visitors, including people who are thinking of buying. If they see that a roof has holes, or the siding is damaged, this will be a quick hint to visitors that the interior is likely to be in a similar state.