Your home is probably the biggest purchase you will ever make and you want that investment to appreciate in value. Home renovation can add a lot of value to your home. However, renovations can be very expensive and may not always produce the return on investment you might hope for.
You don't have to spend thousands of dollars in renovation costs to improve the value of your home, there are more cost-effective options.
Before you even consider making cosmetic improvements to your home, you should make sure that you take care of the basics. Updating and repairing electrical, heating and plumbing within the house can add to the value. If you are selling your home, buyers will want to see that these fundamental parts of the home are in good working order and something they won't need to worry about for some time.
Making repairs and improvements to the outside of your house will add to the curb appeal, an important factor when selling your home. If the first part of your home that the potential buyer sees, is in great condition, it will set the stage for their positive opinion of the rest of the house.
Improvements to the outside of your home needn't be expensive either and produce potentially great returns on your efforts.
When staging your home for buyers, you should make sure the yard is neat and tidy. The front yard in particular, for the curb appeal, can increase the chances of selling your home. This should also add to the value of any offers you receive and can be very inexpensive.
Make sure bushes and trees are trimmed back and remove weeds. Plant a colorful array of flowers to improve the initial appearance of your property. Consider updating paths or hiring landscape architects if you have a larger yard.
Moving inside the house, many home buyers are looking for open plan living spaces. If your home doesn't have an open floor plan, you could consider having a wall knocked down to improve the space. It will make your home seem larger, thanks to the longer lines of sight, and will improve how the space can be used.
This isn't necessarily something you can do without the aid of contractors unless you know what you are doing. Some of the walls in your home will be load-bearing, and removing them could lead to serious structural issues.
Opening up rooms will make your home seem larger and more appealing, seemingly creating more floor space. But the floor itself is also something you need to think about. Is your flooring in good condition or worn out and in need of replacement. This is certainly something potential buyers will notice and will affect the value they put on your home.
One area which you shouldn't ignore when looking to do home improvement is the kitchen. It is a room which buyers will be focused on as it is often the hub of the house and needs to look good. Make improvements, repairs, and ensure it appears up to date.
If the budget to completely renovate the kitchen isn't available, there are smaller things which can make big improvements. Replacing the sink and faucets can make a difference.
Instead of having new kitchen cabinets, you could replace the doors or re-face them to update the look of the room. Even just changing the handles and knobs on the cabinets and draws can be a significant update.
If there is more money to spend on the project, new appliances and a granite counter will definitely add value. Renewing the floor in the kitchen with tiles or hardwood will pay dividends as well if your budget will stretch to it.
The bathrooms are another area which you should focus on to add value. There are lots of things you can do which aren't going to cost a huge amount but will greatly improve the smaller rooms in the house. Changing the light fittings or replacing faucets will update and make the bathroom look better. Other fittings, like towel rails or showerheads, can be updated at a small cost but will make the bathroom seem fresher.
The floor is another area you should look to renew. If it is looking tired, new tiles on the floor will make a big difference. Bathrooms tend to be on the smaller side, so the amount of tile needed to complete the project won't be outrageously expensive. Replacing vanities is another quick and fairly inexpensive way to improve the appearance of a bathroom. Most big box stores have vanities with the marble top in stock for a few hundred dollars. The key to updating or renovating a bathroom is making smart cost-effective decisions.
If you carefully consider the appeal of your home and put yourself in the buyer's position, you should be able to find smaller home renovation tasks which will add more value than they cost. Undertaking the smaller home improvement tasks can really have a dramatic effect on the value of your home and how easy you will find selling it. With that being said there are also improvements that can decrease the value of your home. So it's important to do your homework and make the right decisions.