Everyone who owns a home knows that there's always something to be done - the roof looks kind of worn out, the windows could do a little fix-up, and a little splash of paint on the walls wouldn't hurt either. Oh, and of course, the attic...what COULDN'T be done to it?
Knowing the impact of each of these fix-ups on the property's resell value is always useful - because you never know when it might come in handy. It's especially important if you don't have extra tens of thousands of dollars just lying around, and you intend to sell your home at one point or another, or you know your children or grandchildren might want or need to do so. For that reason, we've compiled a handy-dandy overview of the home improvement projects with the best resale value:
Many experts claim a kitchen remodel to be the best way to boost the resale value of the property, as it has the average rate of return of 88%, even for minor improvements. If the idea of changing the whole kitchen planning, plumbing and appliances seems too expensive, opt for changing or upgrading the kitchen cabinets and countertops, refreshing the look of the walls with a swipe of fresh paint or some new tiles, and mixing up the light fixtures. From our experience, kitchen and bathroom are the two rooms in any house where you should not be cutting corners - you will be getting out of them exactly what you put in.
Changing the windows will not only increase the resale value of your home, but also decrease the utility bills considerably. When taking up this project, focus on function first and design second, as customized fancy shapes won't necessarily increase the resale value, but don't think that looks don't matter at all - they sooo do.
Vinyl and wood windows have about the same rate of return (84% for vinyl and 85% for wood), so choose whichever suits the style of your home and your needs the best.
Similarly to the kitchen, a bathroom remodel is one of the most effective ones, as it considerably increases the property resale value, and it has a huge impact on the everyday comfort level of those living in the house. And since even minor improvements can have a big impact, the project is also adaptable to your budget. But, as we said above - kitchen and bathroom are the two rooms of your house that you want to invest in.
Repainting spaces is probably one of the easiest home improvement projects to take up, with the biggest visual impact. To make the final result appealing to a wider variety of potential buyers, you might want to skip on covering the whole wall with a wolf pattern, and opt for more classic colors and designs - the room should look stylish, but timeless.
Adding storage space
Additional storage is always useful not only to you, but also the next homeowner. A very elegant and minimalistic solution is built-in pantries, closets and shelves, which can be designed to be completely hidden, or a part of the overall interior design. Because you can only have that many cupboards, right?
Repurposing free spaces
Most home buyers aren't looking for homes that need mayor remodelling, so take care of all the less used spaces beforehand. Why not turn the attic or the basement into a functional space? That will be one less thing for the new homeowner to take care of, and you will increase the square footage of the functional part of the property. If a complete attic remodel seems a little out of your budget, you can start by installing heat insulation.
The first impression of your home usually gets formed from its exterior. Is the roof leaking or are the shingles broken? Does the house look well taken care of or long forgotten? While this might not be the most important thing on the list for the potential homebuyer, it might eventually tilt the scale to the benefit of another home where they would not have to be taking care of these issues.
Hardwood floors are the most sought-after by homebuyers, adding immense value to the property. But if hardwood isn't something that works with the style of your home or your budget, there's plenty of others to choose from to up the resale value. Click here to see the comparison between different types of flooring by cost, durability, installation and cleaning difficulty.
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