When you want to increase the resale value of your residence, there are specific home improvements that you can (and probably should) make if you want to get top dollar. These help to attract a large number of buyers and quickly move your property off the market.
Of course, while there are certain modifications that would suit your personal tastes, some of these may make it more difficult to sell your house. Plus, not all renovations are created equal when it comes to adding value to your home. Read on to learn about the best and worst home improvements you can make when it comes to resale value. First, we will start with the renovations that can help the most.
Kitchen Renovations: A full kitchen remodel can cost around $15,000. If you are strategic about it, this can give you up to a 5% increase on the resale value of your property. Talk to kitchen remodel contractors about smaller, less expensive kitchen improvements.
A kitchen serves as the gathering place for an entire family, so it is natural to want to add storage, change the backsplash, improve ventilation, etc. Any improvement you do to your kitchen, however, should be geared toward improving efficiency and safety.
Ensure that your appliances are as modern as possible to benefit from the latest energy-saving features. Adjusting to an open design can make the space more welcoming. If you have the space, consider adding a kitchen island.
Finally, take a look at the kitchens in the most expensive homes in your area by going on Zillow or touring open houses. This will give you an idea of what kind of aesthetic changes to make to the cabinets, backsplash and finishes.
Bathroom Renovations: A full modern bathroom remodel can cost as much as $11,000, but it can often make the sale price of your house go up by 3% to 4%. Of course, if you are strategic about your changes, you may be able to keep your reno costs low while still adding value to your home.
In addition to the basics, such as re-tiling the shower and installing a double vanity if space allows, think about other chances to add value.
As people get older, for example, there are several improvements that can enhance their safety in various parts of a residence. The bathroom is a critical area for this, and if you have to choose between a tub and a shower, then a walk-in shower is the better choice.
Changes that improve accessibility throughout your home may make it more attractive to a wider range of buyers. Talk to your contractors about installing grab bars and other easy changes.