Adding value to your home is a great way to upgrade your current living situation, as well as potentially making you more money should you decide to sell. This can be a very expensive, albeit rewarding, process. Below are a few tips to help you with this journey.
The first thing you’ll want to do when starting to upgrade your home is to determine how you are going to pay for your projects. If you have not been saving for a renovation, there are a few options available to you. You could look into using a low-interest credit card however you will want to make sure that you keep the balance low and pay it off before you begin accumulating interest. You could also look into options for a personal loan. These tend to be much lower interest than a credit card and are a great way to receive a larger amount of money for your project quickly. Another option, If you’ve owned your home for a while, is to explore how to refinance a house. Refinancing is a great way to lower your interest rate on your mortgage while at the same time putting extra cash into your pocket to pay for the improvements you are looking to do.
Did you know that the kitchen and bathrooms are two of the most important spaces that buyers look at when touring a potential new home? An upgraded kitchen and bathroom will ensure that to receive top dollar upon selling. Some things you’ll want to keep in mind when taking on these projects are which appliances and finishes you’re choosing. Potential buyers are almost always looking for new upgraded appliances and are willing to pay a premium for them in their new home. If you’re not planning on selling just yet, upgrading your kitchen and bathroom can make your home much more enjoyable for you and your family. A brand new space to cook in or a spa bathroom for you to retreat to are upgrades that everyone can enjoy.
Since the value of your home is calculated by price per square foot, adding square footage to the footprint of your home is among the most effective ways to increase its value. Buyers are almost always looking for a finished basement or additional loft space, and if they aren’t, it can’t hurt to add. If you aren’t planning on selling any time soon, the additional space from finishing a basement or other bonus areas will be a welcome addition to you and your family. You can add a game or movie room that would expand your living space while at the same time providing you with a substantial return on investment.
Arguably the most important part of your home is one that you don’t necessarily even notice when it’s working properly, but will definitely notice if it’s not. Your HVAC system is a crucial part of your home, and if you have a system that is in need of repair, it could steer potential buyers away. A new HVAC system on average costs around $7,000 but could end up costing you more depending on labor and equipment. Upgrading the HVAC system on your home will give you peace of mind that your house will be at a comfortable temperature, without issue, all year long.
Your roof is an essential part of keeping the structure and insulation of your home in tip-top shape. Maintaining your roof should be an important part of your general home upkeep, but over time will inevitably need to be repaired or even replaced. A new roof on average can cost around $9,000 but can go much higher depending on the size and shape of your home. This is quite a large amount of money, but should you choose to sell down the road, buyers are more likely to spend a higher price when the roof is free of damage. A new roof will ensure that you have no leaks or water damage, as well as keep your home well insulated during the hot and cold months.
The saying ‘you can’t change your first impression’ is true for houses as well. When a potential buyer pulls up to your home for the first time, and they see an unmanicured lawn and landscaping, they’re less likely to pay a higher price. Make sure any shrubbery has been well-maintained and consider planting some flowers to make your house stand out from the rest. Even something as simple as painting your front door is a great way to add some interest as well. Curb appeal can be a fairly simple fix if you’re willing to put in the work.
Upgrading your home is a rewarding way to increase your overall quality of life while also increasing your home’s resale value. Happy renovating!
Brought to you by Tara Schumann, Social Media/Marketing Manager for TJC Real Estate and Management Services.
Your Neighborhood Realtors® Since 2005