How Some Remodelling Can Skyrocket Your Home's Market Value
Your home’s market value is based on what willing buyers are willing to pay for it, along with other factors that affect pricing in real estate.
10:46 09 October 2019
Factors such as location, home size, and local market prices play a huge role in home valuation. Typically, newer homes will attract higher prices. This is because the critical parts of the house such as electricals, plumbing, and appliances are still new and in good working condition. Most home buyers will pay top dollar for homes that are in perfect condition. By all means, you want to avoid negotiating repairs with potential buyers because this will conceivably affect the asking price.
On this note, some upgrades and updates have the potential of adding value to your home. Whether it’s for resale purposes or you just want to improve the curb appeal of your home, an older home can be transformed into a hub of beauty and value with just a few upgrades. However, most homeowners are somewhat hesitant about the idea of remodeling because of the costs involved. But let’s not sugar coat it, some homes could really use an upgrade. After years of being exposed to the elements, various fixtures, materials, and finishes will degrade. If you’re considering putting up your home for sale or are placing your home as collateral for a loan, it’s important to ensure that when the valuers come, they’ll find everything in good shape. When it comes to home remodeling, less is more, and the simplest of adjustments can help improve your home’s outlook. Let’s take a look at how some remodeling can skyrocket your home’s market value.
1. Rethink Your Windows
For high-valued properties that have seen better days already, which are also known as period properties, home aesthetics are a significant factor that will be considered by many potential buyers. Period homes lack the oomph most modern home buyers are looking for when purchasing a property. Windows are a major part of a home and if they don’t serve the purpose of adding value to your home, it’s best to hem pronto. This is especially the case for older homes such as, period homes that were constructed without factoring in the need for bigger window openings.
If your windows still have some life, simply adding the right window fixtures and covering can go a long way in increasing your home’s curb appeal and market value. Specialists at Shutter Craft (https://www.shuttercraft.co.uk/guides/what-are-plantation-shutters/) say that unlike common window treatment options such as drapes, plantation shutters are cost-effective, elegant, and quite easy to maintain. Additionally, they’re available in several panel configurations, including solid and louver panels. Whether you prefer a classic look or you’re more into contemporary design, they also come in a wide range of style options to choose from.
2. Get Major Structural Issues Addressed
Obvious signs of questionable structural integrity will put off any potential buyers. Addressing structural issues is among the most expensive remodeling projects, but when it comes to adding value to your property, they are certainly necessary. Here are tell-tale signs to help you distinguish between structural faults and cosmetic faults:
- Leaking roofs
- Structural cracks on the walls
- Cracks on the floor
- Broken and missing roof tiles
- Walls bowing
- Rotten roof support
- Insect infestation
Structural repairs and remodeling projects are a major undertaking that will definitely require you to employ professionals such as roofing contractors, builders, or structural engineers depending on the particular problem that needs to be addressed. Doing so will not only skyrocket your home’s property, but it will also see your safety as well as that of potential buyers.
3. Replacing Your HVAC System
The heating, ventilation and air conditioning system plays a major role in improving the air quality in your home. Older homes may still be using outdated heating and cooling systems that to your surprise, are not energy-efficient. Replacing or adding a heating and cooling system will unquestionably be crucial in adding value to your property. Additionally, improving the condition and function of the already existing system will help improve the same. Other than replacing the system altogether, some updos you can take up to ensure this may include:
- Sealing and insulating leaking ductwork
- Installing a programmable thermostat
- Changing the air filters
- Replacing your current windows with more energy-efficient ones
- Adding various add-ons such as dehumidifiers, air purifiers, carbon monoxide alarms, zoning systems, UV lamps, etc.
4. Kitchen and Bathroom Upgrades
Some of the rooms many buyers pay utmost attention when looking to buy a home are kitchens and bathrooms. If you’re considering putting your home for sale, these are major areas of interest that with a few upgrades, could potentially help increase the value of your home. When it comes to the kitchen, it’s important to ensure that the sink is in good working condition. It will not hurt much to replace or repair kitchen cabinets and their doors. Also, kitchen countertops should be of huge interest when thinking of remodeling. In case you need to remodel your countertop, there’s a wide range of kitchen countertop options and a range of materials to choose from. Some of these include:
- ceramic tile countertops
- laminate countertops
- granite slab countertops
- marble countertops
- soapstone countertops
- slate countertops
- quartz countertops
Other kitchen highlights to consider upgrading may include kitchen fixtures, hanging a new light, adding a fresh coat of paint or hanging wallpaper, and replacing window treatments.
Upgrading your bathroom is yet another major home improvement project that will add value to your home. To remodel your bathroom, you may need to redo the tiling by opting for exotic and luxurious looking tiles, changing the faucets and other fixtures, and instead of replacing the tub, consider relining your existing one for a more luxurious look and feel.
5. Improving Your Landscaping
More often than not, a lot of attention is paid to interior décor, such that homeowners end up neglecting their front yards. From planting new petunias, adding flowers to your patio, to surrounding your walkways with a hedge of short plants, landscaping will transform your home exterior and improve its curb appeal. Another great idea to improve your exterior involves lining your driveways, walkways, and pool decks with stamped concrete. These are still catching up and believe it or not, it’s the way to go if you want your home’s market value to increase.
Now, in most cases, when it comes to remodeling, you want to ensure that you have your finances in order before you undertake any major projects. It’s a major undertaking and in addition to this, you may have to consider hiring a professional if you want the job done right. It can be a bit costly and time-consuming, but it’s a worthy course that will see your home’s market value improve.