If you have plans of selling your home in the future, doing home renovations is a great idea. Apart from improving your home and your quality of life, these could also increase your property’s value. However, no two home renovations are created equal; some may not have an impact or may even decrease your home’s value during resale.
Renovations that add value to your home
Of course, it would be best to know which renovation ideas will enhance and add value to your home. Listed below are the ones that can provide you with a good return on your investment and enable you to recoup a significant portion of your renovation expenses:
- Outdoor improvement projects –Buyers usually form their first impression of your home on its curb appeal. Thus, renovations involving the home’s exterior definitely help in increasing its value. One way to make a big difference is to improve the home’s landscaping by planting trees and flowers, as well as mowing the front lawn.
- Installing a new roof – Your roof is an integral part of your home so it should always be sturdy. If it incurs major damages, don’t hesitate to replace it with a new one. Roofing may not come cheap, but installing a better one can immediately increase your resale value.
- Modernizing a bathroom – The bathroom is one of the most important areas in the home. Upgrading it with modernized features gives it a cleaner, fresher, and spa-like look. It will also work wonders in raising your home’s value.
- Adding energy-efficient features – Many homebuyers nowadays look for energy-efficient features that can save them time and money. So if you install features like home insulation, energy-efficient lighting, and energy-saving windows to your home, you also raise its value.
Renovations that lower your home’s value
These particular renovation projects are the ones that could do more harm than good to your home’s value:
- Over-personalized renovations – Injecting your personality into your home is nice; going overboard may turn off potential buyers. That’s why it’s important to stick to neutrals and simple designs when renovating or redecorating your home.
- Bold paint colors – Just like over-personalized renovations, some potential buyers may not warm up to bold paint colors bordering on gaudy. The loudness of these colors could distract them from having a clear picture of themselves living there. That’s why neutral paint colors like white or beige are preferred by homeowners wanting to sell their home.
- Eliminating bedroom space – Having more bedrooms is an advantage when selling a home. But when homeowners combine two bedrooms or use the space for something else, it changes the home’s comparable value.
- Converting your garage – Renovating your garage is a popular way to reuse the space and add an extra room in your home. However, potential homebuyers may not have the same thoughts. They could be looking for an actual garage for their vehicles or other what-have-yous.
- Adding a swimming pool – Contrary to what many people may think, adding a swimming pool doesn’t actually do much to increase your home’s value. Plus, not everyone wants a pool in their home. Some buyers will immediately be concerned about maintenance costs and if the weather in the area is right for it.
Selling your home is definitely a challenge, especially if you don’t have the right team by your side. Work with us at The Gallagher Group at Southern Homes today and we’ll help you sell your home for top dollar. Call 704.960.0009 or email krisgallagher02(at)gmail(dotted)com for details.