Which Major Renovations Add the Most Value to a Home on Resale?
We know that customizing your home is oftentimes a thoughtful and slow process that involves carefully selecting décor that speaks to your lifestyle as well as dabbling in home renovation projects that not only add character but value upon resale. Still, how do you know which home renovation projects are the most worthwhile? To answer that question, we asked real estate expert Walt Danley, president and founder of Walt Danley Christie's International Real Estate, to shed light on which home restorations add instant value to your property's resale value.
Renovations By Room
While you are not yet prepping your home for a virtual home tour, one day, you might want to put it on the market. Danley shares that homeowners remodeling the kitchen and primary bath will get more from a home sale down the line. "The kitchen is the heart of the home and the [main] bath is a private sanctuary. Other updates to a home are largely ignored if these two prime spaces are dated," says Danley. Thinking in terms of renovations, changes to any space inside your home doesn't necessarily mean complete demolition. In fact, small changes like a fresh coat of paint can make a world of difference. And, as Danley, adds, "decluttering and staging also enhance a prospective buyer's first impression."
Danley shares other affordable home renovations that owners can often do themselves. "Some of the more cost-effective enhancements are fairly obvious like fresh neutral paint and new carpet. The few less obvious and low-cost improvements include replacing dated light and plumbing fixtures, and re-caulking the kitchen and bathrooms can also have a surprisingly beneficial effect."
The last piece of expert advice before undertaking a major or minor home project is to consult with a local realtor pertaining to how this task will add value to your home's resale. "They will be able to tell you if your plans make business sense, whether in terms of return on investment or moving the home off the market quickly—or both."