Renovating your living space is an excellent way for homeowners to add increased functionality and appeal to a property at someone else’s expense.
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Everyone knows that home projects like this involve a lot of planning. What will it look like? Who will build it? And you should also consider the fact that remodeling your house also comes with a lot of costs.
The cost will depend on its size, the place you live in, and just how much of a makeover your home needs. For this reason, many homeowners opt to apply for a personal loan to finance this makeover project.
Figuring out the answers to questions like these will help you map out a path to a successful outcome.
Additionally, you need to determine beforehand what type of renovation you will do to achieve your goal of increasing the value of your home.
Remember, there are different types of renovations you can embark on. But with the right type of renovations to enhance your living space, a significant part of the expense can be passed on to future owners in the form of increased property values. Read on to find out how.
Work on the Curb Appeal
If you want to increase the resale value of your home, it is advisable to always start at the exterior part as it the place where most people form their first impression about your home.
You should not underestimate the appeal of your outdoor spaces, bear in mind that even trees and well-maintained plants can also add value to your house.
Consider landscape lighting; beautiful pavements; remove all weeds, dead plants and unappealing plants. Vegetable patches; garden furniture and outdoor arts are also good ideas.
Achieving a great curb appeal for your house is the difference between a mediocre looking house and a magnificent one.
Let’s now take a look at the guide published by Hanley Wood and Remodeling Magazine. This guide, also known as the Cost vs. Value Report, is considered to be the most reliable and widely used guide for estimating the return on remodeling investments. According to the 2017 report, a renovation on your curb would cost around $51,985 and is estimated to recoup 54.9% in the boosted resale value. As you can see investing for the renovation of your outdoor space really pays off.
Repaint the House
If you plan to put your current home on the market, don’t allow walls with chipped paint to go unattended. Remember, newly painted houses inside and outside can actually make your house cleaner, brighter, lighter and more appealing and can actually add to its value.
You can always hire painter if you want, but you can also ask for advice and paint it on your own. And here’s a simple tip, if you need to do more than a touch-up, choose natural and neutral colors to repaint your house because buyers want to be able to project their own ideas onto the space.
Upgrade Fixtures and Appliances
If you have time-worn, defective fixtures and appliances, replacing them will help add value and increase future sale potential.
Bear this in mind, most people don’t want to buy new appliances when they move into their newly acquired home, that is why purchasing a house that already has matching and modern appliances is a big deal in the buyer’s mind.
Also, your home may often look dated and tired due to old fixtures. So replacing or updating your home’s fixtures will definitely result in an immediate increase in its value. This will also revitalize the entire home.
Revamp your Bathroom and Kitchen
The Kitchen and bathroom are the two most important rooms in your house in terms of valuation. These two rooms can make a very significant difference in the value of your home. That being said, it is crucial that you invest in having a modern, fresh and desirable kitchen and bathroom.
In your kitchen, focus mainly on giving the room a face-lift – paint the cabinets, replace the faucet and sink, install new fixtures, and update the appliances. Modern cabinetry, under cabinet lighting and new appliances, will all significantly increase the value of your home on the market.
However, do not forget that you still have to keep things simple and stylish, not anchored to your personal taste. Still, according to Cost vs. Value, minor renovations to your kitchen will cost $20,830 and it is estimated to recoup 80.2% in the boosted resale value.
Likewise, updating bathroom amenities and fixtures or adding an additional bathroom if you have the space can really increase a home’s sale appeal. Bathroom remodeling will cost approximatley $18,546 and is estimated to recoup 64.8% in the boosted resale value.
Don’t Hold Off Care and Maintenance
Proper home care and maintenance will affect your property value. If you neglect this, you can expect damages to occur and the overall property value will be expected to decrease.
Property problems like leaks, termite damages, structural issues, and the grounded electrical system can actually decrease the value of your property. Nobody wants to buy a house with broken windows, leaking roofs grounded electrical system and other problems.
To help you identify damaged parts of your property, you may opt to hire a certified home inspector. Aside from saving you from accruing significant future repairs, it will also maximize your home value when you are about to sell it.
Showing your future potential buyer your house inspection report will give them enough confidence and increase their willingness to buy your property at your asking price because they know that your house is well-taken care of.