Adding value to your home isn’t just a project done to sell your property right now. Even if you don’t have any plans of putting it on the block, it pays to know how you can boost the value of your property. And it’s even easier said than done. You don’t have to spend tens of thousands of dollars on simple home renovations that will increase its value. With resourcefulness and a bit of creativity, you can turn your home into something that potential buyers will want for themselves.
Do you know that simply adding carports can give your property value a boost? Or, do you know that converting your basement into another room can add thousands of dollars to your asking price? And how about a simple kitchen remodel? Kitchen renovations recuperate almost 100% of its cost. That’s because potential homebuyers prefer to have modern and well-equipped kitchens. They would rather pay for it upfront than renovate it themselves. The latter is just too much work.
If you want to boost your home’s value, you have to know as early as now what to renovate and what not to spend money on. Besides, isn’t it just great to maximize the potential of your current home? Why waste precious real estate when little renovations here and there can bring you profit in the future?
Convert Your Basement
Transforming the basement into another room—whether a guest room or a home gym or a home office—can add 30% to your home’s value. It’s one of the least complex home improvement projects you can do, too. Sometimes, all it takes is cleaning the basement and removing all the junk to see its potentials. You’ll get bonus points if you already have drywall and a finished ceiling in your basement.
As long as there won’t be structural changes in your house, you don’t have to seek permits to renovate the basement. If it’s a simple matter of sprucing up the interiors, there are no zoning requests to be made. You can repaint the basement, add some natural-looking lights, insulate the walls and ceiling, add a bathroom, and get the right furniture.
Rewire Old Houses
If you live in an old house, chances are that the electrical wiring is also old. When was the last time you had it checked? If you’re comfortable with the aesthetics of your home, another thing you can improve is the electrical wiring of the property. This will add significant value to an old home. However, this is a disruptive job because it involves lifting the floors and removing parts of the wall. You should do this before any cosmetic improvements.
Another thing you can consider is installing new pipework for the house. Old pipework can lead to many problems such as poor hot and cold flow, rattling sounds, and burst pipes. A new pressurized plumbing system will increase the value of the property.
Add a Garden
Real estate is expensive no matter where you live. A garden is a luxury for many people. If you have a bit of space left, turn that into a deck, an outdoor jacuzzi, a patio, or a garden. Future homeowners are looking for properties small gardens because their kids can better explore the outdoors. A garden or a deck adds about a 15% value to a property.
Make the most out of that small backyard by planting a variety of plants and flowers. You can also start an herb garden for added appeal. Make sure to maintain the garden by mowing the lawn and sweeping fallen leaves.
Improve the Bathroom
At about only 3% to 5% additional value, renovating the bathroom doesn’t seem to be an advisable step. However, don’t you want to enjoy this one for yourself? Remodeling the bathroom doesn’t have to cost so much. Changing the shower enclosure is a cheap way to spruce up your bathroom. You can even simply upgrade the toilet, cabinets, mirrors, faucets, and sinks. Watch out for warehouse sales because most bathroom fixtures tend to get huge discounts.
Transform the Living Space into an Open Area
Homebuyers love an open-floor layout because this makes the house look bigger. It’s easy enough to knock down walls. You can do this on your own, provided that you have already consulted with an architect about the foundation of the house. Remove the walls separating your living room and kitchen. This will open up the house. The extra space is going to be great for large families and people who love to have guests over. If knocking down internal walls is not an option, you can extend the property by adding a rear or side extension.
Small improvements here and there can pay off. Many homeowners are surprised that simple home renovations add more than 10% to the property’s value. You don’t even need a contractor to do many of these home improvement projects. You can do it yourself or with the help of family and friends.