5 Best Home Improvements to Increase Resale Value
Despite the economic troubles caused by the global health crisis, many people have been taking on home improvement projects. Indeed, home remodeling platform Houzz reveals a 58% rise in demand for home professionals last year. But what exactly is driving this interest in home projects? With everyone stuck indoors for months on end, families want to make their houses feel cozier. But of course, that’s not the only benefit of home improvements. By fixing your house, you also stand a chance to increase home resale value. Even though you may not have plans to relocate yet, remodeling your home now will make it easier for you when you finally decide to move.
Here are some of the best upgrades to consider that can boost home resale value.
Opening Up the Floor Plan
Today’s prospective homebuyers are often looking for open floor plans, as it allows them to arrange the space according to their tastes. Plus, an open floor plan makes rooms feel much larger than they are. Because of this demand for open concept floor plans, homes with this feature are priced higher than other properties on the market. But before you grab a sledgehammer, be sure to consult with a licensed remodeling contractor and a structural engineer. Maintaining the structural integrity of your home is critical, but the right remodeling team will be able to create a structural design that redistributes the load safely and adequately. There are other factors to consider when opening up your floor plan, such as continuous flooring, lighting, storage, general traffic patterns, and furniture and cabinetry placement.
Adding a Basement
Adding a basement is a significant financial investment that’s not appropriate for every property. However, this particular home improvement project may be worth it for your family because you’d be adding extra square footage to your home within the existing footprint. We consider restrictions, topography, and building codes to determine if a basement addition is feasible for your home. However, many homeowners are excited by the prospect of an in-law suite, casual lounge space, new home office, or additional bedrooms. Indeed, it’s an attractive feature for future buyers, and it can reportedly bump up your home resale value by up to 6%.
Remodeling the Bathroom
You’d be surprised how even minor bathroom remodeling projects can increase your home’s resale value. These include replacing the bathtub, updating the fixtures, and updating the tile. While these sound like quick and easy fixes, working with a design-build remodeler that can help you choose the best materials and finishes, handle all the permitting, and manage the various trades will make the project run much more smoothly. It’s a great, easy way to instantly modernize your home and give it a fresher look without too much disruption to your daily routine. So, if you want a relatively simple home upgrade with a high ROI, you can count on bathroom remodeling projects to do the job.
Updating the Kitchen Design
If you plan on reselling your home, it’s recommended you update your kitchen’s aesthetic if you haven’t already. Experts on HGTV state that the recoup rate of minor kitchen remodeling projects averages at 98.5 percent — making it one of the best home projects to increase your home resale value. For example, you can elevate your kitchen’s design by modernizing it with farmhouse styling and elements, installing modern kitchen mechanical systems, upgrading countertops, and repainting the walls and cabinets.
Most of our clients prefer to completely redesign and remodel their kitchens so they can get years of enjoyment out of their investment. However, a full-blown kitchen remodel may not be appropriate if you’re just looking to increase resale value and move on. In that case, stick to the cosmetic updates mentioned above.
Installing Smart Devices
Smart and sustainable homes are a popular trend that is slowly dominating the housing market. By installing smart devices in your home, you can increase your home resale value by around 5%. Aside from enhancing the value of your property, the great thing about installing smart devices is that it allows the future owner to create a fully immersive and personalized home ecosystem. What’s more, devices such as smart lights, smart thermostats, and energy monitoring systems can also reduce your home’s overall energy consumption, which then translates to lower monthly costs.
How Can You Fund Your Home Improvement Project?
Regardless of the type or level of home improvement project, remodeling requires a significant commitment of your time and resources. While we don’t offer in-house financing, plenty of financing options are available if that’s what works best for your family. For starters, you can take out a home improvement loan from a trusted lender or bank and recoup the costs after you sell your home. Home improvement loans are unsecured loans, which means that you won’t have to put your other assets on the line as collateral, and there’s a possibility that you could get some excellent loan terms if you have good credit standing.
Home equity loans are also a great option if you’ve been in your home for many years and have enough equity to cover the cost of your project. Regardless of how you choose to finance your project, there are options available to suit every need. Just know that anytime there is financing involved, it adds a layer of complication. It can make the project take a little longer, so factor that into your timeline when thinking about your ideal window for construction.
If you’re looking to sell your home in the future, home improvement projects can increase your home’s value. Remember to consult with a remodeling contractor and your realtor to determine which upgrades best fit your property and have the highest returns.
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This article was exclusively written for revisioncharlotte.com by Ashley Clifford