Let’s begin by getting one thing straight, not all upgrades are equal. Some improvements will not raise the value/ resale price of your home as much as you would hope. Another way to put it is just because you make an improvement, it does not mean you will get your money back. Resale is about making your home attractive to a wide variety of people therefore you should focus on the improvements that are most desirable by the majority of home buyers. Here is a list of some cost effective improvements that will help you reach your home value goals!
Curb Appeal: The front of your house is the first thing a buyer sees, and it has a lasting impression. Make the exterior of your house more attractive and valuable through a fresh coat of paint, new front door, inviting front porch, and some simple landscaping. Making your house look clean and fresh could give you up to 100% return on your improvement investments. If you have even more to spare on exterior renovations, head to the back yard where you can add a deck for entertaining company.
Kitchen Updates: Kitchen updates don’t have to be expensive. With a good attitude and a little TLC you can take outdated cabinets and make them like new again by sanding them down and either staining or painting them. From there, pick out a reasonably priced new countertop, add a new faucet, and call it a day! A kitchen update will get most home owners close to an 80% return.
Fresh Paint: One of the cheapest updates can also be the most beneficial. Most home owners don’t realize the abuse their walls have faced over the years. A fresh coat of paint can quickly hide any defects, brighten up a room, and make a home feel clean and new. Stick with neutrals, like a light grey, to appeal to a variety of people. Décor can be used to stage pops of color for showings.
Bathroom Remodel: Have you ever been in someone’s bathroom and it just didn’t feel clean? Outdated bathrooms can seem gross and distasteful to many home buyers, but you don’t need to gut your bathroom over a few aging features. Try to re-grout existing tile, remove and replace the caulk around your tub and shower, and consider replacing the toilet and/or vanity for a fresh modern look.
Flooring Fixes: Just like walls, floors show age. Old shag carpet says everything but this house is modern and clean. A freshly installed neutral colored carpet could do the trick. Hardwood is becoming a very popular trend for buyers and could bring in even more return, if it is done correctly. A cheaper update for a hardwood finish is vinyl planking that gives a hardwood like feel for a fraction of the cost. Focus on the more public areas first, like the kitchen and living room if you are tight on cash.
Roof, Windows, and Siding: The least wow factor, but the most energy efficient, is focusing on upgrades that make sense to the longevity of the home and protect it from the outside elements. The roof, windows, and siding don’t appear as the most attractive updates, but buyers will thank you for them! When it comes right down to it, a newly remodeled kitchen is wonderful, but a roof is necessary.
Don’t forget! If you need a helping hand to turn your house into your dream home, CES has Home Equity Lines of Credit (HELOCs) to help you use the equity you already have in your home! You can use it to finish that check list or get your house showing ready. Stop into any of our service centers to learn more about what a HELOC can do for you.
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