Whether you’re looking to add value to your home to sell it in the near future, or just want to get the best value for your money before choosing what renovations to spend your time and money on, it’s important to consider the pros and cons of each project and what the financial impact will be. With recent market shifts, updating a home’s exterior or interior can be worth the investment. If you are considering selling, making repairs and updates, along with staging and decorating is more important, as homes are sitting on the market longer and buyers are in a position to be more selective. In this blog, we will discuss ten renovations that can add value to a home.
1. Minor kitchen or bathroom remodel
The kitchen is arguably one of the most important spaces in a home. Most kitchens are multi-purpose spaces for kids and adults, a gathering area for holidays, family meals and entertaining friends.
Some minor but impactful renovations to consider include:
- Add or upgrade backsplash or tile
- Install new lighting fixtures
- Paint or stain cabinets and add update hardware
- Update flooring
- Replace faucets
2. Paint interior and/or exterior
A freshly painted house can make an older home look like new. Whether you hire a professional or do it yourself, painting can be done for a reasonable cost and make a significant impact. Selecting neutral color paints, covering over bolder colors that may not appeal to buyers can also make a difference.
3. Garage door replacement
When selling a home, replacing an older garage door can give the exterior an updated look and it appeals to buyers, giving them peace of mind knowing that they won’t have to incur the cost of replacement.
4. Replace older windows
A home assessor will inspect the exterior and interior of a home and based on its condition and recent home sales in the surrounding area, they will provide an appraisal. New windows is an update that will factor into the equation to determine the overall value of the home. Replacing old windows with energy-efficient windows is also more attractive to a prospective buyer as it reduces noise, improves insulation and can lower the cost of heating and cooling the home significantly.
5. Upgrade or repair roof
To determine if the roof of a home needs updating or repair, enlist a professional roofer to check wear and tear of shingles or tiles. If there are issues that can be fixed, it is wise to get it done before a leak appears or the roof needs to be replaced entirely. If a full replacement is necessary, select a material that works well with the architectural design of the house, while giving it an updated, modern look. A new roof can be expensive, but it can also last for many years. If you do replace, a new roof is a strong selling point, as it won’t be needed again for quite some time.
6. Add solar panels
To add significant value to a home, consider adding solar panels to the roof as well. Many buyers are unsure about installing solar themselves but are usually attracted to a home that has solar already installed. According to the National Renewable Energy Laboratory, every dollar that a solar panel saves you on your electrical bills increases the value of your home by $20. And according to Zillow, homes with solar panels sell for four percent higher than those without.
7. Install smart home technology
Adding “smart home” features is an instant value add. Smart technology that buyers are interested in includes security cameras and alarm systems, water leak detectors, smart thermostats and smart locks are a few of the more popular options. Other smart home features can be found in new appliances, lighting and other features that can be operated from an app on a phone.
8. Remove or replace carpeting
Hardwood or vinyl flooring offers a clean, modern design to a home, as well as a more durable material that requires less maintenance. Carpeting is more susceptible to wear and tear and needs more frequent cleaning. These days, there are many options when it comes to luxury vinyl flooring that looks similar to hardwood but for a fraction of the cost.
9. Create or enhance outdoor living space
If the home is in a warm climate like Arizona or Nevada, home owners like to have a backyard space that serves as an extension to their home. Achieving this doesn’t have to be difficult or expensive, consider adding an outdoor dining space and/or a fire pit to create more areas to entertain and give it an oasis feel.
10. Build or convert a home office
The increasing demand for home office space makes a designated home office especially appealing to homebuyers today. Even if there is not a space built to be an office, consider staging one before listing the home to show the capabilities of the space and potential to be used as an office.
Here at Landmark Title, we offer professional title and escrow services for residential and commercial l transactions. If you have questions about our services or need assistance with a real estate transaction, please call us at (602) 768-2800 or visit our website.