Whether you want to sell your home or you are interested in increasing the value for a rainy day, there are some great things that you can do that don’t cost a fortune. Everybody thinks that the remodeling the kitchen is the best way to increase equity. However, did you know that other home improvements can give you more bang for your buck? Here are three things you can do to improve the value of your home.
- Focus on the Bathroom, not the Kitchen
Believe it or not, the bathroom will add more value to your home than the kitchen. A kitchen remodel tends to be about fashion and keeping up with the latest trends more so than functionality. The bathroom is one of the most used rooms in the home. For every dollar you spend on home renovations in this area, you will get an increase of $1.71. People who stay with you will care more about a beautifully updated bathroom than they will a kitchen. Kitchens offer you the lowest return on your investment. For every dollar you spend in this room, you will only get $.87 back. Just be sure not to overdo it when rehabbing the loo. You can overbuild the space and end up losing money.
- Don’t Forget To Build the Outside
Did you know that buyers are becoming increasingly interested in the outdoor space just as much as the indoor space? It’s because the value of fresh air and spending time outside is critical. Do you have a deck, swimming pool, barbeque or fire pit area? Well, pool financing options make having a backyard oasis affordable. Plus, you can recuperate that costs when you sell. Did you know that a pool is a huge selling feature for many people? Adding fresh foliage and a beautiful seating area can do wonders for your family and any potential buyers. Who doesn’t want a home that feels like they are vacationing in the tropics?
- Get Rid of Outdated Carpets and Linoleum
Whatever you do, get rid of any dirty and outdated carpets in your home. Today’s buyer wants hardwood floors. They don’t want the hassle of cleaning and trying to get stains out of carpet that is more than ten years old anyway. Though it’s not that big of an expense, some will use this problem to make or break the sale of your home.
Many flooring options allow you to put down wood or tile that won’t be a budget buster. Thankfully, taking the time to redo the carpets will add significant value to your home. Even if you don’t plan on selling soon, you will have beautiful new floors for your family to enjoy. Carpets attract pet dander, fleas, pollen, and can be a significant source of allergens. Do yourself the favor and get rid of the carpet.
- Paint Neutral Colors
There is nothing better than a freshly painted room. While bright colors of yellow, red, orange and blue might appeal to you, they won’t appeal to every buyer. Try to opt for a neutral tone that goes with anything. While gray and different hues of beige seem to be the latest trend, a beautiful bright white can make a room look more substantial. Never underestimate the power of putting a little paint on a drab room. It can work miracles. Even if you are staying in your home, you can change your décor with a neutral base as much as you want.
Adding value to your home is essential for many reasons. First, if you ever need a home equity loan, it can increase the amount. Second, if you do choose to put your home on the market, you will appeal to a broader group of buyers. Lastly, even if you just make some upgrades for your family to enjoy, you can always cash in on those benefits later.