Whether you are selling, refinancing, or just renting, upgrading certain aspects of your home can be a boon toward raising it’s value, while others are just a money-sink with no real return. Here at Evergreen Mortgage, we took a look at some of the best (and worst) places to sink time, money, and effort into to get the best bang for your buck.
Image by Nancy Hugo, CKD
1.Remodeling your kitchen.
It is a well-known fact that the kitchen is among the most important rooms in the home. You will definitely want this looking nice before getting that appraisal.
Replacing outdated appliances, and repairing or replacing the counters or floors, if needed, will go a long way toward making your home feel modern and up-to-date. Try spending money on stainless steel appliances for that truly modern look and feel.
Also, adding a fresh coat of paint never hurts either. Upgrading the kitchen can even raise the value of your home between 3%-7% on average.
Photo of a finished basement by Sean Madden. License Labelled for Reuse
2. Finish your basement or attic.
Not only will this add usable square footage to your home, but allows for a flexible living space, that can serve a variety of purposes: an extra room, an office, a second living room, a playroom for the kids, or the adults, the possibilities are endless.
The bottom line is having the extra usable space never hurts. Doing this can raise the value of the home between 4%-6% on average.
Image by Todtanis
3. Freshen up the bathrooms.
Just like the kitchen, bathrooms should feel fresh and updated. Replacing your worn out linoleum floor, or possibly simply the faucets and fixtures, can go a long way toward improving the overall value of the home. You don’t have to go overboard, make the bathroom look nice. No one wants an old messy bathroom.
Some other things to consider:
Re-painting rooms that need it is an easy, cost effective way to add value to your home.
Update all of your energy-guzzling appliances to make your home energy efficient, replace single-pane windows with double-pane or triple-pane windows. For better heat retention and energy efficiency.
Maintain and fix any leaky faucets or drains, replace burnt out bulbs, and make sure the home is clean and presentable.
Doing these three things, is practically guaranteed to get some value, but let’s look at some of the things that won’t.
Image by Vic Brincat From Ontario Canada
1. Installing a pool.
While it is wonderful to be able to cool off during the summer time, adding a pool likely isn’t likely to raise the value of your home. That doesn't mean you shouldn't make the investment if you want a pool, just be aware that with maintenance costs it is more a liability than an asset. Whether you are simply refinancing, or trying to sell your home, a pool is an investment best left to those who really want one.
Image by Todtanis
2. Creating specialized spaces. While you may have always wanted to convert that bedroom into a personal sauna, it might not work out so well when it comes time to sell or refinance. Individuals looking at your home on Zillow or other websites will expect a certain number of rooms to be present. If the house no longer fits the description, they may look elsewhere.
Long story short, sometimes it is best to keep things simple.
