“If I were on an episode of Love It or List It, I would totally list it!” You couldn’t pay me enough to stay in this house! The renovations would have to be pretty amazing to get me to change my mind!”
You’ve probably seen a few episodes of Love it or List It, where disgruntled homeowners hate their houses for one reason or another and decide to look for new homes. Enter into the picture a real estate agent and a home renovator who compete to sway the homeowners to buy a beautiful home on the market or learn to love their home and stay after value-building renovations are completed.
Are you getting tired of your home? Are you thinking of selling out and moving to a nicer place? If so, if you want to get top dollar, you may need to think of making some of these changes to increase the value of your home (or who knows, maybe you’ll love the changes so much, you’ll want to stay and enjoy the upgrades yourself!):
- Update the kitchen.
A modern, updated kitchen is at the top of most homebuyers’ must-have list. The kitchen is the center of the family’s comings and goings: family meals, family gatherings, and holiday celebrations often take place in this most important room in the home. By simply adding a few updated features, homebuyers will flock to your showings:
State-of-the-art appliances. By replacing old, outdated appliance with new, state-of-the-art appliances, you can add a lot of value to your home. Stainless steel (silver, and recently, black) are most popular.
Replace counters. Quartz is the new granite or marble when it comes to countertops. Cheaper to maintain than granite and marble, quartz also resists scratches, cuts, heat, and stains.
Replace flooring. Laminate is a new favorite among homebuyers. Made from pressed wood, laminate gives the natural look of a wood floor, yet is more durable, scratch resistant, and less susceptible to damage from moisture and wear and tear than it’s hardwood counterparts.
Update paint and hardware and lighting . If you can only do a few things in your kitchen, updating the paint and hardware and lighting are the cheapest and easiest projects to do. Paint your walls and cabinets, replace your cabinets’ hardware, and get updated lights, and you’ll see how much “newer” your kitchen looks. Potential buyers will love it.
By simply updating your kitchen, you can add an additional three to seven percent of value onto your home. On a $300,000 home, that’s $9,000 to $21,000 of extra value if you choose to sell.
- Make it a smart home.
Remember the Jetsons? This animated children’s series, first airing in 1962 before being revived in the late 1980s, depicted the ultimate smart home. It all seemed so far-fetched, but now, over 30 years since the final showing of this new-age technology cartoon, we’re seeing the realization of the writers’ vision. State-of-the-art automated homes are now reality; smart homes have arrived and they are in high demand.
Automated home security. One in five homes will experience a break-in. With these kinds of odds, home security systems are invaluable. And automated home security systems are even more in demand. Smart home security systems often include automated door locks, security cameras, alarm systems, automated lights, and automated shades. These security features are controlled remotely to make safety and security easily accessible even when you’re on vacation. When potential home buyers see that smart home security features are already in place, it’s a great selling point.
Automated energy controls. Smart home technology can save hundreds each year in utility costs. Automated energy efficient controls often allow homeowners to create thermostat schedules, automate lights, and integrate other appliance controls through an internet-connected device such as a smart phone; remote access allows homeowners to adjust schedules and manage energy controls whenever needed, eliminating energy waste from unnecessary usage. Energy efficiency is a huge must-have for homebuyers looking to save money. Ad having these cost-saving features will definitely increase the value of your home.
Convenience. It’s easy to see how convenient smart home technology is: multi-system control at your fingertips from the comfort of your bed, office, car, or even the great outdoors. With this kind of remote access, there’s no more need to involve neighbors in holding on to spare keys or checking your home while you’re away. You can do that from wherever you happen to be. Potential buyers will love the convenience as much as you do.
Adding smart home automated features can raise the value of your home three to five percent. That’s $9,000 to $15,000 on a $300,000 home.
- Increase the amount of living space.
One thing home buyers, particularly millennials, are looking for are “open floor plans with flexible living space.” If you can strategically increase the amount of living space you have, you’ll significantly increase the value of your home. The most common way to add usable square footage to your home without making an addition, is through finishing your basement or converting your attic space. Potential buyers love these additional living spaces to suit their personal circumstances:
Home office. With so many work-from-home options these days, home buyers are looking for additional spaces to set up dedicated offices.
Playroom. Whether for your own children or your grandchildren, playrooms are great room additions to keep kids happy and toys out of the way.
Mother-in-law suite. You never know when your aging parent or adult children may need a place to live. A mother-in-law suite provides an independent space for instances like these. And even if you don’t anticipate anyone needing to move in with you, renting out a mother-in-law suite is a great way to earn a little extra cash each month. Ideally, a mother-in-law suite will have a separate entrance, a kitchenette, and a full bathroom.
Flex room. A flex room is an additional space that can be used for a variety of purposes: a guest room, exercise room, study, etc. The term “flex room” is a buzzword that many homebuyers are looking for when searching real estate listings.
Increasing the amount of living space adds square footage, which adds to the assessed value of your home; Also when listing your home, having these additional living spaces generally nets you an additional four to six percent on your home’s price. That’s an increase of $12,000 to $18,000 on a $300,000 home.
If you’re thinking of moving sometime in the near future, it would be wise to do a few things to add value to your home. To add an extra 10 to 18 percent onto the selling price–$30,000 to $54,000 onto a $300,000 home, consider updating your kitchen, making your home a smart home, and increasing the amount of living space you have. And even if you don’t plan on selling in the near future, making these changes will give you a home you can enjoy and love for a long time. With these renovations, you can either love it or list it and come out on top.
