Home Improvements that Increase the Value of Your Home
Selling your home in Washington or Oregon? You probably already have a to-do list a mile long, but when it comes to home improvements for value enhancement, it can be tough to know what you should prioritize. If you’re planning a home renovation before you list, follow these tips from Terrie Cox, RE/MAX Equity Group to get the most return-on-investment (ROI) when it’s time to sell.
Add or Remodel a Bathroom
Updating a bathroom has the potential for great ROI. Though there will be an upfront cost, many homeowners may get all of their money back – and then some – when they sell their home down the line. Do-it-yourselfers will rejoice, too, knowing that simple updates like recaulking the tub, removing dated wall coverings, and a fresh coat of paint can substantially refresh a bathroom and add value to a home.
Further, you may want to consider adding a bathroom if your home has only one since this often has a similar ROI as a remodel. Here are some estimates to help:
- At least 18 sq ft for a half bath
- At least 30 sq ft for a full bath with a stand-up shower
- At least 35 sq ft for a full bath with a tub
Invest in Energy-Efficient Windows
Ditch the old, drafty, single-pane windows for something more efficient. You’ll not only save on heating and cooling costs, but you’ll probably recoup the installation expense when you sell, too. According to Energy Star, switching single-pane windows to Energy Star-rated windows can save you up to $583 per year. Additionally, you may qualify for credits on your taxes or even from your utility company.
Redesign the Kitchen
Since many people consider the kitchen the heart of a home, you can expect sizable ROI should you choose to remodel. You are likely to see anywhere from 60% to 120% back on a renovated kitchen when you sell your home, but it’s important to be smart about your goals when you upgrade. On the one hand, small changes, like updating the paint with an attractive color, can add value, but in most cases, you’re likely to see a greater return if you do a major remodel.
It is crucial, however, to consider the house the kitchen is in and the market in which your home falls. Doing a major, high-dollar renovation is unlikely to net a huge gain in value when comparable homes in the area have more modest kitchens.
A final tip is to seek the best bang for your buck when you upgrade. Energy-efficient appliances save you money, but they are also valuable to potential buyers who want to save. For instance, local granite dealers may be able to give you a good deal on a remnant piece if you need less than eight feet of countertop, and an eat-in kitchen is a big plus for buyers if you’re hoping to resell later on.
Get the Most for Your Home When You Sell
No matter what home improvement for value enhancement you may choose to do, you deserve to get what your home is worth when you resell. If you live in the Vancouver, Washington, and Portland, Oregon, areas, contact Terrie Cox, RE/MAX Equity Group when the time comes to sell your home. Terrie specializes in relocation and marketing to assist you in meeting your goals.