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5 remodels to increase the value of your home
If you're thinking about selling your house but aren't confident you'll sell at a profit, consider these five remodels which will increase your home's value.
1. Remodel the bathroom
You don't have to take apart and replace every part of your bathroom for your remodel to be successful. Minor updates like changing floor tiles, replacing the tub, sink or vanity, or installing a new lighting fixture can go a long way in terms of increasing your home's value. HGTV reports that homeowners who make these updates see an average return of 102% at resale, making the renovations well worth your time. A simple fix to improve the appearance of a tub without replacing it is to clean and recaulk it. You can also add a fresh layer of glaze to make it look new and shiny as well as squeaky clean.
2. Enhance curb appeal
A single coat of fresh paint can make a world of difference when it comes to curb appeal. A clean, even coat of paint will instantly make your house look newer, cleaner, and more attractive to potential buyers. Picking the color is an important part of the repainting process. According to Forbes, picking a lighter color makes your home appear larger, while a darker color shrinks it. However, darker colors can also give your home a sturdy, solid appearance. Picking an appropriate trim color makes all the difference.
Landscaping is another great way to increase curb appeal. Breathe new life into your front lawn by replacing the sod, or plant a flower bed at the front of your house for a splash of color that's sure to draw potential buyers in. You can also add artistic touches like a walkway, garden sculpture or fountain for added uniqueness and personality.
Enhance your home's curb appeal by investing in your front yard.
3. Increase light and space
If you're looking to undertake a remodel that's a bit more involved than laying fresh tiles and planting a flower bed, consider making changes that will increase natural light and space in your home. HomeAdvisor suggests you create an open floor plan by taking out walls and opening up living spaces. This will make the space feel larger, make better use of available natural light sources and give your home a sense of flow. Don't feel like knocking out an entire wall? Installing a skylight is a relatively cost-effective option that will brighten your home without changing its structure. You can also install more electric lighting to make smaller rooms feel less cramped.
4. Improve outdoor living spaces
Outdoor living spaces are a great asset in making your home more appealing to a potential buyer. Even if you don't live in a warm climate, an outdoor space for entertaining is invaluable in the summer months. HGTV says that installing a new deck can increase the value of your home by $10,000 at an average recoup rate of over 90%. In the west, this rate rises above 100%. You can also dress up existing outdoor spaces with new gates, planters or trellises. When you make these improvements, you extend your living space from indoors to outdoors and make the entire home feel more inviting, helping potential buyers picture themselves living in it.
5. Remodel the attic or basement
These often forgotten spaces hold a mine of potential for increasing resale value. Many homeowners choose to convert their unused attic space into an additional bedroom, sometimes including a shower or more windows. If you're not converting your attic into a new room, you could also redo the insulation to save money on your (and your future buyer's) utility bills. Popular basement renovations include adding a bar, new flooring, and installation of additional lighting. Your main focus should be on making as much of your home part of your everyday living space as possible.
Keep these projects in mind the next time you consider renovating your home, either before you sell or just to enjoy it yourself.