What happens when you are selling and looking to purchase a home simultaneously? The answer: is a little more complicated than you think.
Looking for ways to increase your home’s value? If so, there are a few hot renovations you can do to increase the value of your home.
In This Article:
- Is It Wise To Renovate Your Home Right Before You Sell It?
- What Areas Of Your Home Should You Focus On During The Renovation?
- What Tips Or Suggestions Will Help Boost My Home’s Value?
- Why Is It Important To Keep Future Homeowners In Mind?
Are you feeling the “renovation itch” or perhaps looking for a fun project that you can take on which will provide you with a return on your investment? There are numerous home upgrades and renovations that can add value to a home without costing a large sum of money to complete.
Let’s take a look at these popular home renovations that can increase your home equity without draining your bank account.
Paint Your Home Inside and Out
Painting the interior or exterior of your home costs very little when compared to how much it can freshen up your home’s appearance and increase its value. Painting is also an excellent time to get rid of any old wallpaper or other decor touches that are outdated. Spend some time browsing through Pinterest or through home improvement websites in order to choose a color palette that is warm and inviting without being too bold. Remember, if the goal is to increase your home’s value, you’ll need to paint using colors that buyers will find attractive.
Upgrading Your Windows
If your local environment is cold or wet during parts of the year, you may find that upgrading your windows improves your home’s appearance and provides you with some additional savings in the form of reduced energy costs. Look for windows that are energy-efficient and that are guaranteed to eliminate drafts. Depending on the area of the country that you reside in, you may find that windows that are insulated with vinyl or aluminum are your best bet.
Increase Light and Space
Along those same lines, dark, cramped rooms are a no-go when it comes to real estate. Therefore, one thing that homeowners can do to increase their property’s appeal is to open up the house. This will create more of a flow and enhance natural light. You might even want to consider knocking down some walls to brighten up a space. Here, your goal is to essentially create an open floor plan, as this will make your home feel much larger and add more entertaining space. Vaulted ceilings are also a great idea since they can help create the illusion of more space. Skylights can help flood your home in natural light. There are several options for brightening up your home with natural light, and these options have a range of prices.
Remodeling the Kitchen
The kitchen is a pivotal part of the home. Thus, it is a good place to invest in. Moreover, the nice thing here is you do not have to go overboard. In fact, you should not make the kitchen fancier than the rest of the house. What’s more, If you plan on selling sooner rather than later, then you should keep the potential homebuyers in mind before you start on any major remodeling project.
Yet another home remodel that is on the renovations that will boost your home’s value list is adding a bathroom. Many homeowners actually recoup a large chunk of their investment by adding an additional bathroom. When it comes to finding room in your house for this remodeling project, take a look at underutilized spaces. You should also consider other areas, such as closets or any room under the stairs. Note, a half-bath will require a minimum of 18 square feet, and a full bath with a shower needs at least 30 square feet. If you prefer a bathtub, then make sure you have roughly 35 square feet to work with for a bathroom addition.
Create a Home Office
With more and more people working from home or remotely, a home office can add some value to a home. If you have some extra space in your home, consider converting it into a home office.
Finishing Your Basement into a Suite
If you have an unfinished basement with a lot of space and running water, you may want to consider finishing it into a full basement suite. Some buyers will be enticed by the additional rental income that can come from a suite. In contrast, others will be excited at the opportunity to provide an older child or family member with their own suite inside of the same home.
Moreover, adding a deck is one of the simplest home renovations that will boost your home’s value. Outdoor living spaces are important to prospective homebuyers, especially since more people are opting for staycations this year. Thus, if you make your deck and your backyard more appealing, your house will be more attractive when it is time to sell.
Landscape & Curb Appeal
Lastly, the curb appeal of your home is incredibly important when it comes time to sell. The first impression of a house generally comes from the look of the exterior. This matters because a good first impression of a home can add five percent to its value. This means the driveway should be paved properly and that any lawn space is maintained. Note, you should also consider sprucing up your garden if you have one. Likewise, if you have a deck, add some nice furniture, or create a colorful garden in some extra space.
Ultimately, there are tons of different projects that can be done around the home to increase value in addition to the ones listed above. That said, as long as you take the time to plan accordingly and do not overspend, you can make some nice upgrades to your home.
Ready to Apply For a Home Loan in WA, OR, CO, or ID?
Are you curious about mortgages, or are you ready to apply for one to buy a home? If so, Sammamish Mortgage can help. We are a local mortgage company from Bellevue, Washington, serving the entire state, as well as Oregon, Idaho, and Colorado. We offer many mortgage programs to buyers all over the Pacific Northwest and have been doing so since 1992. Contact us today with any questions you have about mortgages.