Our Guest Author Today: Roshelle Anderson
Before you decide to spend big on your next home improvement project, it’s vital to evaluate which renovations are the best return on your investment and which improvements may need to wait.
As home prices fluctuate going into 2023 and housing market forecasts predict that mortgage prices will shift along with the rate of inflation, it's important to carefully consider which repairs are the most cost-effective and will appeal to more buyers in the future.
Let’s go over 5 important repairs that will be sure to increase your home value.
1. Adding On
Square footage and flexible living spaces are among the top concerns for buyers in today’s market and adding onto your home is one of the most effective ways to increase its value when appraising your home.
The number of people working from home is projected to increase, making a home office a high priority for many buyers. If you have an unfinished or underutilized space such as a basement, attic, or garage storage area, consider finishing it out to create a home office or additional flex space.
Based on your neighborhood and needs, it can be more cost-effective to add an addition rather than move, saving you money on closing costs and a new mortgage. Be sure to get the proper permits and licensing for the addition before moving forward with plans.
2. Modernize Your Home Systems
Updating your plumbing, electrical, or HVAC systems can give you and future homeowners peace of mind, increase its appeal, and add to the value of your home.
While repiping can be expensive and frustrating, it can also increase the value of an older home and make your house a lot more appealing to buyers. If pipes are decades old and there’s no clear sewer cleanout, consider having a plumber out for an inspection. Whether you need a San Antonio, Amarillo, or Lewisville plumber, there are plenty of licensed professionals.
Old pipes and degraded sewer lines are a major turnoff for buyers and they won't want to spend as much on your home knowing there will be mandatory repairs in the future.
The same rule applies to electrical systems, if you have old, hazardous electrical systems, it might be worth investing in an update. This will not only make your home safer, but it will also be more appealing to buyers and help you sell in the future.
Modern HVAC systems are more efficient and can save you money and reduce your energy use. If you have an outdated system, upgrading can add value to your home and make your home more attractive to buyers.
Major upgrades like home systems may not always be worth the investment. However, having them updated in the right neighborhood can really influence how much buyers decide to offer.
3. Create Outdoor Living Spaces
During quarantine, outdoor spaces became very appealing. They were a place of refuge and a safe gathering area during uncertain times.
The appeal of outdoor living spaces hasn’t slowed and is one of the top features a buyer looks for. Not only will they increase the value of your home, but you’ll get an outdoor area you can enjoy and relax in.
Consider adding a deck or a patio in order to have a designated place for seating.
4. Upgrade Old Fixtures
Replacing old fixtures and making your home more cohesive and modern can add value and enhance the look of your home.
Updating light fixtures, faucets, and other home hardware can help freshen up your home. Be sure to choose lighting options throughout the home that are energy efficient, work with the style of your home, and tie in with the existing light fixtures.
5. Update a Bathroom or Kitchen
While a full-blown bathroom or kitchen renovation can be pricey and exhausting, they can be a good investment.
If an entire renovation project doesn’t seem feasible, consider a partial renovation, update an appliance, or change out old faucets, tile, or countertops to give the spaces a boost, but don’t break the budget.
Conclusion
While many of us dream of a perfect home without any need for updates, that’s not always what we end up with.
If your home needs repairs and you’re not sure where to begin, take a look around your house and consider whether a buyer would want to live there. Are there things that are no longer functional, outdated, or rundown? If so, those are a great place to start.
Ask yourself whether or not the update adds value and convenience to your everyday life. When in doubt, ask a professional real estate agent for their expertise. That way you’ll be certain you’re making the best choice for you and your home's value.
Photo used: by Zivica Kerkez on Shutterstock