Upgrading your home is one of the best ways to increase your house’s resale value — while improving your own quality of life at the same time! A word of caution, though: Not all home upgrades are created equal. Some of them — like overly trendy or individualized design choices — simply won’t appeal to most down the road. So how can homeowners decide which upgrades are worth investing in? Financial expert recently explained some of the best ways to add value to your home and .
Earning passive income doesn't need to be difficult. There are three major no-nos that homeowners should always remember when they take out their checkbook and prepare to make improvements. It’s a waste of money and won’t add to your home’s resale value.
Prospective homebuyers are looking at the overall value of your neighborhood, not just your home. No matter how beautiful your bathrooms are or how lavish your garden is, it’s not going to add enough value to compensate for your neighborhood. So rein in your spending.
It can be tempting to take out a home equity line of credit to upgrade your house, but when you do that, you’re directly removing equity from your home. Instead of borrowing money, save up and pay in cash for any renovations you do. It may take longer, but it will leave you in a far stronger position in the long run.
When you’re upgrading your home’s design, think about how those upgrades will look in a few years. You don’t want prospective homebuyers to laugh when they walk into your kitchen, so remember — anything that’s too on-trend today will probably look hopelessly dated pretty soon (remember those avocado-green kitchens from the 1960s?). It’s OK to express your style, but try to stay neutral enough so that other people will love it too.
Now that we know what not to do, let’s take a look at some of the most surefire ways to increase a home’s resale value. Of course, no strategy is 100% guaranteed. Home values are always going to depend on factors like mortgage rates and the overall housing market.
Making the right home upgrades can certainly help draw buyers’ interest, though. Cruze suggested that the following upgrades can add significant value to your home. The best part? Most of these improvements are fairly affordable.
If you’re handy, you can even do them yourself. A backsplash makes your kitchen easier to keep clean, and it creates a tidy, pulled-together look. Make sure you choose a neutral color that will appeal to a broad range of homebuyers.
Shades of white, beige and gray are great, classic choices. Hardwood floors are durable and classic. They may seem like a big-ticket item, but they don’t have to be.
Hardwood floors come in a range of price points, and in most cases, a mid-range choice — like luxury vinyl planking — is a great option. Remember to follow the rule about not outspending your neighborhood! This is a low-cost way to dramatically boost the appeal of almost any home. For the price of a few cans of paint (and maybe a pizza), you can create a clean, move-in-ready atmosphere.
Of course, remember to choose a neutral shade of paint, like white, beige or gray. Homebuyers love seeing pretty, up-to-date bathrooms. Old, cracked mirrors and vanities are a major turnoff.
Fortunately, you can upgrade your bathroom for a relatively low cost. A new vanity and mirror, along with some subway tile, will create an instant appeal without breaking the bank. Adding new shelves and racks can double the usable space in your closets.
If you’re handy, you can do this on your own; otherwise, paying a handyman shouldn’t cost too much. Doorknobs, outlets, blinds and drawer pulls make a big difference to the visual appeal of your home. This isn’t a huge expense — even the best-quality fixtures don’t have to cost an arm and a leg.
When it comes down to it, it’s your home and your money. While it’s smart to think about resale value, it’s also important to consider what matters most to you and your family. When you’re thinking about upgrades for your home, try to find a balance between what’s right for you now and what makes sense for your future.
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