With the housing market on the rebound, people are searching for new ways to increase the value of their home. Whether they plan to sell their home for an upgrade or desire to improve the look and feel of what they already have, homeowners will spend thousands on an upgrade they assume can only help the value. Without proper research, those assumptions can be ill-placed.
For example, who would’ve imagined that adding a pool would be a waste of money? In a lot of ways, a pool isn’t always a necessity, especially when you consider the added maintenance, cleaning, and upkeep. A family with small children may also consider it a risk hazard. In fact, a lot of home ‘improvements’ can be hit or miss.
Here are three examples of great upgrades you can make:
1) Kitchens
Everyone loves a big, beautiful kitchen! It’s where the magic happens and families come together. According to experts like Home and Garden, you can expect a return somewhere between 60% and 120% from kitchen upgrades alone. While those are great numbers, a kitchen upgrade can turn into a massive failure if not done right.
Consider a rustic/historic home with tons of charm. Buyers who want that classic feel wouldn’t appreciate a $70,000 modern kitchen upgrade that doesn’t fit the rest of the house. So before making any kitchen upgrades, try not to overdo it. Always keep potential buyers in mind and whether or not it fits with the rest of the neighborhood. People won’t pay for a deluxe kitchen if it doesn’t fit.
2) Bathrooms
One of the great ways to add value to your home is by adding a bathroom, especially if you only have one. Home and Garden has found you can recoup between 80% and 130% of the value put into adding a bathroom. You can find space for such a project in several unlikely places, such as a closet or under a staircase. You only need 18 square feet for a half-bath (30 to add a shower).
Adding a second or third bathroom typically is a cheap addition to make that will leave a lasting impression on the value of your home. You can usually find doors, toilets, showers, and fixtures on sale at some of the big stores like Home Depot or Lowes.
3) Update a Space
Do you have an unfinished basement or plenty of attic space? Rather than building an addition onto your home, which can become incredibly expensive, consider updating a space you already have. You can even consider building an apartment above the garage. There’s no limit to the number of cool things you can do to extra space to make it better.
Potential buyers appreciate versatility. A finished basement means the difference between a place to store stuff or an extra room, office, game room, or place to live for an aging relative. Attics can turn into great playrooms, especially if they have high ceilings. The greater the opportunities, the better chance you have at improving the value of your home.
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You have to be careful when it comes to updating your room’s appearance. Maybe you have always desired to knock down that wall to open things up a bit or to make room for that huge closet. What’s good for you may not be for potential buyers down the road. They’d rather have the extra room instead of the larger office or closet space.
If you plan to sell your home, don’t make any unnecessary improvements, as they may not be updates potential buyers want, especially if they take extra money and time to upkeep. Always consider your surroundings and don’t overdo it.
