If you’re a homeowner, chances are you’ve thought about updating your master bath or knocking out a kitchen wall to make an open floor plan. Improving your living space improves your quality of life in the short term, but it can also yield advantages down the road. Home improvement is expensive and labor-intensive though, so it’s best to figure out how a remodeling project might affect your home’s resale value. Here are a few home improvements that will provide the best return on investment (ROI) over time:
Kitchen & Bath
As anyone who has shopped for a new home knows, kitchens and bathrooms are a major factor in the decision process. Reliable plumbing and kitchen fixtures are basic requirements for anyone in the market for a new home. Because bathrooms are so small, dated flooring and the porcelain fixtures are easily noticed. Be sure to choose classic designs over trendy ones when updating your kitchen or bathroom if you think you might be putting your house on the market.
Although adding a room to your home is a huge project, it can pay off in the long run. Additions add valuable square footage to your house that can be used for everything from storage to extra living spaces for growing families. The most important thing to remember when putting in an addition is to ensure that it is consistent with the style and size of the existing home—a Victorian house with a prefab room attached might turn out to be an eyesore. A sunroom can be an unexpected and valuable addition to increase curb appeal, particularly if you live in an ideal climate to enjoy one.
Sometimes small, aesthetic improvements to your home are all it takes to increase its appeal to potential buyers. For example, new kitchen cupboard handles can make even older homes look up to date. A neutral paint color is also important to showcase the spaces in your home while assuring potential buyers that it will be easy to create their own design statement once they move in. Also, consider removing wallpaper before putting your home on the market—most buyers are reluctant to take on the project of removing it themselves. Read more about minor improvements that pay major dividends here.
Home Improvements with Little or No Return on Investment
Some home improvements may be just what you needed, but they won’t necessarily increase your home’s resale value. These include swimming pools, which some buyers see as too much maintenance, and home offices, which are not necessarily appealing to everyone. Blowing out walls to create open spaces is a big trend in home improvement right now, but might not be when you decide to sell your home years or decades down the line. It’s best to decide whether you plan to remain in your current home for a long time when determining which improvements work best for you.
No matter what improvements you choose to make, be sure to inform your homeowners insurance agent of any substantial changes to your home so you can maintain ideal coverage. For more information about homeowners insurance, visit heritagepci.com to find the amount of coverage that works best for you and your family.