It doesn't matter whether you intend to sell or whether you're looking to make a good investment in the home you'll be living in for the foreseeable future. Knowing what renovation works add value can be difficult. After all, what good is spending tens of thousands of dollars if you're not able to get your money back once you do decide to move? How will you know which things will be adding value to your home.
With this in mind, you need to know the exact factors that influence property value. Moreover, you need to have a solid idea of which rooms are worth investing in and which should be left as they are.
The following is a room-by-room guide to adding value to your home.
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One of the main factors buyers look for in a property is size and space utilization. And while adjusting the layout of your home may be costly, it could potentially add plenty of value – both to you as you live there, as well as future owners.
If you're ready to take on a big renovation project that'll pay off in the future, then adapting your home to be more tailored to the way people live is a great idea.
What you'll need to consider is that a modern house plan needs to be versatile. It should allow for easy adaptation without the need to tear out walls. Open plan living is especially popular. Even if you prefer not to have as much open space, you can easily create the illusion of separate rooms. Do this by strategically placing dividing elements like furniture or bookshelves.
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As one of the most frequented areas in people's homes, living rooms often see their fair share of wear and tear. So naturally, the most basic way you can add value is to paint the walls, fix any cracks, and keep it in good shape at all times.
If, however, you're prepared to do more than just add a coat of paint or purchase a new couch, there's a lot to experiment with.
First and foremost, consider adding hardwood floors to the area. Secondly, if your house structure allows it, you can build a traditional (or gas-powered) fireplace for a cozy feel. Even changing out the light fixtures makes for a big change.
In most family homes, kitchens are made to last for at least 10 to 15 years. So, obviously, when it comes to updating them, they require a bigger spend. But that could be an excellent opportunity to drive the price of your property up before selling.
In addition to the standard coat of paint, you can upgrade your cabinetry and appliances, as well as make some layout changes. If there's space, consider adding an island, as this makes for an excellent food-prep surface, something many buyers will appreciate.
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When it comes to the master bedroom, you want to make it as comfy and inviting as possible.
Research has shown that the bedroom layout and decoration impacts sleep quality and quantity.
For example, a recent survey by Sleep Junkie showed that people whose bed was placed parallel to the main window reported the highest rate of restful sleep. The same survey showed that the two wall colours associated with higher quality rest included purple and blue.
Other than making these changes, it's also not a bad idea to upgrade your thermostat and heating system. This way, you'll have better control over the room temperature, ensuring that the master bedroom feels absolutely perfect.
Some homeowners are lucky to have a spare bedroom, which can be a big selling point when you decide to put your house on the market.
However, leaving it as is (in most people's case, a hot mess) might not give off the best impression on potential buyers. What's more, it's not giving you the chance to make use of all its potential value.
So, think of ways to use the spare bedroom actively in your home. Apart from the obvious choice of having a guest bedroom, perhaps you'd do well with a home office? As 2020 proved, a work from home model will become a significant part of our futures, so it's not a bad idea to prepare, right?
Basement & Attic
Do you have an area of your home that's left unused? Or even worse, that's acting as a messy storage space when it could be the big showstopper feature in your house?
Well, it might not be a bad idea to think about adapting it.
Most attics or basements can be made over into beautiful and functional spaces. Whether you need an extra suite for the in-laws or want to create a casual lounge where the kids can go wild, these spaces are a perfect choice.
Do keep in mind, however, that depending on your home‘s structure, these remodels can cost a pretty penny. So make sure you consult with an experienced contractor before going all in.
There's a lot you can do to add value to your home. What's more, the updates don't necessarily have to be expensive. Some of them you can even do yourself. But before you go all-in on a project, make sure that you've got a solid plan for adding value to your home. Otherwise, you'll be looking at a lot of stress and worry.
Once the time comes for you to sell, all you'll need to do is hire a listing agent, and you'll be on your way to getting the absolute most out of your investments.
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About the PublisherBo Kauffmann is a residential real estate agent with over 18 yrs experience in helping buyers and sellers achieve their goals. Inducted into the REMAX Hall of Fame in 2010 and receiving the REMAX Lifetime Achievement Award in 2019, Bo has sold over 500 houses and condos in the Greater Winnipeg market. He is an accredited buyer representative (A.B.R.) and a Luxury Home Marketing Specialist. Bo provides exceptional service to First-Time Home-Buyers, Seniors looking to downsize and Home Sellers of all ages. He can be reached easily By E-Mail or call/text him Call/Text Here
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