I’m A Realtor: These Renovations Will Boost Your Home’s Value
Why some upgrades will make a home’s value skyrocket (and some won’t)
Key Points:
- Real estate experts explain which home upgrades are the wisest investments to boost a home’s value
- Remodeling kitchens and bathrooms, enhancing exteriors, and converting the basement are among the top renovations to choose
- Experts explain which additions won’t add value, including swimming pools and luxury materials
Whether they’re looking to make a house look its best for a sale or just thinking about the long-term, homeowners want to invest in renovations that will add value to their home. “If you want to get back what you put in, you have to know what potential buyers are looking for,” say the experts at Palm Paradise Realty Group, a professional concierge real estate service.
Below, the experts at Palm Paradise Realty Group list five renovations that will provide a great return on investment for homeowners looking to boost their home’s value.
Enhance The Exterior
First impressions really do count. Increasing a home’s curb appeal is a great way to add value, and it can be super budget-friendly, too. Even if the improvement is as simple as power-washing the walls, adding a new lick of paint, and cleaning up the shrubbery, it’ll add to the home’s value.
“A home that looks well-cared for will make a good impression on buyers because they’ll assume you’ve maintained everything to a high standard,” says a spokesperson for Palm Paradise Realty Group.
For those with a bit more to spend, updating the front door and garage door is a great investment. It can also make the home more secure, which always makes a good impression on buyers. Those who want to go the whole hog can replace siding or add stone veneers, safe in the knowledge that these investments will pay for themselves. “Although buyers know it’s what’s on the inside that counts, living in a house that looks ugly just doesn’t appeal to many people,” says the spokesperson.
Add A Deck
Similarly to the above, enhancing outdoor space with a deck provides a great return on investment. Decks extend the living space of a home without the high costs associated with actually extending the building.
“And, especially in states like Florida where the weather is great all year round, a deck can be used in all seasons,” says Palm Paradise Realty Group.
Update The Kitchen And Bathroom
Kitchens and bathrooms are very important rooms for most buyers, so investing in updates will likely pay off. But, Palm Paradise Realty Group cautions, don’t go overboard. Higher investments in kitchens and bathrooms actually tend to lead to lower value added.
“In the bathroom, replacing the tub or toilet will see a good return on your investment, whereas moving fixtures and adding a walk-in shower will not be as profitable. In the kitchen, updating cabinet fronts and worktops and repainting are great investments, whereas buying extra appliances and adding an island should be avoided,” says Palm Paradise Realty Group. “This is because these more involved upgrades cost a lot while not adding much to a buyer’s perceived value.”
Install HVAC
Any updates that increase a home’s energy efficiency are a good idea. An energy-efficient HVAC conversion that uses a heat pump is one of the most popular installations that greatly improves a home’s energy consumption.
“Buyers just love the words ‘lower monthly bills,’” Palm Paradise Realty Group says. “You might also be eligible for government funding or tax credits to increase the sustainability of your home, so that’s worth some research.”
Convert The Basement
For those looking for a bigger project, adding floor space essentially always increases a home’s value. With the rise of remote working, basements can make a great home office, offering huge appeal to buyers.
“Basement conversions can come with a lot of unexpected problems which up the price, so make sure to get some good surveys done to identify anything that might make your basement conversion untenable before you start,” says Palm Paradise Realty Group.
A spokesperson for Palm Paradise Realty Group commented:
“There are some home improvements which generally will not add value to your home. For example, homeowners often think adding a swimming pool is the perfect luxury upgrade. But even in Florida, where an outdoor pool will be usable all year round, many buyers can be put off by the costs and upkeep of maintaining a pool. Parents with small children also often avoid pools because of the safety risks.
“Using high-end, luxury materials in home improvements can also provide a bad return on investment. Most buyers just don’t value top-quality materials enough for them to want to pay more for a house based on that alone. A good-looking, durable mid-range option is a much better investment that will wow most buyers just as much.”
Story credit (https://www.palmparadiserealty.com/).
About Palm Paradise Realty Group
Palm Paradise Realty Group’s mission is to help everyone get the most of their unique Florida lifestyle. They are dedicated to providing professional concierge real estate services to property buyers, sellers, and owners to help everyone get the most out of their unique Florida lifestyle.
They work with both residential and commercial properties, connecting people and building communities through competitive prices, smooth transactions, and exceptional customer service.
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Author: David Keech
David Keech is a retired teacher and works as a sportswriter, sports official and as an educational consultant. He has reported on amateur sports since 2011, known as 'KeechDaVoice.' David can be reached at [email protected]
