Designers are often asked when designing homes, which projects are the most important in adding resale value to a home? You may or may not be thinking of reselling your home in the near future. However, when setting out to begin a home improvement project, for a number of reasons, it’s important to think about the value the project may or may not add to your home.
You never know when you might have a whim to move to Tuscany and start a winery or head to the tropics for early retirement. Even if you’re not as daring as I hope to be one day, adding value to your home may be important to you in the near or distant future.
So consider the following list of great value home improvement projects to add to your to-do list.
-Update or renovate the kitchen: This is by far the best way to add value to your home. Even if you don’t have the budget to completely tear down and redo your kitchen, there are a few smaller things you can do to add significant value to your kitchen:
-Replace outdated countertops
-Replace old appliances
-Repair or paint old cabinets
-Add a backsplash
-Updating of obsolete luminaires.
-Substitution of knobs and handles.
-Update or renovate bathrooms: The second best way to add value to your home is to tackle outdated bathrooms. Similar rules apply to updates that need to be done in a kitchen.
-Painting your home is a great way to add value, as long as you choose colors that can easily translate to someone else’s taste. This doesn’t mean you can’t be creative or outside the box. A well-designed home should appeal to the masses. Hiring a professional color consultant can help ensure your color choices are consistent and up-to-date.
-Add a bath or finish a foundation. If you have an unfinished basement or bathroom just waiting to happen, you could be wasting valuable real estate. Finishing a basement or adding a bathroom can be more expensive projects, but could be worth it for future sales, especially if you own a smaller home. Be sure to design your spaces well and don’t take shortcuts.
-Inspect and maintain your furnace, air conditioning, ducts, water heater, etc. This isn’t nearly as fun as the other items on this list, but potential homeowners are going to look closely at these items when considering buying their home. If you keep them in working condition and up to standard, you will have an easier time with potential buyers in the future.
Even if you plan to stay in your home for years to come, it’s important to think of your home projects as adding value to your real estate investment. Before embarking on a project, stop and think about its design and whether it can translate into future money. Strive not to cut corners on your projects and try to get the best you can against the most you can with your budget. A small project done right will last longer and mean more money for you in the future. Home renovation projects can be extremely fun and extremely profitable for you if you think and plan carefully.