Which Renovations Add the Most Value to Your Home?
No home is perfect, and maybe yours could use a little TLC or some updates before you try to sell it. Most of us are working within a budget, so it’s hard to determine which renovations will actually give you the most bang for the buck and help the house sell.
What do buyers really want? According to a recent survey among potential homebuyers, the renovation projects that impressed them most were those that increased storage space in key areas of the home and projects that preserved the home’s vintage architectural features.
Here is where the key renovation opportunities are:
Updating the kitchen:
- This room is often the most important room of the home for buyers, so it’s a great place to put your renovation dollar. According to the survey, more buyers are seeking simplicity in a kitchen’s color scheme. This mean you can do something as simple as painting the walls a neutral color. Update cabinetry hardware, and consider replacing out of date countertops with neutral-toned granite or Caesarstone and Silestone. These granite alternatives are primarily made of quartz, mixed with small amounts of resin to create a strong, minimally porous surface.
- If you can afford to do more, a new backsplash can change the entire look of a kitchen. Avoid busy backsplashes and stick with classic, modern, and neutral designs and colors. New cabinets in white, gray or dark oak finish are a great choice. Stainless steel appliances are perfect to help modernize a dated kitchen.
- Minor remodeling in your kitchen can cost about $21,000 and that work will increase your average resale value by approximately $15,200 in most cases. So you can hope to recoup about 73 percent of your investment, and when it’s time to sell, offers may come in a lot faster and buyers may offer more to beat out their competition.
- Modernizing the kitchen? Create more storage wherever possible! For example, double up drawer storage with multi-tiered drawers, which are often available in today’s updated cabinetry.
- Organizational designs, such as built-in bookshelves and window seats with storage underneath, are practical and also offer vintage charm.
- Add storage solutions such as extra shelves, hooks, and rods to small closets.
Add temperature control:
- While adding a three-season porch is nice, buyers prefer square footage that can be used year-round.
- Zoned heating and cooling is very popular with buyers who are concerned about conserving energy and managing the costs required to keep their home comfortable.
Preserving the old (vintage):
- If your home is older and has unique, historical features, stay true to its character with projects such as restoring original window casements and hardware.
- If floors are constructed of original, wide wooden planks, refinish them to make the old seem new, gleaming and fresh.
There are a few key renovation projects that most buyers appreciate and that will increase your home’s value and appeal when it comes time to sell. Buyer trends can differ depending on where you live, so ask your real estate agent about which renovation projects could provide the most benefits when it’s time to sell.
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