Nothing beats the feeling of new, upgraded stuff in your home. That’s why the home improvement industry remains strong, and why there’s still a line at your local Home Depot.
But not all home improvement projects are equal in terms of “paying off” for you when it comes time to sell. In fact, most home improvement projects really don’t pay off, but there are a few that do. Here are the three most popular home improvement projects that can actually increase the value of your home when it comes time to sell:
There is no room quite like the kitchen when it comes to buying and selling a home. Other things can be glossed over, or a drab living room can be reimagined with a new coat of paint, but nothing will make a home less desirable than a shabby kitchen.
Old countertops, old appliances, cheap cabinets, no storage space, no work space… all of that will be noticed and frowned upon by prospective buyers, and will make certain you receive far less than your asking price. Kitchens are used every day, extensively, so nobody wants to buy a house then gut the kitchen right away.
So updating that kitchen to the latest and greatest will definitely pay off come selling time.
More B’s (Bed and/or Bath)
When a house for sale is listed, what’s the first thing always said about it? It’s not the square footage or the acreage… it’s the number of bedrooms and bathrooms. Those two numbers alone will make or break a listing in many people’s minds. If you need four bedrooms and three bathrooms, then that’s what you need, and nothing less will work.
So in terms of profitable home improvements, converting a bonus room into a bedroom with a bath is a solid choice. Or adding a bathroom to that finished basement? Extremely attractive to buyers. You can almost never have enough bedrooms and bathrooms. This goes double in you have an older home, many of which were built with two bathrooms (and many in the “one full, and one half” configuration). Adding a bathroom to something like that will definitely increase the resale value.
Better / More Electricity
Here’s a hidden upgrade for many older homes. Upgrading the electric service to 200 amps and adding a few outlets will go a long way in making your home more attractive to buyers. My house was built in 1965, and it had 100 amp service. And the basement I converted into an office had a grand total of two electrical outlets – that just doesn’t work for a modern lifestyle. I upgraded the electrical service and added two runs of three outlets, for a total of six more. That made my basement office far more viable as a “space”, and the upgraded service doesn’t hurt the rest of the house either.
Listen, your home is your castle, and if you plan to stay there for years and years, have at it and do what you want to make it “yours” regardless of resale value. But if you want monetary payoff for your home improvement efforts, the preceding will definitely pay off.