Brand new homes won’t look brand new forever.
While some buyers enjoy purchasing a “fixer-upper” and renovating it themselves, it is much easier to sell a property for a much higher profit once you invest in some simple renovations. Even a fresh paint job and some new appliances can significantly beef up your asking price.
Below are the Top Five Home Renovations to increase your property value, which can have up to 5 times the return on investment on what they cost.
5. Replacing the Flooring
Cozy carpeted floors are a nice idea. Who doesn’t love the feeling of waking up and stepping onto a spongy carpet in the morning?
As lovely as the thought may be, carpets can be a royal pain to clean and maintain, and old carpets will need to be replaced if you’re planning to sell your home.
Installing hardwood floors has become both a simple solution to reduce maintenance, and to give an immediate boost to your property value. According to data from the National Association of Realtors, buyers are willing to pay more for a home with hard wood floors. Maintaining a clean appearance even on dark wood colors is simple – Swiffering followed by a light mop will do the trick!
Tile will always be a timeless choice in the kitchen and bathroom areas. Porcelain tiles are more durable than ceramic and are available in many colors and styles. To properly clean, use a “tile and grout” cleaning solution with a gentle sponge or rag, and use a toothbrush to clean dirt build up between the tiles. Bonus Tip: It’s best to use a test area first with brand new floors to ensure your cleaning method wont damage the tiles!
4. Upgrading Fixtures
Old fixtures can make an entire room or space appear old and outdated. Fixtures are considered as any addition to the home which is not necessarily permanent, yet the home owner will not take with them when they sell the house.
Replacing or upgrading old fixtures such as faucets, sinks, and ceiling lights can instantly make a home appear more modern and so increase your property value. In modern homes the addition of pot lights, especially in open-concept living areas, has become increasingly popular.
3. Bathroom Additions and Remodelling
A minor bathroom remodeling including replacing the toilet, sink, tub and flooring can dramatically improve the overall appearance of the space. If your bathtub is too large or expensive to replace, a simple re-glazing will make it appear almost brand-new. Tricks such as swapping a normal shower tub with a curtain for glass doors will create the illusion of space.
You can expect a more dramatic rise in the market value of your home with the addition of a full bathroom to one-bathroom home. Home and Garden Television (HGTV) suggests that with this addition you can recoup your investment. While you shouldn’t compromise bedroom for bathroom space, try adding even a half-bathroom to a “dead space” such as under the stairs or on the basement level.
2. Kitchen Renovations
A kitchen is the single most important room to consider when renovating your home. Not only is this an essential space for the cooking, preparation and consumption of meals, it’s an area which house-proud individuals like to show-off to their friends and family and engage in social conversation.
The overall appearance of a desirable kitchen is one of the main selling points of a house, therefore it is crucial to invest in fresh and modern cabinetry and appliances. Stone counter tops and solid wood cabinets add value to your kitchen as well as installing practical features such as soft drawer closers.
Consider adding an island for extra working space, as well as a spot to set up bar stools to enjoy a quick meal or entertain guests when preparing meals in your kitchen.
1. Adding an “Income Suite”
It’s no surprise that biggest way to increase the value of your home is to build an income suite within the property. Choosing to rent out your basement or another level or section of your house is an instant cash-earning investment and can cover a portion or all of your mortgage payments – and sometimes even create wealth to supplement your income! Here in Mountain View, there are lots of good home remodeling contractors in the Mountain View and Sunnyvale area that will help.
If you decide an income suite is right for your home, make sure that the room or area is still a usable space regardless of whether you or the next owner of the property chooses to rent it out.
A simple way to increase the value of your home is to convert an attic, den, or another un-used living area into an additional bedroom. It’s then easy for the next owner to convert this space into whatever best suits their needs, whether it be an office, gym, playroom, or the fantasy game and bar area they’ve always dreamed of!