You’ve decided to move—now what? There’s a lot of thought that goes into putting your house on the market, including how much you’ll sell it for.
The resale value of your home depends on a number of factors, the most obvious and important two being the following:
- The condition of your home and its design
- The location
When it comes to the design, remodeling before you put your home up for sale has the potential to drastically increase its value. But how do you know which projects will pay off?
Before you decide, think first about location and time.
Pay attention to the other homes in your neighborhood. Buyers sometimes choose a home almost entirely based on its location. If you live in an ideal location, you may not need to do as many renovations and still receive the same interest as other houses on the market.
Time also may have an impact on your ability to increase property value. If you’re looking to do smaller renovations projects, like updating your kitchen or bathroom, be sure to put your house up for sale soon after. If you get these projects done and hold off months or years before selling your home, these trends may become outdated.
Remodeling Projects That Pay Off
Adding color is great place to start. A fresh coat of paint can go a long way, and so can a new backsplash with a pop of color.
Buyers are also typically attracted to the cool, clean look of stainless steel. Transitioning your appliances to stainless steel can really boost the value of your home.
Other great ideas to add functionality and convenience to your kitchen could be adding a rolling island and hanging a pot rack or wine-bottle holder.
If you only have one bathroom, you can add a lot of value to your home by adding a second. HGTV estimates that you can recoup 80 – 130% of whatever you spend adding a bathroom.
When you’re searching your home to find a place to fit the second bathroom, consider rooms you don’t use often or underutilized spaces, like closets or areas under the stairs. Half-baths require at least 18 square feet and a full bath needs at least 30.
Your remodeling project should focus on a number of things, the first being the appliances. Because there’s a lot of wear and tear in bathrooms, make sure you spend enough to get quality toilets, sinks, showers, etc.
The ascetic of your space is important as well. Granite countertops are an attractive, durable choice, and when it comes to lighting, overhead and around your mirror are both great choices.
If you’re looking to add a touch of luxury to your bathroom, heated floors can go a long way.
Remodeling your basement comes with unlimited possibilities. There are a number of different things you can turn your basement into, from your kids’ play area to a home theater, in-law suite, or simply a fun space for entertaining.
According to CNBC, you’ll see a 79% ROI following a basement remodeling project, adding a good amount to your home’s asking price.
These projects are excellent investments because the space already has a roof, walls, ceiling, and foundation; there’s so much potential to utilize it.
When taking on these projects, it’s important to consider the unique specifications of your space. For instance, if your basement is smaller and oddly shaped, double doors could give the illusion of it being larger.
Avoiding putting dark paint colors or dark wood paneling on the wall is a smart idea as well. Most basements don’t get a lot of natural light and adding dark colors to the wall can make the space even darker.
Popular ideas for basement transformations include:
- Bar/entertainment space
- Fitness room
- Guest bedroom
- Home theater
- In-law suite
- Wine cellar
If you’re interested in beginning remodeling projects that add value to your Baltimore or Ellicott City, Maryland home, call (410) 970-4452 or contact us online.