Your home is most likely your largest financial asset. It’s also an asset that you have some control over (in terms of increasing its value). By paying attention to specific elements, you can increase the eventual sale price, should you ever decide to sell.
The key is to choose the right projects and investments. Here are several that are virtually guaranteed to add value to your house.
1. Update the Kitchen
The kitchen is the logical first place to start. This is the room that almost every homebuyer gravitates to when seeing a property. It’s the heartbeat of the home. And if yours is currently outdated, a small- or even large-scale renovation can easily net you an ROI of 100 percent or more.
The key to a cost-effective kitchen renovation that adds value is to invest in the things that people care about. This includes things like modern-colored cabinets and countertops, sleek hardware, and a clean backsplash.
2. Refresh the Bathroom
If the kitchen is the most important room in the house (in terms of value), the master bathroom follows pretty close behind. Having a luxurious, spa-like bathroom is something many homebuyers put near the top of their wishlist. Any improvements you make here will increase the value of your property.
A good master bathroom remodel should prioritize luxe elements like heated floors, double vanities, a frameless shower door, dual shower heads, and a standalone tub. Your budget will obviously dictate what you are able to do, but do as much as you can!
3. Build an Outdoor Kitchen
Outdoor living space is a huge priority right now. People want the ability to “flex” inside and outside. By adding on outdoor living space, you effectively increase the usable square footage of your home.
One of the best outdoor additions you can make is an outdoor kitchen. And while you can certainly build one from scratch, outdoor kitchen kits make for a very cost-effective option that can fit any space. Not only that, but they look great and hold up extremely well over time.
4. Prioritize Curb Appeal
At the end of the day, value is driven by perception. And few things influence the perception of a property more than its curb appeal. By investing in your property’s curb appeal features, you can immediately set a positive first impression and enhance the perceived value. Good curb appeal investments include updated siding, a new front door, new garage doors, and fresh landscaping.
5. Open Up the Floor Plan
Older homes tend to be very compartmentalized and segmented. Rooms used to have very distinct purposes and were divided by doors and walls. Today, the open floor plan is in style. People actively search for homes where the kitchen and main living areas effortlessly flow into each other.
If your home is currently closed off and segmented, removing a wall (or two) can totally transform the look and feel of your property and increase its value.
6. Add Square Footage
Finally, you can add livable square footage to your house. This is by far the most expensive option on this list, but it also has the greatest potential to add significant value to a home.
When it comes to adding square footage, there are really three things you can do. You can build up, build out, or convert existing non-heated square footage into heated square footage.
Building up involves adding a second story onto a one-story home. This is sometimes done with ranch-style homes that have the proper layout. Building out is probably the most common choice. This is where you add additional rooms to the home by utilizing more of your property. Finally, you can take something like a garage (which isn’t technically counted as square footage) and convert it into heated square footage that becomes part of the house. Homeowners often turn garages into extra bedrooms or living rooms when building up or out is too expensive.
Give Your Home’s Value a Boost
There’s arguably never been a better time to sell a house than right now. Real estate prices are high, supply is low in most markets, and buyers are willing to bid up a home’s price simply to avoid missing out. If you’re thinking about selling in the near future, investing in a couple of these value-adding projects could help you command even more when you eventually do list.