Increase the value of your home with these remodeling projects
Written by Monica Miller
With any luck, your home’s equity has grown significantly over the past few years. Perhaps you’ve been thinking about selling and upgrading to something larger, or you’re at the point where it’s time to downsize. In either case, it’s in your best interest to add to the growing value of your home by making some smart home upgrades ahead of listing. In this article, we’ll review several home remodeling projects to take on in the year prior to putting your home on the market.
If you’re remodeling to increase the value of your home, you need to focus on your return on investment, or ROI. ROI measures just how much of your upfront investment you’ll get back when you sell. Maximizing your ROI is the key to adding value to your home.
Remodel your kitchen
When it comes to home renovation projects, kitchen remodels remain the gold standard. They’re a natural starting place for any homeowner looking to add value to their home. Why? Well, for one, homebuyers love renovated and redesigned kitchens. For many buyers, a remodeled kitchen isn’t just a plus: it’s a necessity, and they’re willing to rule out any homes that don’t have one. Remodeling your kitchen is a great way to add long-term value and curb appeal to your home.
If you’re kicking off a remodel, start by thinking through your cabinet and countertop choices. There are thousands of potential combinations out there to choose from, but—generally speaking—you’re best off pairing quartz or granite countertops with new cabinets. Stone countertops bring together durability with natural beauty, and many homebuyers today have come to expect them. When buying countertops and cabinets, look for high-quality materials at wholesale prices. Talk to your contractor: they may be able to connect you to special, contractor-only pricing.
To get the most value out of your kitchen remodel, skip the luxury upgrades in favor of practical amenities. Not every homeowner is going to need or appreciate a built-in wine fridge. Conversely, every homeowner is going to love cabinet organization that makes accessing pots, pans, and lids that much easier.
Renovate your bathroom
Remodeling your master bathroom is another great way to boost your home’s market value. Just like with kitchens, homebuyers universally appreciate a renovated and upgraded master bathroom. The more outdated your current bathroom is, the more you can benefit from making a few changes. Here, too, you’ll want to limit your upfront investment in order to squeeze the best-possible ROI out of the project. Again, that means choosing practical upgrades (a new shower) over luxury amenities (such as a jacuzzi tub).
Transforming your bathroom is actually a lot more straightforward than you might think. The key components to focus on are the shower, the floors, and the bathroom vanity. For the shower, pairing a classy wall tile with a new frameless glass door is a great combination. You have more choices than ever when it comes to flooring: today’s vinyl and laminate floors boast some of the same durability and longevity as tile, without the back-breaking installation or high upfront cost. Finally, when you’re considering your vanity choices, you can’t go wrong with granite on top of a new vanity cabinet.
Rethink your home
Of course, there’s about a hundred projects you can take on outside of your kitchen and bathroom, from repainting your walls to changing up your backyard. Just make sure that your initial investment—this includes both your money and your time—doesn’t exceed what you realistically think you’ll be able to get out of the renovation when you sell. Unless you’re planning on staying in your home for the foreseeable future, you want to be ROI-focused and make changes backed by current trends in your area.
Naturally, if you’re thinking about planning your next home project, you should talk to a professional contractor to get an idea of what you’ll need to budget. However, also talk to your realtor, especially if you’re remodeling with the express purpose of getting more out of your home when you sell. An experienced real estate agent will be able to point you in the right direction by telling you what sells, what doesn’t, and what other homes in your price range are doing.
Want even more inspiration ahead of your remodel? Be sure to check out this new infographic.