With conflicting reports about the real estate market heading towards a crash in 2016, many homeowners have decided to hold on to their properties, staying put until things get better. If this is a situation you find yourself in, now is as good a time as any to consider investing in improvements that won’t just improve your quality of life, but will also increase the value of your home.
The only problem is that many home improvement projects that seem attractive to potential buyers don’t actually add value to your home. This is especially true in a down market. In fact, certain improvements can even hurt your home’s value due to expensive maintenance costs.
So which home improvement projects will actually benefit you when it’s time
to sell your home? Here are four projects to consider.
1. Repaint the Kitchen
Investing in a kitchen upgrade can be dangerous if you go overboard. Buyers always want a great kitchen, but spending $50,000 on fancy appliances and countertops might only make it hard to get your home off the market.
Instead, start with the basics. For the most bang for your buck, consider applying a fresh coat of paint, preferably in contemporary colors to give your kitchen an entirely new and modern look. Be sure to use low-VOC paints to avoid cancer-causing chemicals from contaminating the air inside your home; buyers will also like that your home is eco-friendly.
2. Add a Bathroom
If you happen to have an extra 30 to 35 square feet of space in your home, consider adding a bathroom. Your family will thank you for the addition, while potential buyers will help you recoup more than 100 percent of your investment in hot markets.
To reduce the cost of a bathroom addition, you will hunt for bargains at Home Depot or Lowe’s, which will sometimes have marked down prices on tubs, toilets, doors, and other fixtures.
3. Repurpose a Room
Repurposing a room not only “adds” usable square footage to your home, it’s also one way to attract buyers who will like not having to spend more money on a remodel. Instead of adding a room to your home (which can easily cost tens of thousands of dollars when you encounter unexpected problems), reinvent an unused room like the basement, attic, or garage. You can even rent out the extra room to create a stream of passive income.
When repurposing a room, try to think of potential uses (beyond bedrooms) that will appeal to buyers. For example, man caves or game rooms will definitely appeal to the male demographic if done right.
4. Make the Home Energy Efficient
Today’s average homebuyer is more concerned about energy efficiency than ever. For old houses, consider replacing single-pane windows with Energy Star-rated windows, which can cut heating and cooling costs by as much as $500 annually.
If your home doesn’t have basic insulation or has several doors that do a
poor of job keeping out cold air and warm air in, and vice versa, consider
investing in a home insulation project. A contractor can help you identify
areas that are prone to leaks, such as doors and windows, electrical sockets,
recessed lights, attics, basements, as well as air ducts and wire shafts.
For more tips and tricks on how to maximize the value of your home before
putting it on the market, talk to Blue Hen Homebuyers. We can also buy your
home, regardless of its condition. Call us today at 910-802-2222 to get
started!