If you’re looking to sell your home, then you’ve probably heard that well-maintained properties sell for more on the market. Thorough cleaning, minor repairs, and repainting will go a long way in increasing a home’s value, but renovation is the way to go if you want to maximize the potential sale. Home improvement projects can range from big to small, but even minuscule improvements to a house’s utilities can add a large sum to the final price tag.
There are plenty of home improvement options, but you’ll want to pick projects that add the most appeal and attract the most buyers. This article will provide expert advice on all home improvement projects that can either make or break a sale.
What Renovations Increase Home Value the Most?
There are several renovations that you can make to your home with a bit of time and money. They can differ significantly in complexity and resource use, but they all can increase your property’s appeal to potential buyers.
Generally, purchasers respond positively to home extensions that add utility to the property, so high-value alterations tend to revolve around saving energy, adding space, or installing extra facilities. Below are some of the most common renovations that can increase your home’s value:
- Converting your cellar: Homeowners often use cellars for storage, but a quick renovation could make it into a livable space worth significantly more on the market.
- Split a house into flats: If your property has space for it, you can convert more extensive floors into individual apartments to house multiple residents.
- Extend the kitchen: The kitchen’s the heart of the home, and most potential buyers want one they or their guests can move around in.
- Loft conversion: Like cellar conversion, adding more livable space to a home is an instant boost to market value.
- Increase living space with a conservatory: Some buyers want to feel closer to nature, so adding a way to do that without leaving the comfort of their homes is a perfect way to cater to them.
- Curb and garden appeal: A simple method of reeling in buyers is improving the aesthetic appeal of the property’s exterior. Maintaining a garden adds appeal that potential homeowners can appreciate.
- Get a new bathroom: Installing new bathrooms can be expensive, but buyers, especially ones with large families, will happily pay more for a home with the work already done.
- Make the living area open-plan: Sociable gathering areas appeal to people who like to entertain guests, and an open-plan living area perfectly caters to that desire.
- Deal with structural issues: While improving a property’s structure is the most expensive renovation a home can get, doing so allows for more visually appealing renovations.
- Double-glazing: A double-glazed window more effectively blocks out street noises giving potential buyers added privacy.
- Redesign your garden: A more appealing garden design increases the home’s exterior appeal.
- Exterior home makeovers: Adding to the above, repairs and repainting a home’s exterior lets buyers see its value right away.
- Add a bigger and new driveway: This requires sacrificing part of the lawn, but an easy way to park the family car can add a lot to a home’s price tag.
Cheap Ways To Add Value To Your Home
In general, renovations tend to have hefty price tags attached to them, meaning that big home improvement projects are unfeasible if you’re renovating on a budget. However, that doesn’t mean your property has to settle for its basic market value. Several cheaper home improvement projects require only a little time and patience before they’re paying dividends. For example:
- Maintaining a beautiful garden is an excellent way to increase your home’s curb appeal while only paying for the price of seeds.
- You could also add a fresh coat of paint to the interior and exterior, bringing new life to the home’s walls.
- Buyers appreciate a clean home and will pay a decent amount for a thoroughly de-cluttered property.
- For a bit more money, you can install period-specific decorations to create an appealing, rustic aesthetic.
- Improving the flooring is also an option. While this could mean re-flooring the property, thorough cleaning and polishing are often just as appealing and cost less.
Home Improvements That Won’t Add Value
While renovations are an excellent way to improve a home’s worth, several home improvement projects tend to have a negligible effect on market value. In general, this is because the cost of installation and maintenance either match or exceed the potential profits.
Personal pools, for example, are an amenity that seem fantastic to own but generally don’t give the best return on investment because of their high maintenance costs. You’ll see a similar lack of profit with solar panels and wine cellars, as they are both pleasant to have but a hassle to maintain.
Things That Bring Down Property Value
The worst thing you can do is fail to remove characteristics of the property that devalue it on the market. Things like clutter, set-in stains, and water damage will lower demand for your home if left alone. While those are generally simple fixes, more complex home repairs are more costly to correct.
Fixing outstanding issues with the heating or plumbing systems and removing niche renovations (such as splitting a larger bedroom into two separate ones) that most buyers won’t like can add up. However, with each improvement you make, the more you stand to earn.
Selling your home is an involved process, with many factors to keep track of and correct to get the best sales price for the property. Remember that increased living space and added utility are the most surefire way to increase your home’s property value.
Avoid high maintenance additions like pools or wine cellars and ensure that no home project requires that you get rid of previously livable space.
Lastly, make sure you’ve squared away any outstanding property issues before putting it up for sale. You can get a property survey done that shows the boundaries of the home, a list of utilities, and recent improvements. The added transparency over a home’s structure can make the property even more attractive to potential buyers.