Best Ways to Increase the Resale Value of your Home
If you are looking to sell your home in the near future, doing upgrades and repairs is a sure way to either increase the value of your home or to help get it sold faster. Repairs are almost a must, as most home buyers will add this condition upon a sale, but upgrades, on the other hand, are not necessarily mandatory, but when done correctly they can increase the value of your home. Below we listed some of the best ways to increase the resale value of your home.
Adding Square Footage
This home upgrade is definitely the best bang for your buck. Adding additional living space to your home will usually turn the greatest profit per dollar spent vs any other upgrade. Finishing your basement is the easiest way to add living space to your home.
There is an upward trend for homeowners to invest in a recreational retreat within their own home vs buying a recreational home, such as a cottage. With that being said, designing a basement that caters to this is key. Think of a basement retreat when finishing the basement by adding a home theatre, a wet bar and entertaining space. Adding a bathroom with a shower is important as well, just so you can cater the home sale to those that might use this space for actual living.
It would also be a good idea to waterproof the basement before finishing. Some homebuyers might be weary of investing in a finished basement that might not be future proofed from leaks.
Add a Deck
Just to play off of the previous point, making your home feel like a recreational retreat is a good way to entice home buyers from choosing your home vs another. Another good way on top of finishing your basement is by adding a deck to your backyard.
Composite decks have started to become a very popular choice from homeowners due to the minimal maintenance required, but that also comes with a higher price tag. For the purpose of getting the best value for the upgrade, we recommend going with a more traditional cedar or redwood deck as the ROI tends to yield 5% more vs composite.
How your home appears from the street is the first impression that potential home buyers will notice first. Make a good first impression. The best bang for your buck is lawn maintenance. Make sure that your landscaping is on point by pruning your shrubs, planting some flowers and even fixing any patches in your grass.
Some other major upgrades that you may want to consider, depending on how run down they may be, is replacing your front door, replacing your windows and maybe even replacing your garage door. Sometimes you can get away with minor painting touch-ups on the doors, but take the time to examine how worn out some of these items are before deciding which route to take.
Bathroom and Kitchen Remodels
Bathroom and Kitchen remodels can be very expensive and in some cases might not return the value on your money spent. But, doing some minor upgrades can yield a positive ROI.
In the kitchen, consider replacing cabinet doors and drawer fronts, and refacing the base of your cabinets. Even upgrading your appliances to newer, shinier models on Black Friday can really change the look of your older kitchen.
In the bathroom, you might want to consider adding a new bathroom vanity depending on how to run down your current sink and counters are. If you are looking for something a lot more minor that will just give a good facelift, consider changing your showerheads, faucets, towel racks, and toilet paper holder.
Change Your Roof
Your potential home buyer will bring in a home inspector as a condition of sale, and one of the areas they will inspect in detail is your roof.
A worn out roof can potentially discourage home buyers, but a damaged roof can potentially cost you money if fixing it is now a condition of the sale. Goodhousekeeping.com wrote a good article called 8 warning signs that your roof is shot. If your roof is indeed shot, be proactive and take care of it before you put your house on the market.