One of the proudest moments of a person’s life is buying a property they can call their own. New homeowners love to add a personal touch to their newly acquired property. So, they’re most likely going to renovate and improve their new home over the first year of ownership. Bathroom updates, master bedroom expansion, landscaping, and repainting, to name a few.
But a wise homeowner would opt for home improvement projects that can generate ROI in the future, should they decide to sell their property. However, there’s a very thin line between projects that add value to your home and projects that would generate zero ROI in the long run.
If you don’t know where to start, here are simple ways you could increase the resale value of your home:
1. Revamp your kitchen.
Kitchen renovations are the king of home improvements. Homebuyers of all ages love a newly renovated kitchen. But recently, a more “modern and updated” kitchen is a huge factor in first-time homeowners, specifically millennials. If you’re planning to renovate your kitchen, you don’t need to break everything down and start from scratch. Apparently, smaller investments can generate more ROI down the road.
For $6,000 to $7,000, not only can you add new appliances, but you can also install new flooring and countertops that will give your kitchen a fresh, updated look. Take it up a notch by repainting the walls can cabinets, as well as replacing the hardware.
2. Install new flooring.
Installing new flooring in your home by professionals can generate great value in the long run. Recent trends show that newly built homes would rather install wooden floor than carpeted ones. Low quality laminates, vinyls, and old carpet significantly reduce the value of your home.
While it’s true that carpets are relatively cheaper than wooden floors, the latter offers more equity in your property. Wooden floors are more durable than carpets and over time, it will increase the worth of your property.
There are different types of flooring, but hardwood flooring offers the best value for your home. This type is a classic, but don’t be pressured into going over budget with hardwood. You can go for engineered flooring, where you have a real at the top but a ply core below it. It’s definitely cheaper than hardwood and it’s more resistant to moisture but it looks very similar to hardwood. People can hardly tell the difference just by looking at it. If your home already has hardwood floors, you can refinish them to make them look good as new.
Since hardwood floors don’t look good in bathrooms and kitchens, you don’t have to compromise. You can install water resistant laminate instead.
3. Don’t bother buying new appliances.
Sure, fresh paint and new countertops make a great kitchen renovation, but going way overboard in improving your kitchen can mean little to no ROI at all. Buying expensive and fancy appliances is a mistake if you’re looking for to boost your home’s value. Here’s a tip: don’t splurge on super expensive appliances unless it’s really necessary.
4. Repaint your interiors.
Most real estate agents recommend that homeowners should paint their home’s interior walls before putting it out on the market. Research shows that newly painted homes can add thousands of dollars to your final offer. It’s also one of the cheapest ways to add value to your home if you’re willing to do the job on your own.
The right color scheme can also add more profit. According to the National Association of Home Builders, the crowd favorites in the past few years are neutral tones, white, off-white gray, beige, and a mix of those colors.
5. Ditch your old windows.
Did you know that there are energy-efficient windows that can help you cut heating and cooling costs? However, that’s not the only reason why you need to ditch old windows. Newly installed windows significantly improves the overall appearance of your home.
You don’t have to get the priciest windows available. If you’re mostly after the insulation rather than aesthetic, a mid-range window replacement will do. Also, you don’t have to do the full window replacement. If the glass is the one that’s damaged, you can save up to 25% by purchasing window inserts that fit the frame. If you can see damaged frames or condensation, you might want to replace your windows.
6. Pay attention to your garden.
Lawn care can be as simple as maintaining a perfectly trimmed grass to elaborate landscaping. Since we’re looking to be more cost-effective, you only need to keep your garden brimming with life. Colorful flowers, healthy trees, and trimmed grass leave an impression that your house is properly maintained.
You can start by investing on fertilizers and weed control. If finances allow, you can add a stone walkway for a more sophisticated look. Maintaining your lawn is just as important as painting the house. It’s the first thing people before they enter your home and keep in mind that you can only have one first impression.
Additionally, it’s better to keep it simple. Over the top renovations like installing a fountain, paver stones, extravagant designs won’t usually hold its value.
7. Replace the good, old garage door.
You read that right! You can significantly improve your home just by replacing your garage door. Remodeling Magazine’s 2018 Cost vs. Value report states that replacing your old garage door is one of the home improvements that give you the best value.
If you find it expensive to replace a garage door, keep in mind that replacing an old, outdated door with a modern, updated steep one increase the value of your home by a whopping 98.3%. Other than that, new garage doors also improve insulation, especially in colder countries, resulting to a lower energy bill.
When adding new flooring to your beloved home, you can only trust the best. BC Best Flooring has been in the business of delivering exceptional hardwood flooring services in Vancouver since 1999. Their team of professionals ensure that their clients are provided with nothing but the best. If you want to know more about their services, feel free to contact them or visit their website.