Have you seen the new Property Brothers show on HGTV where their clients need to sell their existing home and then want to upgrade to a new home but in order to make it happen they need to pump more money into their current home? That might seem crazy. To be spending a lot of money on a home you don’t want anymore right before you’re about to spend a lot of money on a new home, but the reality is certain projects, if done right, can add value to your home that exceeds the cost of actually doing the work. So even if you aren’t planning on selling your home soon, if you want to move on at some point it’s not a bad idea to be thinking about what you can do to increase the value of your home while making more enjoyable to live in. It’s also a good idea to know things that could backfire when you go to sell!
Home projects that increase value
Have you ever been house hunting and drove up to a house and fell in love with it from the outside. But then you open the door and the house has the weirdest lay out in the world or is themed bizarrely…so much so you want to run away and wash your eyes out? You think ‘who in their right mind thought this was a good idea’? Well, obviously somebody did or else they wouldn’t have done it. While you might have more taste than that, it doesn’t mean you won’t fall for some of the pitfalls many home improvement projects can present. So let’s delve into some projects that can, if done properly, help your home’s resell value.
Open spaces up!
Homes from pretty much up to the 90’s were designed in a way that created clearly defined living spaces. The kitchen was separated from the dining room which was separated from the living room. Nowadays, you can hardly ever find someone that actually wants that footprint in a home. Modern living standards have changed, and with them so has homeowners’ desire to have an open living space. And when it comes to cheap and easy projects, nothing is better than removing non-load bearing walls to open up your living space.
Add light to your home!
People are spending more and more of their time indoors. Whether it’s being at work all day and then coming home, whatever the reason modern living means you’re almost always indoors. So it’s probably no surprise homeowners at least value bringing natural light indoors. Sun tubes have become a quite popular way to bring warmth into a home, and it will surely appeal immediately to potential buyers.
Consider green upgrades!
Some people are naturally more bent towards environmental conservation. Whether it’s a moral issue or not, when it comes to making upgrades to your home, going green in many instances just makes a lot of financial sense. If you’re installing a solar-powered hot water heater or replacing your old heating & air system with a newer energy-efficient system, doing so can not only greatly reduce your bills but can also significantly increase the value of your home. Add to that the significant rebates you can get through local, state and federal green rebate programs and going green doesn’t have to be about tree hugging, it can be about dollars and cents!