Smart home improvements add value both in terms of equity gains as well as delaying what may be an unnecessary, costly move. In fact, according to the National Association of Realtors, “after remodeling, 84 percent of owners have a greater desire to be in their home”. With interest rates on the rise, a few strategic changes may allow you to stick it out longer in your home and keep that historically low interest rate. Ready to funnel some hard-earned money into home improvements? These interior projects make the top of our list for best bang for your buck. 1. Hardware: Homes with mismatched hardware look disheveled and dated. A standard 3-hinged door can be updated for less than $30 with oiled bronze or stainless hardware. Three-bedroom homes with about twelve internal doors should cost you less than $400 to update. Trust us, this investment is nominal for an incredible transformation! That’s why hardware updates make the top of our “must do” list. 2. Elements: Introducing recurring elements or themes makes your home look custom – bringing the envy of all who walk through your door. Consider touches of copper in each living space or repeating stone or tiled elements. Accents of wood in the form of beams, shutters, wainscoting or board and batten are also one of our favorite design elements. Add same accent paint or wallpaper – whether on wall features, cabinetry or furniture – and you’ll take your house from ho-hum to a head turner. 3. Flooring: If your home isn’t rolling out the red carpet in terms of flooring, a tasteful update will increase interior appeal and your equity. According to the National Association of Realtor’s 2022 Remodeling Impact Report, the cost of refinishing hardwood flooring returned a homeowner's investment and then some. On average, the $3,400 spend returned $5,000 - a 47% return on investment. New wood flooring returned 18% on the investment. Homes with new wood floors, luxury vinyl, stained concrete or carpet are easier to sell since buyers don’t have to dig deep for extra cash after closing for this upgrade. Consider carpet in bedrooms to lower costs and luxury vinyl or hardwood flooring in the main living spaces to set a high-end tone. Tile may work well for bathrooms, laundry rooms and kitchens which are prone to water leaks or extra wear and tear. 4. Square Footage: One of the best value-add improvements is the addition of more livable space. Heated spaces - and preferably cooled, too – add to your home’s footprint and dollar value. Keep in mind upgrading HVAC or adding rooflines to accommodate additional square feet can cost you big bucks. Also, factoring in the law of diminishing returns needs to be taken into account when you do your cost benefit analysis. In our area, additions can easily run between $175 and $250 per square foot. Make sure your home's location can carry that type of resale. As always, before adding new spaces, seek professional guidance on the project’s potential increase on your property value. 5. Decluttering: While the only investment is sweat equity for this tip, cleaning out your home will no doubt make your house more enjoyable and lure more buyers if it’s time to sell. Costing nothing but time, removing unnecessary furniture, décor, cooking gadgets, window treatments and general “stuff” will undoubtedly improve your home’s use for you and the value of it in the minds of others. 6. Electrical: Just like your clothes from 20-30 years ago aren’t cool today…no seriously, they aren’t…neither is your outdated light fixture or ceiling fan. While lighting can cost a fortune, you can wisely upgrade fixtures in budget-friendly ways. Spray painting secondhand fixtures or adding in new shades can be transformative! But if the DIY gene was not handed down to you, spending an average of $50 per room in a 3-bedroom home, should transform your entire space for less than $500. A small spend to illuminate the beauty of your home. 7. Paint. If your home features dark, dingy paint or a different color in every room, it is time to paint! Ideally, every room - except maybe a bedroom or an accent wall – should be the same color. You can reduce your invested cost by putting in the elbow grease yourself versus hiring a professional. 8. Kitchen. While you’ll rarely hear us encourage a complete kitchen remodel, kitchen refreshes bring the bling on a dime. According to the same NAR report, complete kitchen reno’s recoup 75% of the invested cost. But a touch-up consisting of painting cabinets, re-tiling backsplashes, dropping down luxury vinyl on top of old flooring or changing out hardware and lights can transform the space. Budgets should be clear from the outset and the cost of materials and labor should be watched closely to make sure the return comes in as intended. 9. HVAC: Updating or replacing your heating, ventilation, and air conditioning (HVAC) system can boost both your home’s value for you or potential buyers. While the NAR’s 2019 Remodeling Impact Report noted the typical cost of an HVAC replacement is $8,200 and the estimated cost recovered is about 85% of that, this doesn’t include the energy savings you may gain. Depending on how long you plan to stay in your home, you may make a little cash off this upgrade. What should you put on your list? Unlike popular home shows promote, the reality is many home projects do not recoup your full investment. Be careful which you add to your to-do list. As always, before making any significant changes to your home, get the advice of a real estate professional who can give you insights specific to your property and in keeping with current and projected housing market trends. Never want to miss a post? For more useful real estate tips & tricks, subscribe to our mailing list or contact us with any real estate questions.
Authored by: Kat Medaries, REALTOR® MT Realty Advisors of Long & Foster Real Estate Village of Midlothian Sales, 1100 Jefferson Green Circle, Midlothian, VA 23113 Licensed to sell in the Commonwealth of VA | Equal Housing Opportunity For informational purposes only. Not intended as legal, financial or credit counseling advice. Seek the assistance of a professional should you require.
0 Comments
Leave a Reply. |
MoreOwning real estate should be a journey of building & preserving wealth through the equity in your home or other properties. Our resources are designed to give current and would-be homeowners tips & trick to maintain, improve & shop for their greatest asset. Your search for value in real estate stops here. Archives
July 2024
Categories
All
|