Which items will add value to your home and help with resale when the time comes to sell?
The answer is: “Only the ones that future buyers will also want and be willing to pay for.”
As a general rule, choosing the functional over the merely cosmetic and choosing neutral over unusual or exotic will pay at resale. However, taste and current trends can also affect the value of an update. Uncommon colors have a limited appeal.
Which updates will add the most value to your home?
- Update your kitchen and bathrooms - Whether you need a minor or major remodel, updating the kitchen or bathrooms in your home will yield a high return on investment. Stay timeless with your updates, but also pay attention to trends.
- Increase usable space - Add an extra bathroom, upgrade or expand your kitchen or main bedroom suite. Add more closet space, or convert unused space to more functional space, like a spare bedroom to a home office or basement into the ultimate hangout space.
- Lighten and brighten your rooms - Paint rooms white or with a light color paint to neutralize your space. Add skylights, windows, or French doors.
- Landscaping - Updated landscaping will draw in buyers before they walk through the door. Keep your shrubs, trees, and grass trimmed and tidy. Add a splash of color with vibrant plants or paint the front door an eye-catching color. Consider a focal point like a flagstone walkway or a water feature.
- Laundry Room - Starting at $1,000, adding a laundry room to the home helps clean out other rooms where clothes may be stacked high and can keep your living space tidier. A basement can be the most accessible place to add a laundry room or turn a closet into a laundry room that will fit a washer and dryer with some shelves for storage.
- Energy-Efficient Items - Energy Star-qualified appliances and windows can be major selling points for buyers looking to save on their utility bills! A water-efficient washing machine can cost from $500 - $1,800, while a dishwasher that senses how dirty the dishes use less water than your average dishwasher costs around $225 - $1600.
- Hardwood Floors - Hardwood floors are easy to maintain and are clean-looking. Periodically refinished hardwood floors can last a lifetime, while carpet only lasts for ten years.
- Patio - It costs about $950 to add a 120-square-foot concrete patio. The backyard is more inviting with this feature and more appealing to buyers! Add patio furniture, and buyers envision outdoor get-togethers with their friends.