Adding Value to Your Home
Published February 26, 2016
Updated November 22, 2019
Even if you’re not planning on selling your home anytime soon, you always want to know how much your renovation projects will affect your home’s value.
That’s why it’s crucial to know beforehand which projects will bring more bang for your buck than others. Replacing older objects, such as doors, windows and siding, in general yield a better return than bigger projects like additions. Which ones do we recommend? Let’s begin with the exterior and work our way inside.
Surprisingly this is one of the top-ranking home improvement projects. And it makes sense because it’s one of the first things visitors and potential buyers see when approaching your house, so you want to make sure it gives off a good impression.
But don’t spring for an ornate door if it doesn’t go with the rest of your house. “It has to be the right front door,” Steven Aaron, owner of the Steve Aaron Realtor Group at Coldwell Banker Beverly Hills said in an article with U.S. News. Sometimes you can get away with simply putting a new coat of paint on your existing door and get similar results.
While painting your walls isn’t the easiest task, it’s a less expensive alternative than having a professional come in to do it for you. HomeGain.com, a real estate website, conducted a survey that showed a fresh coat of paint yielded a 250% return on your investment.
It’s all about choosing the right color for the room since different colors give off create different moods. Lighter shades generally make a room feel larger while neutral shades tend to be more appealing to potential buyers. If a room has limited natural light then it would be smart to stay away from lighter colors because it can end up making a room look sad and gray. If you have a room that doesn’t receive a lot of natural light then try painting the walls a warmer color.
Don’t forget to test colors before buying a gallon of paint. Home improvement stores usually offer 8-ounce sample cans for $3 so you can make sure the color will work for your home.
Paul Cardis, chief executive of Avid Ratings, which conducts an annual survey of more than 20,000 first-time home buyers, says “the kitchen is king” because sprucing up your home has to involve the kitchen.
Now we won’t get into the more expensive kitchen updates, so let’s focus on the sink and faucet for now. These are small projects that make a big difference, and the best part is you can do them yourself in a few hours. It’s a smart idea to buy the sink and faucets together because it will need to match the number of mounting holes on the sink.
However, if that’s not the route you want to go then consider giving your backsplash a facelift. Depending on the material you use for the project, it can be an affordable update that will catch buyers’ attention when they visit the house. A simple color or design change can make an older kitchen look and feel modern while offering quality protection to the kitchen walls.
Another room buyers look at the most is, you guessed it, the bathroom. Replacing outdated vanity cabinets, toilets, and even showers and tubs can exponentially raise the value of your home because the bathroom gets high foot traffic every day.
Look for modern water-saving models that will both save on your water bills and appeal to those who are energy-cautious when it’s time to sell. Kiplinger offered a tip to the creative minds saying if you want to save hundreds on cabinets to use old dresser as the foundation for a new vanity. Simply cut out room on the top to hold a basin sink and to connect pipes.
Don’t wait any longer on your home projects. Let a Neighborhood Credit Union home specialist help you find the right loan to fit your needs.