If you’re thinking of selling your home, you might want to sit tight until the real estate market recovers to a greater degree. In the meantime, however, consider some savvy home renovations to make some appealing improvements that can only ramp up the saleability of your property when the time comes.
Bear in mind that not just any home renovations will add considerable value to your home, especially when the market’s in a slump. Some improvements, in fact, can even detract from the eventual asking price. So just which home improvement projects are the best ones to invest in?
Three Big Value Enhancing Home Renovations
Here are three of the top home improvement projects that can increase the value of your home.
Reasonable Kitchen Remodeling
- When prospective buyers view your home, one of the first things they will look at is the so-called heart of the home. Well-chosen kitchen updates always pay off. Provided that you keep things reasonable and don’t go out of control, HGTV says you can expect to get back 60% to 120% of a kitchen remodel investment.
- Be aware that “over-fancying” your kitchen can not only cost too much in terms of the ultimate monetary return; it can also actually serve to detract from the appeal of the rest of the home.
- Replace worn out appliances with efficient, Energy Star rated models. They are better for the environment and homebuyers are always interested in economic benefits when scoping out new homes.
- Does your home currently have only one bathroom? You can recover a sizeable portion of your investment by adding another one. HGTV evaluates a 80% to 130% recoup of what you spend in the process.
- Find room for an additional bathroom by taking a look at any extra rooms (or portions of them) and underutilized areas. Don’t forget closets or areas under stairwells, too.
- Good rule of thumb: for a half-bath you need at least 18 square feet. For a full bath, including a stand-up shower, count on at least 30 square feet. If you want a bathtub, make sure you have at least 35 square feet to work with for a bathroom addition.
- Bathroom addition costs depend largely on the types and individual costs of the fixtures and accessories you want to use.
All Hands on Deck!
- If your yard has the room, definitely consider adding a new deck or patio. Outdoor living spaces are very desirable these days, especially when people enjoy entertaining at home.
- The more appealing your home’s outdoor areas, the more points it will score with visitors at an open house. The more appealing and usable your home’s outdoor areas, the more points it will score with visitors at an open house.