Upgrades That Can Increase Home Value
By Tim Smith
One of the main concerns for homeowners is increasing property value — after all, a home is a huge investment. The only thing is, not all home improvements are created equal when it comes to return on investment. Even though that high-end commercial stove looks incredible, and that wall-to-wall carpeting seems like it’d be gorgeous in your downstairs, you’re better off putting your money into the following projects.
Create an Open Floor Plan
Consider knocking down walls that are not needed and even removing a kitchen island that may cause the room to appear smaller so that you can make this hugely popular feature a reality in your home. The upgrade will likely cost under $2,000 and will allow the home to increase in value due to the demand for the feature.
Paint the Walls Neutral Colors
A home that is personalized and unique will stand out like a sore thumb on the real estate market. Repaint walls in the home that have bold colors and stand out. Instead, opt for neutral shades that are more appealing and modern for homebuyers. It will allow potential buyers to imagine themselves living in the home.
Replace the Front Door
Your home’s curb appeal is one of the main features of the home that will attract buyers when it’s on the market. Create an inviting front with a decorative door, a deck, an awning, or patio furniture. This will allow the property to look cozy and inviting for a space that is an extended part of the home to enjoy.
Replace the Floors
Your flooring is one of the main components that determines the home’s value and should be updated to look current and in great condition. Use engineered hardwood floors for an affordable product that will look more contemporary and match the design of other upgrades in the home. You can invest up to $900 in the new floors and increase the property value by $2,000 for an upgrade that will make your home more appealing.
Refinish the Attic and Basement
Increase the functionality of your home by refurbishing the attic and basement for extra rooms that can be used for several purposes. From game rooms to home gyms, the attic and basement can make for extra space that will increase your square footage. Instead of an extra place for storage, the rooms can now be used as an extra bedroom or children’s play room, which will increase the property value. When making the investment, you’ll increase your home value by four percent for each room that is refinished on the property.
Tim Smith writes for Modernize.