Upgrading Your Home for Resale Value
Homeowners frequently ask real estate professionals this question: Which renovations or upgrades will truly add value to a home and help with resale when the time comes to sell?
The answer is simple: Only the ones that future buyers will also want and be willing to pay for.
As a general rule, choose the functional over the merely cosmetic, and choose the neutral over the unusual or the exotic to maximize resale value. Keep in mind that a homeowner’s personal taste and current design trends can also affect the value or the longevity of an update; beware not to invest heavily in materials or finishes that reflect the time period or would be costly to change.
In our experience, here are a few tips to keep in mind whenever you renovate or update a space in your home:
- Focus on your kitchen and/or bathrooms. Whether you need a minor or major remodel, updating the kitchen or bathrooms in your home will yield a high return on investment.
- Stay timeless with your updates while balancing trends. For instance, white cabinetry in a kitchen or bathroom is a classic choice; save your favorite shade of purple for some violets outside or a funky soap dispenser.
- Increase usable space. Add an extra bathroom, upgrade your kitchen, expand your master bedroom suite, add more closet space, or convert a spare bedroom to a home office, or a basement into the ultimate hangout space.
- Lighten and brighten your rooms. Paint rooms white or a lighter color of paint to neutralize your space. Add skylights, windows, or French doors.
- Revamp the exterior. Updated and tidy landscaping will draw in buyers before they even walk through the door. Consider adding a splash of color through vibrant plants, or paint the front door an eye-catching yet reasonable color (think navy, red, or charcoal). Consider a focal point like a flagstone walkway or a water feature.