Americans as a whole spend over $300 billion when it comes to home renovations and remodels— and it’s with good reason. Even though the real estate market is slow due to the COVID-19 pandemic, home renovations are on the rise because homeowners know the value a good renovation or remodel can add to the value of their home, if they ever choose to sell. And it’s not just homeowners— residential property owners who rent their property also know the value of the property increases when certain modifications are made. Unfortunately, not all home improvements increase the value of a property— some actually decrease it. With that being said, here are some home improvement ideas to consider to add value to your home.
1. A Finished Basement
If you have a basement in your home, consider remodeling it into a functional space. A basement adds more square footage to a home when it’s finished because it’s like an extra bedroom or even an extra living space. A finished basement can add up to $50,000 onto the asking price of your home, so consider adding another bathroom, kitchen, area, and common area in your basement if it’s big enough. This may require you to change the structure of your basement (known as a remodel), so you’ll need the help of professional contractors to install things like drywall, electricity, and plumbing.
2. Bathroom and Kitchen Renovations
If you’ve been living in your current home for a while, chances are that some fixtures may be out of date. Revamping your bathroom doesn’t have to be super expensive, but the faucet, knobs, and lighting can all be upgraded to give your bathroom a new look. You could change out the shower, sink, and toilet too if you’re looking to sell right away, but if you’re planning on staying a while, stick with the simple things. Even a new coat of paint and some decor can go a long way.
The same idea goes for your kitchen too. You don’t have to completely change your kitchen from top to bottom, but new countertops can make a world of difference. Also, like with your bathroom, try changing out the faucet and the knobs on the cabinets. You can also choose new tile for both rooms.
3. Hardwood Floors
More and more people are pulling up their carpet and laying down hardwood flooring, or some variation of it. Because of this, future home buyers are more likely to be looking for homes with finished flooring, though some are willing to install hardwood floors themselves. However, if you have pets or small children, you should consider switching out your carpet for hardwood floors. Carpets tend to hold dust mites, pet dander, and other debris longer, even if you deep clean your carpet on a regular basis. This may deter some home buyers from wanting to buy a home if it has carpeted floors.
First impressions are everything, and one of the first things a future home buyer will see is the outside of your property and everything surrounding it. You don’t have to install a huge fountain in your front yard to entice buyers to purchase your home, but you do want your yard to look nice, and maybe add some more greenery (flowers, shrubs, etc.) to your front yard. Your backyard should look nice too, and you don’t have to add a pool to increase your home’s value (doing so may even decrease the value). Make sure your backyard looks just as nice as your front yard, even though it’s not the first thing they’ll see— but it is something they’ll want to look at.
You can hire a professional landscaper, or you can spruce up your lawn yourself. Just be knowledgeable of the proper tools and equipment you’ll need to create your dream yard. Also, be aware of certain recalls on products, such as Roundup Weedkiller being recalled for causing cancer. It’s made with a chemical (glyphosate), so opt for natural weed killers or ones that don’t include this ingredient.
Even if you don’t plan on selling your home at all, these are all good home improvement projects to try. Simply switching out a few things and adding something new gives your home a brand new feel.