Improving your home is one of the best investments you can make, as it adds value to a significant financial asset and enhances your lifestyle.
The cost of labor and building materials can dissuade many people from upgrading their homes, but the value you add will pay you back.
You’ll get a much better price when you decide to sell, and in the meantime you’ll have the enjoyment of that new kitchen and gleaming bathroom.
Not every enhancement needs a big budget, though.
As we all continue to cope with the high cost of living, understanding how to improve our homes while not breaking the budget is critical.
Research has revealed upgrades that carry a minimal cost but offer an excellent return on investment.
Here are ideas that caught my attention:
Country kitchens – Wooden countertops are increasing in popularity. Reclaimed wood and butcher block countertops can add up to 2% to the value of your home. If you don’t like a country-style kitchen, alternative materials include soapstone, quartz and onyx.
New appliances – The kitchen is a focus for buyers, of course. Updating your cooktop and stove can give your kitchen a new lease of life. Induction cooktops are all the rage. Before you buy one, make sure you have the electricity supply to power it. They require high wattage and high amperage circuits.
Italian job – Zillow research says that of 2 million sold homes on its database that it had analyzed, a 2% price enhancement was achieved by those with a pizza oven.
Heat is on – Installing a fire pit or fireplace will dramatically enhance your outdoor entertaining area. Research suggests if you have an outdoor TV, the value of your home rises 1%.
New-look cabinets – Replacing cabinet doors is a cheap and easy strategy to give your kitchen, bathroom or living area a refresh. Shaker-style cabinets are very popular but quite expensive. You can get the same modern vibe by installing Shaker doors.
Light touch – Updating your light fixtures to more efficient LEDs is a tick in the box with buyers and will add value to your home as well as reduce running costs. Zillow says that listed homes that cite LED lights sell for up to “1.3% more than expected”.
Bathroom warmth – Heated bathroom floors can contribute to a sales premium of 1.9%, according to Zillow. Installing one is only practical if you plan to upgrade your bathroom.
Floor it – To rip up and replace an old floor requires a sizable budget. However, many owners avoid this cost by painting their floor. If you make this improvement, you need top-quality paint because this solution is less durable than tile and wood.
Vinyl luxury – There are many products now available that mimic wooden floors. Luxury Vinyl Plank (LVP) flooring is durable and easy to install.
If you’re considering selling in the near future, it’s a great idea to contact a trusted agent and ask which upgrades would be suitable based on the current demands and tastes of buyers in the neighborhood. I’d be delighted to assist you.