If you’ve thought about renovating a part of your home, figuring out where to start can be a difficult decision. After all, a lot of home renovations can be expensive, and you want to make sure you’re investing your money in the right parts of your home. Not only do you want to renovate a part of your home that will improve your own living experience, but ideally, you’ll want to invest in a project that will add value to your home. Even if you don’t plan on selling your home anytime soon, the day may eventually come, and it can be nice to make that money back—and then some. Although it can vary depending on your area and exact neighborhood, some of the following home upgrades are commonly known for increasing property value:
Finishing a basement
Finishing a basement can unlock huge potential in your home—just think of all the extra livable square footage you can add by finishing a basement. It can be a costly project, but certainly worth considering if you feel your home is lacking some space. Additionally, most homebuyers love the idea of finished basements and are often willing to pay extra for them. Unless you are selling your home as a fixer-upper in general, an unfinished basement can be a turn-off to many homebuyers, as many people won’t feel like dealing with it themselves.
A kitchen tends to be the focal point in a home, and when homebuyers check out an online home listing or visit an open house, the kitchen is often one of the first things they notice. Again, unless your entire home needs work and you plan on selling it as a fixer-upper, an outdated kitchen can be a huge turn-off to most homebuyers—especially if the rest of the home has been updated fairly recently. Kitchen renovations can be very expensive if you go all out, so if you don’t have the budget for a complete upgrade, there are still a few things you can do in the meantime that can make a huge difference. For example, instead of changing out the cabinets completely, you can just switch out the doors. And if you haven’t already, consider upgrading any older kitchen appliances with newer, energy efficient models. Not only will replacing your appliances with newer models instantly give your kitchen a chic new look, but because they use less energy, those new appliances can help you save on your monthly utility bills.
A home will often resell more easily if it has more bedrooms, especially if you live in an area that is popular amongst larger families. If you have a room that’s very big, you could consider splitting into two smaller bedrooms if your home is currently lacking in extra rooms. Just make sure that the two smaller bedrooms wouldn’t be too small, and that you still have a larger master bedroom. If it’s the master bedroom you’re splitting, consider adding an en-suite bathroom instead of another bedroom, if the master bedroom doesn’t already have an en-suite bathroom. This can help to add value to your home, especially if you’re adding a bathroom with a modern look.
Old tiling, laminate flooring, and wall-to-wall carpeting (even if it is plush and new), doesn’t usually do too well when it comes to resale. If you’re redoing your floors and want to add in new carpet before selling it, you’re usually better off only carpeting the bedrooms. As for the rest of the home, consider installing newer tiles or hardwood, which can easily change the entire appearance of your home and give it a fresh, clean look. Additionally, modern tiles and hardwood flooring can add to the resale value of your home.
Do you need extra cash for a home renovation project? If you’re receiving long-term payments from an annuity or structured settlement, Peachtree Financial Solutions may be able to help get you the money you need. Contact us today to learn more about selling some or all of your future payments for a lump sum of cash.
Nothing above is meant to provide financial, tax, or legal advice. You should meet with appropriate professionals for such services.