Home Renovations That Increase Home Value
Competition in the housing market is on the healthy side in the Maryland area, both making it a great time to try to move your home, and a somewhat challenging time as well. Hot competition means you need to make a good impression, and what’s more, try to optimize what you get out of the sale.
How to Focus on Your Renovation Objectives
Choosing the right projects to pursue can sometimes feel difficult to balance. You want attractive additions that buyers are looking for, of course, but a strong return on investment to make it worthwhile is also vital. The best way to cover all of your bases is to focus on what your home needs, and to do that, we recommend looking at the following:
- House basics. Buyers are looking for either a presentable rental property, or they are looking for a home. And in either of these cases, they’ll want the house to be in solid functional order. That means if you are sporting an old, outdated roof, or an HVAC system that’s ten years old and counting, you should put all of your attention there first.
- Home exterior upgrades. Making your home presentable from the onset is paramount to making that first 10-second good impression. Places to focus include siding, landscaping, and doors—each of which boasts an estimated above 90% return as well as being hot picks for buyers.
High ROI Interior Renovations That Increase Home Value
Do you have your basic functional ducks all in order? Excellent, now we can move on to attractive additions and renovations that current buyers are seeking the most. Some good places to focus include:
- Deck and patio installation. Decks offer a respectable return on investment—hovering around 87 percent—and when done well, can add hundreds or even thousands to your home’s value. It’s not actually the best place to start, but if you’ve got the other basics covered, a deck is a great way to give yourself an edge when selling.
- Updated bathrooms. Even minor bathroom upgrades and updates can make a home more attractive, and upgraded fixtures offer a cost-efficient way to add lots of value to your home without too much effort or time.
- Home addition. More space always sells, period. Not only will a home addition add considerable value, it also makes the home much easier to sell. The best ways we find to handle this include finishing basements and attics, as these things avoid the higher cost of a ground-up room addition.
- Remodeled kitchen. Kitchens are the space every renovation expert or home seller will point you to first. And while we agree that the 95 percent plus return on investment can often be the case, it is very important that you understand this goes at the end of your list. It’s great, it adds tons of value, and it looks really good on the market, but the goodwill you build up with a modern kitchen upgrade will drain if the rest of your home can’t back it up.
Choose Our Realty Specialists in MD, VA & DC
Ready for an appraisal on your property, or looking to sell in the near future? The specialists at Coakley Realty can help you make the sale you deserve! With decades of experience and our extensive knowledge of the housing market in our area, we’re the pros you want on your side.