If you own a home, one of the best ways to maximize your return on investment is to make home improvements that increase your home’s value. Naturally, a house’s value will appreciate over time, but you can boost up that process with upgrades we mention in this blog.
We consulted a reputable home appraisal company based in Chicago, AnDel Appraisals, for some expert insights on this topic. This is to ensure we provide our readers with the most accurate information.
Homes with latest improvements are more appealing to buyers, hence they will be willing to pay more for it. Improvements like kitchen and bath renovations, roof replacements, energy efficient upgrades, and functional living spaces are the ones that increase the home’s value the most.
Kitchen and Bath Renovations
Kitchen is often dubbed the “heart of the home” and for a good reason. One of the first things that people notice about a house is its kitchen. Often, it is what sets the tone for the rest of the house.
A kitchen with new cabinets, upgraded countertops, energy efficient appliances, modern fixtures and an elegant backsplash is well regarded among buyers. An upgraded kitchen will for sure boost your home’s value by a lot.
Importance of a modern and clean bathroom cannot be overstated. Bathrooms are a place to rejuvenate and you can’t do that in a bad looking bathroom. Buyers are willing to pay higher for bathrooms with modern hardware, water-efficient toilet/shower, and new tiles. Vanity lighting and mirrors are also something that define the look of a bathroom, so don’t miss out on those.
Roof Replacement
A new roof not only means better protection and peace of mind, but also a better curb appeal. This is often the most expensive upgrade for a house, but well worth it. A new roof should certainly be on your list of upgrades if you are looking to increase your home value.
AnDel Appraisals shared a good tip about roof replacements that if you recently had a storm in your area, you can qualify for a roof replacement through your insurance company. This way you add a lot to your home’s value without spending much.
Energy Efficient Upgrades
There is a growing demand for eco–friendly homes across the developed world. Rising utility costs and growing environmental awareness is fueling this demand. Homes with energy efficient upgrades not only sell faster but also for a higher price.
Buyers are willing to pay highly for houses with solar panels, insulation improvements, and better windows.
Solar panels significantly reduce the electricity bills making them an appealing option for buyers. Old windows increase heating and cooling costs due to their improper insulation. Double pane or triple pane windows with Low-E coatings improves insulation and solves this issue.
Moreover, adding proper insulation to attics, basements, and crawl spaces helps maintain consistent indoor temperatures, lowering energy bills.
Creating Functional Living Spaces
Maximizing the usable square footage of your home is one of the best ways to increase its value. Buyers today prioritize well-designed home layouts that fit modern lifestyles. This may mean open living areas, home offices or multi-functional rooms.
Nowadays, the trend is moving away from compartmentalized spaces. Open floor plans that seamlessly connect the kitchen to the dining and living areas are what buyers are looking for.
If you have unused storage spaces in your home, they can be turned into valuable living spaces. Basements can be turned into gyms or home theaters. Attics can be turned into an office or a bedroom (given it has enough headroom). This can prove very valuable improvements while selling.
Thoughtful upgrades as mentioned above will enhance the functionality of your home, make it stand out in a competitive market, and attract high paying buyers.
Conclusion
To conclude: your home is more than just a place to live, it’s an investment. You can maximize your return on investment with strategic upgrades that boost your home’s value.
Upgrades like kitchen and bath renovation will enhance the feel and look of the interior and will appeal to buyers. Roof replacement is another upgrade that will lift up your home’s value a lot.
Adding energy efficient upgrades to your home will make it relevant in today’s environmentally aware population. Buyers also choose such properties due to their low utility costs. Having a functional home layout is also a great way to boost your house’s value.
We hope we were able to provide you valuable information in this blog and that it will help you maximize your return on investment.
