Focus on High Utility Areas

According to Realtor Magazine, some of the most popular home improvement projects that offer a high return on investment include minor kitchen and bathroom remodels, as well as adding a family room or deck.

Think from a buyer’s perspective and focus on the areas that you visit first when looking at a new home. Do you prioritize checking out how new the kitchen appliances are or do you evaluate potential storage space first? When considering how to increase the value of your home, this is the big question to consider right out of the gate.

Once you determine the most utilized areas or the areas that have served as the focal points of your home, this is a great starting point in creating your remodeling plan.

Think About What Buyers Want

Echoing our earlier statement: it’s helpful to think like a buyer.

You know what attracted you to your current home but it’s strategic to also consider what current homebuyers may be looking for. A simple Google search will shed some light on specific features that may be currently trending in the market. For example, jacuzzis and spa-like bathrooms are often high on the list for potential homebuyers.

If it’s feasible within your budget, updating and adding popular features to your home may help increase both its value and its appeal to prospective buyers.

Let’s address the elephant in the room: budget. Just as you developed a budget to build up the down payment for your new home, you also need to plan a budget for any remodeling efforts related to your current home.

What about the money to be made?

Let’s take a look at a general breakdown of home renovation projects and the return on investment for each:

• Minor kitchen remodel (88%)
• Bathroom remodel (85%)
• Major kitchen remodel (81%)
• Family room addition (80%)
• Deck addition (77%)
• Master suite (75%)
• Attic bedroom (74%)
• Siding replacement (73%)
• Window replacement (69%)
• Home office (55%)

The above list is not intended to be the “be all end all” to-do list to increase your home value but it offers a framework on where you can most likely expect the most “bang for your buck” when it comes to a home reno project to increase the value of your home.

Take a Look at the Light Lifts

Sometimes the biggest value comes as a result of the minor details.  We’ve mentioned a few major renovation projects earlier but let’s take a moment to look at some simple and cost-effective ways to boost your home’s aesthetic appeal and potential value to buyers:

• Apply a fresh coat of paint-trust us, it does wonders sometimes to revamp a space!
• Replace kitchen cabinet knobs and door knobs on closets, bedrooms and bathrooms.
• Fix any loose wires, faulty outlets or minor plumbing leaks.
• Revamp your flooring or consider investing in an area rug.
• Do a deep clean of your home.
• Get creative and redesign some storage space.

One things for certain – never underestimate the power of this “lighter lifts”.