Are You Selling or Renovating Your Home? Strategic renovations can increase property values – but which upgrades offer the greatest return for their investment?
Large renovation projects often have lower ROIs than minor improvements; highly personalized upgrades reflecting personal tastes could dissuade potential buyers.
Upgrade Your Lighting
Lighting upgrades can make a dramatic impact in the ambience and energy efficiency of your home, as well as being an affordable way to add value and increase energy efficiency. Consider switching out older bulbs for LED ones or updating outdated dimmer switches with modern fixtures.
New lighting can make your house more desirable to prospective buyers, since everyone loves an eye-catching chandelier or hanging lights in their home. Plus, upgrading to more energy-efficient bulbs may qualify for rebates from your utility company!
Of all the home improvements available to homeowners today, swimming pools or complete kitchen remodels tend to yield lower returns on investment than smaller projects that focus on details. Focusing on updating cabinet knobs or turning an unutilized room into a bedroom is an effective way to make a big statement while freshening up living spaces.
Add Curb Appeal
Nothing diminishes curb appeal more quickly than an overgrown lawn and garden, yet that doesn’t have to mean an extravagant expenditure in order to revitalize them.
Upgrades that cost little can have a dramatic impact on both the look and value of your home. Repainting exterior walls and replacing garage doors are two projects with good cost recovery potential; adding a driveway or pathway could add even greater value.
Enhance the aesthetics of your home by concealing any unsightly garbage or utility areas with attractive privacy screens or specially-designed enclosures, such as weatherproofed metal suns or iron-framed mirrors. This curb appeal idea also works well when hiding outdoor lounging spaces or sheds that might otherwise be visible from the street. Alternatively, hang weatherproof wall art to give the exterior personality; options could include metal suns, wrought-iron trellises or an iron-framed mirrors.
Update Your Appliances
Although many upgrades can help increase your home’s value, this often depends on their nature and local market conditions. For example, installing a swimming pool may not increase its worth as many buyers don’t consider such features when looking for their new homes.
Updating your appliances can give your house an updated appearance that makes it more desirable to potential buyers. Stainless steel and black stainless appliances are popular choices that should appeal to most prospective buyers.
Replacing doorknobs with modern handles is another low-cost upgrade that can quickly enhance the appearance of your home. Opt for handles that blend in seamlessly with existing decor, while selecting neutral colors. Painting is another cost-effective way to increase home value quickly – and can even add a pop of color by painting your front door; this project can easily be tackled on its own or hired out to a professional service provider.
Upgrade Your Flooring
Floors make up an expansive area in any home, so they’re often the first thing that potential buyers notice when touring it. Stained or scratched floors can make your house appear rundown; replacing them with sleek new flooring is an easy way to increase its value and increase its worth.
New floors can transform the look and feel of any home, as well as helping improve energy efficiency by acting as better insulation during cold winter months, leading to reduced utility bills.
Flooring upgrades often produce a higher return than in-ground pools or kitchen remodels, increasing your home’s resale price at a higher cost. They represent one of the more cost-effective ways of adding value.