Updating your home can be fun and profitable. Home updates range in cost, from the hundreds to the thousands of dollars, however an update done well will add value to your home. Keeping the following suggestions in mind should provide you with good ideas to understanding what is and isn’t a good update to invest in when increasing the value of your home.
The best investment you can make in your home is to paint it modern, neutral colors. If you are planning to stay in your home for a long time, you can paint it any color you wish, but plan on repainting it before putting it up for sale. Use quality paint, and select neutral colors. Your goal is to have your home appeal to the widest audience possible. At about 75¢/sq. ft, painting is one of the least expensive and provides the greatest impact of all of the improvements you can make.
2.) Knock Down Walls
When you compare older homes to newer homes, the biggest differences you will find is that the newer homes feel open and flow well. Older homes were often designed with individual rooms (e.g., kitchen, dining room, living room, etc.) walled in while new homes have less separation between rooms. To give your home a more up-to-date look and feel, you can remove walls. However, before knocking down walls, always check with a professional to determine which walls are structurally necessary. If you are able to knock down walls, you will be amazed at the difference it will make and how much bigger your current home will feel!
3.) Install Wood Floors
If it is time to replace your floors, take a serious look at wood as a flooring option, as it appeals to the most buyers. If your home will sell for over $300,000, go with real wood. If it is a less expensive home, one of the many fine laminate floors might be more cost effective for you. Whatever type of flooring you go with, having quality materials professionally installed will help your home sell faster.
4.) Remodel Your Kitchen or Master Bathroom
The two most important rooms in your home that most potential buyers notice are the kitchen and master bathroom. Replacing the cabinets, sink, and appliances to start. Depending on your budget, you can add tile and/or upgrade your bathtub. Any money you spend in these rooms will probably have a return rate of 80-90% of the cost. If your home was built before the 1970’s, you could add a master bath, as your home probably doesn’t have one. Make sure you use a reputable builder who ties in the addition to the rest of the home. A poor design or poor workmanship will decrease the value of your home, making it more difficult to sell.
5.) Gut the Attic
Older homes typically have 8-foot ceilings and can feel very confining. Consult with a professional about the possibility of creating a new vaulted ceiling in your home. This project frequently involves removing all or part of your attic in order to raise the ceiling height. It is often inexpensive to do, and you will be amazed by how much bigger and lighter your home will feel. This is a huge change that has a good return on investment.
Completing one or several of these projects, if done well and with quality products, should ensure an increase in value of your home. If you decide to sell your home after renovations are completed, you may sell it for a higher price.