Many home buyers that are considering home renovation projects usually want to make sure they are investing in something that will raise home values and appeal to home buyers. Even if there are no plans to sell soon, it is wise to keep resale in mind for home renovation projects. Prioritizing your spending into areas of the home that will help boost resale values is a smart approach. Read more for tips on how to help with your planning:
- Kitchens. Nearly every buyer is pleased when they see a beautiful kitchen, even buyers that aren’t afraid of projects. Kitchen remodels can be expensive so even if the rest of the house needs work, buyers are happy to see that one project checked off the list. If you are planning any home project, starting with a kitchen update really should pay off in the end. Overall make sure the layout is functional – does the flow work for cooking & entertaining? Know that plenty of counterspace & storage is important to buyers and many will be pleased with an island in the kitchen as long as it doesn’t make the space too cramped. New energy-efficient appliances will benefit you as a homeowner and look appealing to future buyers. Finally, if you are going to update things like cabinets, countertops, the backsplash, and lighting try to stay with design decisions that are timeless. Any unique features that only appeal to a certain type of audience will narrow the pool of buyers that appreciate the work put into the kitchen.
- Bathrooms. After the kitchen is done, move onto the bathrooms. Same rule applies with keeping the updates appealing to a broad audience. You want to create an attractive space that has a clean and updated feel. You can still have fun with your updates – maybe consider an accent wall behind the vanity or toilet or new, modern mirrors & lighting. Keep in mind that many buyers still want at least one tub in their home so don’t plan to get rid of all bathtubs in your house, no matter how trendy those stand-alone showers are.
- Energy efficiency. The next item that will pay off for both you as a homeowner & for resale is how efficient the home is. Check the age of the furnace or boiler, hot water heater, & A/C units – consider updating with new models that work more efficiently. Leaky doors and windows affect your heating and cooling bills and is something buyers will notice. If you don’t want to replace your windows & doors, you can update weather-stripping or reseal the windows to see if that helps. If you have poor insulation in the house, you can improve the quality of the insulation.
- Exterior. First impression makes a difference so investing in exterior updates will be beneficial as well. Consider an exterior paint refresh, especially if you have chipping or fading paint. If you are looking for a change, but don’t want to repaint the whole house, choose a fresh new color for the front door. For an affordable update that makes a big difference, swap out any exterior lights that may not be working or are outdated and replace with a fresh, modern look. Lastly, investing in your yard and garden will help you better enjoy your home & have buyers see that you not only have a great house, but a great property. Be careful with adding unique additions that may turn away future buyers such as an elaborate water feature. A koi pond, for example, may look beautiful to some, but to others it may just look like a lot of work or even a dangerous hazard to a buyer like a family with young children.
- Look at your floors. If you have carpet, tiling, or wood floors that have seen better days, investing in an upgrade or refresh for the floors will be a smart decision. Flooring can really stand out — making the whole house feel clean & inviting or put off the opposite effect if the floors are in bad shape. Focus on what you can afford – making sure to at least to update the flooring in the rooms you renovate (such as the kitchen & bathrooms) and expect to have to price the house accordingly if the floors in other areas of the home really need work.
If resale value is a major concern of yours, talking to a local REALTOR® to get their advice before starting the project can be very beneficial. If you are in the Boulder/Denver area, I would love to help! Please reach out via the contact information below or email me at beth@goodacreproperties.com.