Whether the goal is to increase the value of your home with the intention of selling in the future or you’re preparing it for immediate listing, increasing the property’s value has its advantages. Homeowners can increase their property’s value by making a checklist categorized by potential projects and estimated costs. Once compiled, contact a local realtor and ask which of the improvements/upgrades will garner the best return on your investment while increasing the property’s value.
- Replace outdated cabinets or refurbish/refinish cabinets in good condition
- Replace old cabinet hardware
- Install a new sink with energy efficient faucets
- Replace old or damaged countertops with an upgraded material such as granite, marble, or quartz
- Add a kitchen island to serve as additional counter, work, or dining space, or buffet table
- Upgrade the sink and install energy efficient faucets
- Replace old faucets and showerheads in the bathtub and/or shower
- Consider converting the bathtub area into a tiled walk-in shower
- Install a new water-conserving toilet
- Hardwood floors in good repair are good candidates for a renovation to include cleaning, refurbishing and polishing to bring tired floorboards back to life. With the services of a professional flooring contractor, old hardwood flooring that is damaged can be repaired or replaced – sometimes with the original type of wood initially installed – adding vintage appeal to your home.
- Several options are available to upgrade floors from dated or worn out carpet with materials such as peel-and-stick vinyl tiles, granite or marble tiles, or bamboo, cork, or laminate planks.
- Lighting – replacing old, traditional lights with the modern look of recessed ceiling lighting, under the cabinet lighting, and decorative wall scones for a dash of elegance heighten the appeal of bedrooms, as well as the living room, kitchen, and bath. The installation of LED lighting fixtures make homes “green-friendly,” which increases value.
- High-efficiency windows and frames that come with a certification from Energy Star have a positive impact on reducing the cost of energy. Energy Star offers a tax credit for qualified new windows.
- If you’re considering replacing and upgrading doors, the tax credit also applies.
- A new roof, which can range in cost from the low end to the high end depending on the material chosen and the square footage involved, provides an immediate increase to property value. Choose a roofing material suited to your specific climate, and one that has a substantial lifespan such as metal or tile. For added property value, installing tile, metal, or shingle roofing makes the home a “green” residence due to recyclable materials, which is highly desirable for eco-friendly buyers.
- New appliances are necessary to increase value. Consider the modern look of stainless steel when replacing all the kitchen appliances as well as the washer and dryer. Purchase appliances that are durable, convenient, efficient, have a long lifespan, and come with a good warranty.
- A professional exterior paint project not only makes the house look fresh, it also provides layers of protection to keep the home in good condition, for added value.
While upgrading your home with interior and exterior renovation projects can be costly, once the projects are completed you’ll see monthly savings due to better energy efficient and quality products. Also, along with tax credits from Energy Star, there are federal and state rebates, tax incentives financial programs available in each state.