Most homeowners want to live in a home that is cozy and practical, which is why we invest our time and resources into functional and decorative upgrades that will last a lifetime, or at least something close to it. And it’s no secret that home improvement projects often take a long time to accomplish. So when the time comes to sell our homes, we all hope that our renovations will translate to improvements to property values.
However, even if you’ve taken out home loans, not all home-remodeling projects add value. In some cases, it can also lower the overall cost. But that doesn’t mean that you shouldn’t improve your home. You have to be smart about the type of projects you pursue.
Some upgrades are worth the investment. Here are a few projects to get you started:
- Focus on major fixes
If you’re renovating to improve your home’s value, then you should focus on refurbishing potentially problematic areas such as old kitchens and rundown bathrooms. Prospective buyers check these two rooms first, so any significant problem can torpedo the whole deal. Even if the rest of your home poses no issues, a single room in poor condition can make the entire property less attractive.
Make sure the final bill doesn’t exceed the value added to the final figure. The best you can hope for is to break even, so don’t go overboard when it comes to renovation projects.
- Replace countertops
Countertops are prominent and eye-catching. So if you’re thinking about doing a bathroom or kitchen remodeling project, the countertops should be your priority. Always remember that taste is a subjective matter, so you might want to go for neutral or popular options such as granite and laminate.
- Repaint old cabinets
Apart from countertops, the first thing that most people notice in a bathroom or kitchen is the cabinets. However, new cabinets can easily cost thousands of dollars, potentially erasing any profit you hope to gain from the project. All is not lost, though.
Even old cabinets can be given a new lease in life with a fresh coat of paint and varnish. This will make them look fresher and newer at a fraction of the price.
- Small replacements
Hold off on replacing major hardware such as the kitchen stove or dishwasher, as they can quickly eat up your home improvement budget. Instead, focus on replacing small items that can be easily noticed, such as new light bulbs and doorknobs.
The best part: you can replace simple fixtures yourself—no need to hire a handyman or an electrician. You can replace the hardware a day before a home tour, and no one will be the wiser.
- Form over function
When remodeling your home, you might want to focus on upgrades that improve the appearance. Potential buyers notice surface changes right away, but they’ll need outside help to identify upgrades to the electrical system.
These pointers will help you focus on projects that improve your home’s resale value. Avoid remodeling areas that don’t add value to the equity, such as offices, backyards, and garages. Focus on the high-value rooms: kitchen, bathroom, and bedroom.
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