The housing market is still wild, and many homeowners are looking for ways to increase their property’s value before putting it on the market. Thankfully, there are three major updates you can do that will leave your property far more valuable than it was before.
These are the main ones to consider completing!
Why the ROI is Important to Consider
Before getting into the details about what’s important to consider for home improvement projects, you must know how to gauge an ROI and why it matters. Your return on investment tells you how much money you’re getting back for how much money you put in. So, for instance, if you put in a new garage door, and the value of your property increases the same amount that the garage door costs: that’s a 100% return on investment. The higher the ROI: the better.
Replacing Out of Date Roof and Siding
Many buyers don’t want to purchase a property that will need a ton of work. To ensure that this doesn’t hold you back from selling, consider updating your roof and siding beforehand. These can add immense value and will make your property more desirable since it’s far less work, and the roof and siding update mean that buyers won’t have to think about these for at least twenty years.
Make sure you go for more neutral colors, but pick a strong material like steel siding to hold up the strongest.
Updating Your Kitchen
If you’re asking yourself, ‘what is my home worth?’ chances are you’ve spent some time staring at your kitchen and wondering what parts need to be changed. Our kitchens are the heart of our homes, and because of this, they have to stay updated to draw eyes and stay competitive.
When updating your kitchen, focus on the main eye-catchers, like the counters, the appliances, and the cabinets. A smaller kitchen remodel brings in a higher ROI than a large remodel, but if your kitchen is more than twenty years out of style, it’s a good idea to update the whole thing.
Remodel the Attic or Basement
An additional bedroom can add up to fifty thousand dollars to any property: this goes even further the more bedrooms you add. If you have an unfinished basement or your attic space is accessible but unused: consider adding extra bedrooms. It can cost ten to twenty thousand dollars to convert one of these spaces into a bedroom, but it’s worth adding the extreme value afterward.
Make sure to research what makes a bedroom up to code in your area. For some spaces, it’s just a closet, while others require a window, a closet, and specific square footage to be deemed a bedroom.
Every Property’s Value Can Be Increased
Whether your home is twenty years old or a hundred: you can build value into it with the right updates. Consider some of these home improvements, and you’ll see your property value skyrocket!