For many people, their homes are their most significant investment. Homeowners hope to develop enough equity in their property to provide a solid return on investment (ROI) when the property is eventually sold. Whether you are selling your home quickly and intend to purchase another property or selling your home to reap the rewards of the hot real estate market, you may wonder what you can do to ad value to your home that will increase your ROI.
Not all upgrades and remodeling projects ad value to your home’s resale value; in fact, some may cost you more to complete than is worth it in the end. To avoid overspending, it is essential to make strategic decisions to add value to your home. Sometimes in real estate, less is more, creating maximum impact with minimum effort and cost.
Replace Outdated Flooring
Unless your home boasts old hardwood plank flooring, it most likely has outdated flooring. Trends in flooring materials, colors, and styles change throughout the years, which can leave your home looking lost in time. Even if your home’s flooring is relatively on-trend, it could be stained and damaged beyond reproach, which gives potential home buyers a negative impression of the property.
You don’t have to replace the entire house’s flooring to ad value to your home. Consider removing the flooring in the kitchen, living room, and entry of your home and replacing it with a vinyl plank or tile to give your home an upgraded feel.
Add Or Update Existing Decks & Patios
Homes with exterior spaces already in place for entertaining and relaxing tend to sell faster than those that do not. Potential homebuyers need to be able to anticipate how their lives would look in your space, such as lounging on the newly build a patio or hosting cookouts on the revitalized deck. If you have existing hardscaping already in place, consider spending time power washing its surfaces and making any repairs needed to bring it back to life.
Focus On The Heart Of The Home
Kitchens are considered the heart of the home, where families gather, and meals are prepared and shared. You can choose to replace existing countertops with modern materials such as quartz for a pop of updated style. Change out old appliances for intelligent appliances that are more energy-efficient, appealing to the growing popularity of high-tech earth-friendly options.
Professional Help While there are many projects that you can do on your own to add value to your home, such as adding ceiling fans, cleaning up landscaping, and updating interior paint, many projects are best left to professionals who can get the job done right the first time. Trying to save money by doing all the work yourself can lead you to overspend and added frustration. Consider where your money is best spent, and devise your plan with a budget for the best chances of receiving a great ROI.