Where’s the Best Part of My Home to Invest?
There are many reasons why home improvements are made. Some are a splurge on something that a homeowner simply wants, such as marble flooring, or skylights, and some are for more practical reasons, like fixing a leaky roof or replacing a cracked window.
No matter the reason, the one question every home owner must ask when doing a home improvement is, ‘how much value will this add to my home?’ Many home owners mistakenly assume that if you spend “X” amount on a home improvement, it increases your home value by the same amount. This is usually not the case. In fact, most home improvements will help the resale value of a home by keeping its value the same, not by improving it.
In this article we’ll talk about the most common home improvements for the interior of the house, and how they might affect the value of your home.
Buyers care the most about bathrooms and kitchens. If you’re thinking about remodeling, these rooms add the most bang for your buck. Remodeling these areas will take the bulk of your home improvement budget, but adding new appliances, replacing cabinets and flooring, and giving these rooms a fresh look are surefire ways to improve home value.
Updating the kitchen doesn’t have to mean a major renovation. Simply changing out the hardware and lighting (i.e. new faucets, drawer pulls, cabinet handles, and light fixtures) can have a tremendous impact on the look of your kitchen and not so much on your wallet. Many large appliances offer replacement front panels for less than $100 and changing out your basic cream color appliance to stainless steel will go a long way. Do-it-yourself peel-and-stick backsplash kits are available for less than $200 and will add instant drama above the stove. Also, a cut-to-size mirror backsplash instantly increases the visual space of a small kitchen and a fresh coat of paint in a light neutral color works wonders.
Adding pullout shelves into deep cabinets increases the usability of small spaces and is a plus to any home buyer. Consider updating the hardware here as well. Matching knobs to drawer pulls and towel racks to faucets makes for a much more pulled-together look without breaking the bank. Adding a small shelf above the tub just large enough for a row of candles creates an instant sanctuary, and soft pastel paint coordinated with new towels further emphasizes the feeling of relaxation. When updating a bathroom’s vanity space, replacing or refinishing the countertop can save hundreds off the cost of replacing an entire vanity. Replacing a smaller mirror with one that takes up the entire width of the vanity space will add visual square feet to your bathroom.
Using coordinated slipcovers over mismatched furniture pieces updates the living room without the expense of purchasing a new set. Repainting does not only apply to walls –it can transform bookshelves, windowsills and even a fireplace and mantle. Adding paneled molding around the fireplace takes it from accessory to focal point. For an even less expensive option, simply surround a fireplace with matching bookcases for a custom built-in look. Use low bookcases to create room dividers that suggest separate functional spaces without compromising the great-room option. Consider ceiling details, molding and other low-cost additions that upgrade and stylize the space.
If you are looking to add value to your home through home improvements make sure you don’t try to do too much. If your home’s value exceeds the market value of homes in the area by 15-20 percent, it could be looked at as being too pricy and push buyers to start looking at less expensive options. ‘Meet an Agent’to help you decide what improvements are the most wanted in your neighborhood.