As we leave the seller's market behind, homeowners are looking for ways to improve their homes' value. In this article, we will discuss the top ten home improvements for increasing your home's value in a down market, the pitfalls to avoid with each improvement, and how to make the most of your home improvements.
Before Making Improvements
When you are ready to sell your home, it is tempting to start making improvements immediately. Before you do, it is important to call a real estate agent. A real estate agent can provide you with home improvement advice and give you a realistic home value estimate. Additionally, they can offer suggestions on the types of home improvements most likely to add value for buyers in your area. For example, you may be tempted to completely renovate your kitchen. A realtor can tell you whether homeowners are more likely to want to knock down a wall to create an open living space. In this case, small improvements may be all you need in order for the house to show well.
Also, a realtor may be able to help you decide whether some improvements might help you make the home more liveable while you wait for the market to turn around.
Top Ten Home Improvements
1. Kitchen Remodel
A kitchen remodel is one of the most popular home improvements and can significantly increase your home’s value in a down market. When undertaking this improvement, make sure to choose quality materials that fit within your budget. Additionally, you should always be mindful of trends. While you may want to upgrade your kitchen with modern features, it’s important to keep in mind that trends come and go.
2. Bathroom Renovation
A bathroom renovation is a great home improvement for increasing home value. Be sure to focus on improving the existing plumbing, fixtures, and flooring. Additionally, if you are able to convert one or two bathrooms into full baths, this can add significant value.
3. Increase Energy Efficiency
Making home improvements to improve energy efficiency is a great way to boost home value in a down market. This can include replacing windows and doors with more energy-efficient models or installing solar panels. Additionally, updating your home’s insulation and appliances will also help increase home value.
4. Add Outdoor Living Space
Adding outdoor living space to your home is a great home improvement for improving home value. This could include adding a deck or patio, installing a new fence, or landscaping your yard. Additionally, adding a swimming pool or hot tub can also add potential value to your home.
5. Upgrade Flooring
Upgrading the flooring in your home is another home improvement that can add value. Hardwood floors are typically preferred by buyers, but new carpet and tile can also be appealing.
6. Replace Plumbing
Replacing old or faulty plumbing is a great home improvement for boosting home value. This home improvement should be tackled by a professional plumber to ensure it is done correctly and that no plumbing issues arise in the future.
7. Add Storage
Adding additional storage space to your home is another home improvement that can enhance value in a down market. This could include installing shelving, adding closets or cabinets, or even constructing a shed.
8. Paint
A fresh coat of paint is an easy home improvement that can have a big impact on home value. You should choose paint colors that are neutral and won’t be off-putting to potential buyers.
9. Landscaping
Landscaping your home is another home improvement that can elevate the value of your home. This includes anything from planting trees and shrubs to installing irrigation systems or outdoor lighting.
10. Replace HVAC System
Replacing an old or inefficient heating or cooling system with a newer, more energy-efficient model is a home improvement that can add significant value.
These home improvements are great for increasing home value in a down market, but it’s important to be mindful of the pitfalls. Make sure that you stay within your budget and choose home improvements that will appeal to potential buyers. Additionally, be sure to research home improvements and consult with a real estate agent or home inspector before making any major home improvement decisions. By taking the time to plan ahead and make wise home improvements, you can maximize your home’s value.
If you are making kitchen or bathroom improvements to your home or just need help with your plumbing, give Linthicum Plumbing a call at(410) 768-5350.