Buying a house is perhaps the most expensive investment a person will make in their lifetime. Real estate is one industry where properties and assets generally increase as time goes by. In the United States alone, nearly 65% of homeowners believe their property’s value will keep soaring for the next 10 years.
If you believe that your home is your biggest asset, then it is only fair that you make good housekeeping and home improvement a priority. Whether you intend to resell it in the future or just build equity, smart improvements and regular maintenance are both proven to increase your home’s value over time.
Home Improvements for Top Dollar Value
First things first, not all home improvement projects need to be expensive. Let’s say the top out is at $475,000 and your home is already at a $440,000 value, you would be at a disadvantage if you invest more than $35,000 in home improvements. Even at that amount, you are only breaking even. If you are looking at your property for a potential return, you have to know how your home checks out against the present market value. Based on those numbers, plan your renovation project.
Kitchen and Bathroom Upgrades
One of the things a potential buyer looks for is how the kitchen and bathrooms look like. These are what appraisers watch out for.
A well-planned and visually appealing kitchen is guaranteed to give you your biggest investment returns. You can start by replacing old appliances and furniture with new ones. If you’re on a tight budget, you can replace some fixtures or cabinet hardware. A little paint is inexpensive and is sure to go a long way as far as home improvements go. There are tons of great ideas online and in magazines.
A bathroom, on the other hand, does not require a complete remodeling. You can improve bathroom fixtures such as toilets, faucets, and bidets or change vanities and install a floating cabinet around your sink for added storage space.
Garden and Landscape Updates
A well-landscaped front lawn or backyard adds curb appeal. You can save up on costs by planting perennials instead of annuals and by utilizing mulch or crawling perennials as an alternative to expensive ground cover. Gardeners and landscapers say that investing in a good landscape on your first year of ownership is one of the easiest and cheapest ways of adding value to your property.
If you have a swimming pool, remember that the more updated it is, the better it will look. When getting a new water pump from Grundfos online shop or any other brand in your area, find out what the top out is in your neighborhood for homes with swimming pools as well.
Floor Area Expansion
People today prefer wide-open spaces instead of the compartmentalized and walled ones. Taking down that old wall dividing the living room and the kitchen and adding a kitchen island or a counter gives that distinction between spaces and leaves enough openness in the area. Another approach homeowners take is adding floor area by building an additional bathroom or family room. Adding some square footage to your home enlarges your floor area significantly which leads to a higher home value.
Regardless of intention for home improvement, whether you plan to sell it later on or to just build equity and savings for yourself, providing good home stewardship unquestionably increases your home’s value significantly. It’s just a matter of knowing how to go about it wisely.