Whether you’re getting your home ready to sell or you’re simply trying to update the place for your own comfort and convenience, you should always consider the resale value. Carefully planned home improvements can add value to your home if done correctly. If done wrong, you risk performing an update that will be a waste of money in the long run.
Do your research on the items that add value according to real estate appraisers. Check out your real estate market as well and see what buyers want in a home. When in doubt, stick with the following five renovations.
1. Electric Fireplace
If you currently have a wood or gas fireplace, updating that item to an electric version can lead to major payoffs. To begin with, an electric fireplace is much safer than wood burning or gas because there’s no risk of a gas leak or flying embers. As a result, your insurance company will lower your rates and you can enjoy those savings year over year.
Adding an electric fireplace also adds value as an additional heat source and a beautification feature to your current home. According to the National Association of Realtors you can add about 12 percent to the asking price of the home per fireplace you install.
2. Cleaner Landscape
Curb appeal not only increases the value of your home, but it also decreases the time it stays on the market. Most homebuyers drive past a property before scheduling a showing, and if they’re less than impressed by the outside, they’re unlikely to request a showing.
If you’re handy with a spade, head outdoors and start decluttering your landscaping. Tear out ugly plants, define the parameters of your flower beds with dark mulch and landscaping blocks, apply spray-on grass seed to your bare spots, and add a few flowers. If it’s winter, put out a couple of potted evergreen trees or use fake foliage to improve the curb appeal.
Hiring out these landscaping needs can also be useful if you don’t go overboard on the costs. It can save you peace of mind while minimizing your obligations.
3. Minor Bathroom Remodel
Bathrooms are one of the quickest features in your home to go out of style, and every homebuyer wants a luxury bathroom. By updating an outdated bathroom, you can get back 102 percent of your investment as long as you keep the renovations minimal.
According to HGTV.com, you can spend about $10,500 replacing the tub, floor, sink, vanity, fixtures, tile surround, and toilet and receive $10,700 at resale. You can also save on the renovations by resurfacing and refinishing existing items to create a luxury vibe and increase your actual return.
4. Remove Popcorn Ceilings
Popcorn ceilings were once seen as a clever, affordable way to texture a ceiling and hide imperfections. But they’ve long been out of style, so take them down and reap the rewards.
Removing popcorn ceilings has a dual effect. It increases the showing potential of a property to create that “wow” effect you want buyers to have. It also removes health hazards as popcorn ceilings can collect dust and cause allergies. Although it’s rare, some popcorn ceilings contain asbestos and can be a significant health hazard.
You shouldn’t try to remove popcorn ceilings that contain asbestos yourself, but you can easily take down regular popcorn ceilings with a spray bottle and a scraper.
5. Replace Exterior Door
The exterior door is often considered a showpiece for the exterior of your home. It’s often the first thing home buyers notice when they drive by or visit the home for a showing. It’s also a huge part of maintaining efficiency and comfort inside the home.
Replacing an old exterior door will set you back around $500, but it can help your home show better for the buyers and add value for the appraisers. A beautiful, new exterior door promises efficiency and comfort with lower utility bills, and savvy buyers always look for that when buying a home.