As we enter the new year, we all seem to start thinking about how we can tackle our life and homes in a sensible way. New year, new beginnings. With the real-estate market as flip-floppy as it has been, we thought sharing a bit about adding value to a home would be helpful as you may be considering some home improvements for the 2023 calendar year.
Want vs. need. We struggle with this sometimes. The new, young home-buyer sets their sites on their “vision”. Making a home our own is always important and necessary. The older, more seasoned home-buyer (not their first rodeo), may approach the want vs. need through a different lens. Whether a whole lot of renovations are necessary or minor cosmetic changes are in sight, prioritizing the changes that need to take place is important. As much as we want to make our home our own, it is very essential to always be thinking about resale. What would make the home/space more desirable to the next buyer? Some ideas may seem like smart ones to the current homeowner and coincide with how they live, but thinking through the whole process and others’ wants and needs is also critical.
We’ve compiled a list of home renovations that will only always add value to a home. As we mentioned above, when prioritizing renovation “to-dos” starting with this list is a good idea. Whether you intend to live in the home your entire life or this is just a stepping-stone home, think through the “to-do” list and break it down in a way that can only earn you money in the long-run.
Finish Your Space
Leaving un-done projects is never a good idea. Once the project is determined, see it through. It doesn’t have to be intricate or ornate, but finishing it to the end is very important. We all know that once another project is started, it will become almost impossible to finish a prior job. Do yourself the favor and complete it.
Update Windows
Replacing windows to a more energy efficient option can not only help add value to a home, but also earn you savings while living there! This is a big project to take on, but once completed it is one of those projects that pays itself off over time…whether you are looking to sell right away or plan to live in the home over time.
Refinish Hard Wood Floors
Freshening up the floors is a nice way to give the home a renewed look. Updated floors really pick up a space. Getting rid of wall-to-wall carpet is a smart idea as well. Again, this is another project that can add stress and can be costly, but doing it right the first time only adds value and keeps the home running in a clean fashion through time.
Fresh Paint
Same idea here. Fresh and clean will give the home a good vibe to any eye. Keeping the paint clean and polished allows less wear-and-tear over time. Painting is not always something new home-buyers want to take on, so if the colors are subtle and clean, it will add value to your final asking price.
Countertops
We have found that countertops and well-painted cabinetry are very important to potential home-buyers on the hunt. Fresh countertops are very much the voice of a room. In our opinion, the countertops and paint colors are what draw someone into a space.
Upgrade Appliances
New appliances can add much value to a home. If appliances are more than 10 years old, it is a good idea to consider replacing them. If you want the most bang for your buck, consider energy-efficient products. This will also be appealing to potential home-buyers. People do not want to deal with the hassle of purchasing new appliances when moving into a new home. But if you are not looking to sell, you can enjoy the cost break from the energy efficient machines!
Update and/or Add a Bathroom (Full or Half)
Consider adding a bathroom (especially if the home only has one) or updating bathrooms that currently exist. Again, home-buyers don’t want to take this type of project on, so a home that markets itself as “recently updated bathrooms” will have better luck with more buyer traffic. If the home currently has only one, consider adding a bathroom (best on a separate floor) to really boost the home’s value.
Cheers to a new year and a clean space that will have added value and character!