Adding Value to Your Home
I am often asked in my profession, how can I add the most value to my property at the lowest cost? In my mind that might not be the right question to ask, instead I always ask how can I get the largest return on my investment? A home is the largest investment the average person makes, I always view it as an investment because you are gaining something by owning that home. Regardless of whether it is your primary residence or not, it should be viewed as an investment opportunity with a clear monetary value. So, how do we get our biggest rate of return?
Paint is the cheapest upgrade available and can change the entire feel of your home. Giving it a clean and fresh feel, use ascent walls with brighter colors to draw the eye and create a unique feel.
Landscaping and exterior paint, your curb appeal. The exterior of your home needs to be well maintained and inviting, this is how you are getting people through the door and into your home. A new coat of paint is well worth the money if it can change the feel of your property and make an inviting entrance. Landscaping is an easy fix to add value as well, make sure all plant material is trimmed and attractive, eliminate weeds and overgrowth.
Next is your flooring, hardwood and laminate options can be pricey but are well worth the money. Again, we are looking and upgrading the feel and condition of the property. Stick to carpet in the bedrooms, Lowe's has been a great option for us. I found it to be the least expensive option with outstanding results.
Kitchens sell properties. Well worth investing more money in this area if the market supports it. Even upgrading appliances to stainless steel can have a huge impact on your property value. Painting the cabinets, installing new knobs/hardware and changing the counter top will change the entire kitchen. In style right now are white cabinets, again the market is telling us that people like the clean, bright and roomy feel.
Last but not least, bathrooms are HUGE in home sales. If you are in a strong real estate market updating your bathrooms are well worth the money. Again, this could be as little as paint, hardware and counter top. Flooring will typically need to be upgraded as well, tile is highly sought after in bathrooms.
Overall, these are the big picture ideas. I see buyers walk into properties time and again and say "wow" when these items completed. Always well worth the money and demand a huge return on your investment if completed correctly. If your not an expert in these areas, outsource your project to someone who is! There are many reasonable contractors that specialize in these areas and are well worth the money. There are so many options to make your home unique, make sure your money is well placed so that you are not overspending in areas you don't need to. Real estate is not rocket science, research and a clear understanding of what sells is all that is required to make you investment a success.