Prioritizing Updates: Make Home Improvements With Resale In Mind
If you’ve been in your home for any length of time, chances are you have “THAT” list. It might be written down somewhere, but more than likely it’s a mental list of all the things you’d change or improve about your home given the opportunity.
Though it would be nice to be able to tackle everything on your list, it’s best to focus your efforts on the projects that will bring you the most return from a resale standpoint -- even if selling your home isn’t on your radar right now. Make improvements that are strategic and you’ll be able to enjoy them now AND feel great about your investment down the road.
Here are a few great improvements to make to your home when looking to get a good return:
Replace your garage door. This one might not be at the top of your list, but it’s important to have a beautiful garage door for resale -- especially if the garage faces the street. It immediately helps set the tone for your house, and dramatically influences curb appeal. You can bet on getting close to 100% back on your investment.
Spruce up your kitchen. You can often get more than 100% of your investment returned in a kitchen remodel, whether it’s a full-on gutting or more minor upgrades. After all, this is one of the places people spend the most of their time in a home, and they want it to be modern, comfortable, and a good use of the space.
Add or refinish a wooden deck. Nothing enhances a backyard better than space to enjoy it, and a well-built wooden deck is a wonderful way to bring that entertainment element. You can expect to get about an 80% return on your deck investment.
Add or remodel a bathroom. Adding a bathroom offers twice the resale value of adding a new bedroom, so investing in these spaces in the home tend to always pay off (often more than 100% of the cost to make the addition or improvements). It’s also not a space to cut corners. Get the work done well, because it shows.
Finish out your basement. Price per square foot is going up, so more and more homeowners are adding space to their homes rather than moving. Spending money finishing a basement -- and potentially adding features like a home theater or a wet bar -- will likely garner you a 70% return on investment, and it’s a strong draw for buyers, too.
Beef up your attic insulation. It’s not a sexy upgrade, but it will pay off! Since homes lose a the most heat through the roof, this improvement will result in energy savings and an increase in your home’s value. Plus, you can expect to regain more than 100% of the cost on this one. It’s a no brainer!