Keeping your home well maintained and updated is one of the basic ways to ensure you not only maintain your home’s value, but potentially increase it too.
There are certain things you should know about when investing in home updates to ensure you get a return on your investment (ROI).
Here are three critical things to know about updating your home to improve your property value:
1. Invest in the Right Updates
When it comes updating your home, it’s important to think strategically about where to spend your money. Though luxurious features like a master ensuite soaker tub and radiant floor heating are nice to have, they don’t always directly translate into increased value in the eyes of future buyers. Further yet, some upgrades like turning two bedrooms into one can actually decrease property value.
If you want to update your home in order to increase property value, stick with the areas that are proven to payoff. Focus on the home’s interior, these are rooms like kitchens and bathrooms because they make a home more livable. On the exterior, you’ll want to upgrade building envelope elements like the roof and windows.
2. Give Your Place a Facelift
If you’ve decided that kitchen, bathroom or other updates will improve your home’s value then another thing to consider is how extensive you want the update to be. Full tear-downs and complete overhauls are not always the best solution for maximizing your investment. These are expensive projects that can quickly run over budget if you aren’t careful.
Opt instead for cosmetic enhancements. New flooring, fixtures or paint colors can freshen a home and bring it back up to date without investing heavily in full renovations. Many of these “facelift” projects can be completed in one weekend for only a few hundred dollars.
3. Make Your Home Move-In Ready
When considering how updating your home improves property value, always think about it from the buyer’s perspective. If you can eliminate the hassle of upgrades, maintenance or repairs for the next homeowner then you’ve created value for them.
Today, many homebuyers are busy with families and careers and they don’t want to invest their time in home upgrades. When buyers view your property, they want to be able to picture themselves living there. Therefore, your property needs to appeal to buyers as a move-in ready home.
If you’re getting ready to sell your home and are thinking about which updates to take on, be sure to consult a real estate professional for advice on where to best spend your time and money. The Realty Medics are located in Central Florida and have the real estate market knowledge you need to maximize your home’s value.