Which items will add value to your home and help with resale when the time comes to sell?
The answer is: “Only the ones that future buyers will also want and be willing to pay for.”
As a general rule, choosing the functional over the merely cosmetic and choosing neutral over unusual or exotic will pay at resale. Taste and current trends can also affect the value of an update. Unusual colors have a limited appeal.
Which updates will add the most value to your home?
- Update your kitchen and/or bathrooms. Whether you need a minor or major remodel, updating the kitchen or bathrooms in your home will yield a high return on investment. Stay timeless with your updates, but also pay attention to trends.
- Increase usable space. Add an extra bathroom, upgrade or expand your kitchen and/or master bedroom suite, add more closet space, or convert unused space to a more functional space, like a spare bedroom to a home office or basement into the ultimate hangout space.
- Lighten and brighten your rooms. Paint rooms white or with a light color paint to neutralize your space. Add skylights, windows, or French doors.
- Revamp the exterior. Updated landscaping will draw in buyers before they even walk through the door. Keep your shrubs, trees, and grass trimmed and tidy. Add a splash of color with vibrant plants or by painting the front door an eye-catching color. Consider a focal point like a flagstone walkway or a water feature.
It also quite matters if the changes that have been made to a property would be qualified as deferred maintenance or truly an improvement to the property. One would think that all positive changes were improvements. However, if one brings the condition up to the standard of the other comparables, most likely the improvement was simply eliminating deferred maintenance.
When talking about things that can create value in your home or inquiring about the value of your home is, there is only one person who can determine “value”… and that’s the appraiser. Although we do our very best to properly perform a comparable market analysis, as uncommon realtors, we want you to understand that we can only determine price, not value.
