Home upgrades are an awesome way to increase the value of a house. Some people think of making upgrades but are unsure of where to start and how to get their money back? No problem – we’re here to help.
Here are a few upgrades that increase home value so you can recoup part of the investment.
UPGRADE #1: FINISH THE BASEMENT
Basements are great. They’re a blank slate, something that you can evolve into anything you want. There are a lot of great basement ideas out there, but feel free to make it your own.
- Do you want a movie theater room with Star Wars decor? Go for it.
- Are you the biggest fan of a specific sports team on the planet? Build out your basement to reflect that.
- Do you love hosting parties? Build a great bar where you can hang out on the weekends.
It’s up to you how you use the space. The great thing is that a finished basement adds a lot of value to the home, so this is a great option if you have an unfinished basement right now.
UPGRADE #2: PAINT
House flippers know that painting is a great ROI. If the paint wasn’t looking too great and you go over it with something more modern and desirable, you’re most likely going to make money. So for example you may invest $3,000 to paint the house but find that it increases the home value by $6,000. That’s a trade you’re willing to do any day, right?
Of course, it’s hard to measure the increase. But everyone would rather move into a home where the paint looks good than one that has seen better days. Most buyers want something move-in ready, and painting helps make that a reality.
UPGRADE #3: SPRUCE UP THE OUTDOORS
What is the outside of your home like? Do you have a nice front porch that welcomes visitors? Is there a great firepit area in the back to enjoy a nice night with friends and family? Is there a patio or deck out back where you can sit and watch the kids run around?
All of these are things that can improve the value of a home. Homebuyers want a great living space both inside and outside. Even though Americans spend less than 8% of their time outdoors, we want to enjoy the time we do spend outside!
UPGRADE #4: OPEN IT UP
Do you realize how much people love having an open floor plan? According to research from the NAHB,
- 85% of home buyers want the home to be open between the kitchen and dining room
- 79% want an open arrangement between the kitchen and family room
- 70% want open space between the dining room and family room
The old style of building lots of small, separate rooms just isn’t in vogue anymore. It makes the space feel too small.
If your current home has a lot of small rooms, consider opening it up a bit. Just make sure you hire a professional before you start knocking down walls! You don’t want to end up taking a sledgehammer to a structural wall.
UPGRADE #5: REPLACE THE HVAC OR WATER HEATER
Comfort is important. Since we sleep, work and play at home these days, we want to make sure we’re able to be comfortable. That means a working HVAC unit and water heater.
If a home buyer is considering buying a home and learns that the HVAC or water heater is on its last leg, they’ll be more hesitant to buy the place. On the other hand, if they learn that the unit is pretty new, they’ll be more comfortable with paying a higher price for the home.
Why? Because they feel assured that the new unit will last a while.