Projects that Add to Resale Value
August 19, 2015
This topic, “Projects that Add to Resale Value,” is actually a highly debated topic within the construction community. For starters, projects don’t always yield exact outcomes. Results can vary on a number of factors: the cost of the improvement, the quality of materials and the neighborhood where the home is located, just to name a few.
However, a few improvements consistently top the annual list of projects that will add to the resale value of your home.
Kitchen and/or Master Suite Renovations
A major kitchen renovation or a master suite addition are two projects that can catch the eye of potential home buyers. While the upfront cost for this type of project is more expensive, it can actually sell a home. Furthermore, the amount of money for a larger project that can be recouped in a resale grows with time. And of course, the more time between a kitchen renovation or master suite project and the sale of the home allows you time to enjoy your newly renovated space.
A Well-Cared-For Home
Raised perceived value is also found in projects that show a potential home buyer that you have cared for the home over the years. Projects like roof replacement, a nicely landscaped yard or even a fresh coat of paint with a new trending color shows that you value your home.
Other high-ranking home improvements are ones that improve a home’s curb appeal. Projects such as adding stone veneer to a simple facade or siding replacement can lure potential buyers. Accenting the entryway to the home with a front porch addition or improvements add value as well.
One of the highest ranking home improvements that offers the best return for the dollars spent is replacing the entry door and lockset. If your existing door and lockset are in good shape, giving your front entry a fresh coat of paint can make a huge impact. Your front door is one of the first things a potential buyer sees as they pull up to the curb.
What are the advantages of doing this now?
One of the biggest advantages to making improvements now rather than waiting until you are ready to sell is that you are maintaining your home. It is always less expensive to keep up with minor repairs than waiting until a major repair is necessary.
Another advantage is it allows you the opportunity to enjoy the new or renovated areas. So many homeowners spend time and money just a few months before they are ready to sell their home and comment that they wished their house looked this nice when they were living in it.