5 Home Improvements that Increase Property Value

5 Home Improvements that Increase Property Value

Home improvement projects not only enhance your quality of living but also increase your home's market value. Whether you're looking to turn a fixer-upper into a top contender in the market or planning to sell your home for personal reasons, real estate can be utilized as a highly profitable investment opportunity. These five home improvements are worth exploring so that you can look forward to turning a nice profit when you decide to sell.

hardwood flooring

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Hardwood Flooring

Instead of those worn-out, cheap vinyl floors, your living room could gleam with the rustic warmth of French oak flooring. Rather than a shag carpet that looks like it came from the 1970s, your bedroom could have a sleek modern appeal with mahogany or walnut floors. Hardwood is one of the most popular flooring materials because of its inherent natural beauty, timeless elegance, and of course, market value. Installing hardwood floors can increase your property value up to 3.4%.

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Renovated Bathroom

When you were house-hunting the first time, your eyes were probably drawn most to the bathroom. Perhaps the bathroom was even the deciding factor in your purchase. The bathroom has the greatest potential to affect your home value than any other room because of its variability in comfort level. While a living room can simply be re-furnished to look completely new, a bathroom's features are generally fixed.

If the faucet is starting to rust and the shower tiles look grimy, or if your bathroom doesn't have a tub or working fan, then a bathroom renovation could massively help. Depending on its current state, it could be as involved as replacing the tub and installing new lighting and ventilation. Or, it could be as simple as a DIY job like repainting the walls to a more modern color, adding more cabinets, or replacing the plumbing fixtures. Full bathroom upgrades can often add up to 3.7% of your home's value while adding a whole new bathroom can add 5.7%.

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Roof Replacement

A new roof is undoubtedly one of the more expensive projects, but it can drastically decrease your home's time on the market and improve your negotiability. If your roof shows any of the typical signs of obvious damage, such as sagging, ponded water, clogged gutters, missing and damaged shingles, or plant and fungal growth, then you're likely going to struggle to find interested buyers. You may be able to get by on simple roof repairs if the damage isn't quite that severe. However, a brand new roof can increase your home value by approximately $16,000 on average. Plus, the new roof warranty and money saved on interior temperature control are attractive selling points to prospective buyers.

exterior makeover

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Exterior Makeover

Despite the well-known adage, "don't judge a book by its cover," the reality of the housing market is that first impressions go a long way. Repaving the driveway, repainting the front door, power washing the walls, cleaning the windows, and investing in professional landscaping are just a few game-changing ways to spruce up your home's exterior. At the very least, make sure to mow the lawn, weed the garden and remove any sidewalk debris or trash cans before each show.

sustainable features

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Sustainable Features

Sustainability is a hot topic these days, especially among younger generations who are now starting to enter the housing market. If you live in a predominantly sunny area, consider installing solar panels to enhance your home's energy efficiency. Going green can be as expensive as purchasing all-new low-energy appliances and HVAC systems or as cheap as installing energy-efficient light bulbs and water-efficient plumbing features. Plus, the variety of smart home technologies currently available can help save money on electricity, heating, and water.

Whether you're aiming for lofty lifestyle dreams or hoping to reach an investment goal before selling, a few upgrades to your house can help you reach them. While the DIY route can save you a large chunk of money, don't necessarily shy away from the more professional projects just because of cost. Aside from its primary purpose as a place to live and raise a family, real estate is ultimately an investment. Home upgrades are always worth the cost when they add to your overall property value.

In Conclusion

Whether you're aiming for lofty lifestyle dreams or hoping to reach an investment goal before selling, a few upgrades to your house can help you reach them. While the DIY route can save you a large chunk of money, don't necessarily shy away from the more professional projects just because of cost. Aside from its primary purpose as a place to live and raise a family, real estate is ultimately an investment. Home upgrades are always worth the cost when they add to your overall property value.

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