Four Rooms in Your Home That Can Boost Your Resale Value
When was the last time you seriously thought about the value of your home? How much more is your property worth since you purchased it? Even if selling your home is the farthest thought from your mind, adding some resale value will not only benefit you now, but in the future should that “For Sale” sign ever go up in the yard. If you aren’t sure where to begin, here are four areas of your home to improve to add value.
Basement – Let’s start from the ground and work our way up. If you have a basement, there are several things you can do to enhance its value. If it is unfinished, consider finishing it for a 75 percent return on investment (ROI) and turn it into a media room, entertainment/bar area, or playroom. This is also a great place to add an additional bedroom and bathroom, especially if zoning restrictions prevent you from building on any additions or if you don’t have the room to expand on the upper levels. At the very least, you can make it a little more inviting with additional lighting and upgraded flooring.
Outdoors – Before we take on the main areas of your home, let’s focus for a minute on the exterior. Other than the obvious yard maintenance, there are a few outdoor improvements that might be worth making, and many can be DIY projects. Create an inviting outdoor space for relaxation and socialization with a patio area, or build a water feature or fire pit to add to the aesthetics. While a pool is a great way to beat the heat, it should be added for leisure purposes only rather than for raising resale value. Many buyers worry about its costly upkeep and potential hazards, and with a return on investment (ROI) of only 7 percent, you might be better off hitting up the local public pool.
Kitchen – The kitchen is one of the main focal points of your home, and when you really think about it, you spend more time here than you think. The renovations you make may be minor or a complete overhaul depending on how outdated your kitchen is. According to HomeAdvisor, the average kitchen remodel will cost between $13,541 - $34,676, in the DC area. However, even a minor remodel will increase resale value, and some kitchen projects can be done yourself. Give the walls and cabinets a fresh coat of paint, update cabinetry hardware, or install a neutral yet eye-catching backsplash.
Bathroom – The bathroom is yet another area of your home you spend a lot of time in. Plus, nothing turns a buyer off more quickly than outdated, mustard-yellow bath tile. Small projects such as re-caulking the tub, replacing shower doors, or painting the walls can bring life back to a dreary bathroom.
If you have the funds, you might consider making larger improvements such as adding new flooring and countertops or increasing the size of your bathroom. A spacious master bedroom/bathroom is always a crowd-pleaser and could even make or break a sale. Just keep track of costs; even a small bathroom remodel ranges from $8,000 to $10,000. As a word of caution, all plumbing-related projects should be left to a professional so you can ensure the end result is a masterpiece rather than a mess.
Adding resale value to your home can benefit you now and later. There are simple DIY options as well as complete remodeling overhauls. Whether you choose something simple or complex, you can be sure that you’ll add value to your home that will benefit you when you sell.
- Author: Bret Engle | DiyGuys.net
Photo By: Pixabay