Home renovations increase the value of a property. That is why there are homeowners that fix and flip houses to buy low and sell high. It’s safe to say a little sweat equity goes a long way in ensuring they will get more return on their investment.
Whether they have plans to sell their homes or only want a more comfortable living at home, homeowners can benefit from these sleek yet easy renovations to spruce up their homes. Here are some of the key things to upgrade to get the most return:
Add More Physical Square Footage
Space is essential for home buyers, especially since the coronavirus pandemic. To increase the value of a home, homeowners can apply these foolproof tips, such as opening up the floor plan. This will allow more natural light in and add the feeling of having more space to live in.
Another tip is to finish the basement. This can cost thousands of dollars and don’t get as much return, but transforming it into an in-law suite can put a property in another price bracket. Many Americans live in multigenerational homes, and adding a room for an in-law can help them easily envision their life at the property being sold.
Boost Its Curb Appeal
According to the Washington Post, 87 percent of home buyers rely on photos when looking for houses. Curb appeal is crucial as it forms the buyer’s first impression of a home and their decision to close the deal.
There is a myriad of ways that can enhance a property’s curb appeal. These include the following:
- Upgrade the landscape. Improve the front walkway with stone planters and shrub hedges to add inviting greenery to the property.
- Replace the entry door with a steel type one. A steel door requires little maintenance and saves energy with its cold-blocking properties.
- Touch up the exterior paint. Repainting or doing minor touch-ups to the exterior will do wonders in making a house look brand new again.
Reduce the Need for Maintenance
Big-ticket items, such as the roof or HVAC, can put off potential buyers, especially in a house that’s more than a decade old. Because of this, homeowners need to consider repairing these areas first before putting their property on sale.
- Replace the roof. A house with a brand-new roof costs more than a similar one that still sports the same old roof from 15 years ago.
- Switch to an underdeck panel. No buyer wants to deal with a dirty gutter on their deck. Homeowners can replace their trough system with easy-to-install underdeck panels. It creates a polished look and adds more usable living space into a deck at the same time.
- Replace the HVAC system. The National Association of Realtors (NAR) found out that replacing a home’s HVAC system can get a return of around 85 percent of its cost upon resale. Since it’s an essential part of a house, it’s one of the aspects that buyers will check first when hunting for homes.
Spice Up the Interiors
Upgrading the interior of a home doesn’t have to cost a ton of dollars. There are many ways homeowners can style the interior without doing expensive overhauls with little ROI.
Here are a few surefire interior renovation ideas to try:
- Switching out the fixtures in the kitchen and bathrooms, such as faucets and knobs, to adhere to the house’s theme
- Repainting the walls with a neutral shade to refresh the ambiance
- Installing hardwood floors or enhancing the existing one
The Key Takeaway
Those who want to flip their properties to resale at a higher cost can put in the budget for major renovations. But to those who are not planning to do so anytime soon, increasing their home’s value does not have to dry up their finances. The above home renovation ideas should help achieve that goal for less.