Adding Value
Which items will add value to your home and help with resale when the time comes to sell?
The answer is: “Only the ones that future buyers will also want and be willing to pay for.”
As you update your home, you should choose functional over cosmetic and opt for neutral color schemes - if your primary concern is future resale value. Buying new fixtures and updating your home can be fun. Just keep in mind, whether you do it yourself or hire someone, professionalism is what sells.
Buyers can quickly identify a less than pro job, and they'll discount accordingly. Current trends will also affect the value your updates. Unusual colors, wallpapers, and tiles can have a limited appeal.
Since you've decided to update prior to selling you'll want to examine this list of items. We've compiled it to give you the most bang for your buck. Most of these consist of easy diy or perhaps a weekend pro.
Which updates will add the most value to your home?
- OK, let's look at the big ones first. These are the expensive guys that really tax your budget. You'll need to decide - it is worth it? Updates that increase usable space (an extra bathroom, larger and/or upgraded kitchen, master bedroom suite, more closet space, conversion of unused space to a home office) usually start around $5000 and go up from there. You should expect to remain in your home for 2-3 years to recoup some of the costs.
- Updates that will lighten and brighten your rooms are awesome and can range from a $30 room painting project to a few hundred for roofers. (white or light color paint and floor coverings, light woods, skylights, larger windows, and french doors with glass windows). No matter which way you go, these are great updates because they show off the home's space.
- Usually updates that open your home to fresh air, entertaining and the outdoors add value so long as you don't go beyond what's normal and typical for the area. (French or sliding glass doors to the patio, deck or garden). Backyards are deeply personal, just try to keep an eye on the neighbors here. If there are similar improvements throughout the community, you stand a higher chance of the appraiser seeing value in your paradise.
- Updates that will increase privacy and security (fencing, landscaping).
