The seemingly never-ending increases in home values have made many people lazy when it comes to upgrading their homes to add value. However, if you’re planning on selling your home, it’s still good to make certain upgrades to increase your home’s value.
Even if you’re not planning to sell anytime soon, it’s important to know which home improvement projects are most worthwhile when it comes to maintaining or increasing your home’s value.
Here are five of the most financially savvy projects to take on if you want to increase the value of your home.
1. Update Common Areas
Updates to private areas, like bedrooms, can make a home look nicer. But, these updates won’t necessarily increase the value of your home. However, it can really pay off when you put in the work to upgrade common areas, such as kitchens and bathrooms.
These rooms in your home have more permanent fixtures that can be expensive to replace. Therefore, a potential buyer will see updates in these areas as potential cost savings. Buyers will then be more willing to spend money on the front end when they buy the house.
2. Finish Unfinished Areas
Some see an unfinished basement and see endless possibilities. Others see an unfinished basement and see a wasted opportunity. That’s why one of the most worthwhile home renovations in Washington, DC, or perhaps in your local area, that you can perform is to finish unfinished spaces like basements and attics.
By finishing these areas, you show potential buyers that you are detail-oriented and truly care about your home. Plus, you instantly add extra living space to your home to help the listing stand out.
3. Revamp Your Landscaping
Being a homeowner involves a lot of work. If someone feels like they will be tied down with a lot of projects both inside and outside a home, they will be less likely to buy it. That’s why it’s a good move to revamp your landscaping if the exterior of your home looks more like a jungle than an oasis.
Adding low-maintenance elements to your home’s landscaping can help buyers see that they’ll be able to spend their time working on other parts of the home. It can also make it easier for them to replace what’s already there if they want to make a change.
4. Upgrade Problem Appliances
The cost of replacing certain home appliances, such as the HVAC system, can be quite high. Although it will be a big investment for you, replacing your water heater, HVAC system, or other expensive appliances can add a lot of value to your home. Since these appliances are so important, they hold their value when transferring from owner to owner, adding perceived value to your home.
Another reason to invest in new appliances is to show buyers that you care about the mechanical aspects of your home.
5. Add Unexpected Features
Customizing your home with unusual features could knock the value down. However, adding certain unexpected features could impress future buyers enough to get them to pay more. For example, upgrade your thermostat to a smart thermostat. This shows buyers that you care enough about your home to use the latest technology when upgrading.
Another unexpected feature that can add value is an electric fireplace mounted on the wall. To be sure you don’t waste your money, you may want to consider consulting a designer before going all-in on these unexpected features.
Take the Time to Do It Right
When performing renovations on a home that you intend to sell at some point, it can be easy to want to get in a rush. After all, the sooner you can complete the renovations, the sooner you can sell the home and move on. However, rushing through renovations that are intended to add value will likely backfire. Then you’ll end up having to go back and make some corrections or accept a lower price for your home.
Buyers can tell when a home is cared for. This includes existing features as well as new ones you choose to add. Treat your home like you’ll live there for a long time. If you do, other people will want to pay for the privilege of living there, too.