Overview

The most common way that homeowners increase value to their home is landscaping, remodeling or adding new space with a home addition.  While all of these can add value to your home, it is important to avoid common mistakes and focus on the ones that you get the most bang for your buck.

Obtain a Permit When Adding to Your Home

If you plan to add on new indoor or outdoor space to your home, consult with a contractor and your city regarding a permit.  The last thing you want to do is add new space without a permit and then be forced to take it down as it is not permitted by the city, or worse, not being able to sell your home to a prospective buyer.

Don’t Change the Character of Your Home

Nothing sticks out more than a new addition that is a different architectural style. Know your home’s character and stay within its framework.  Not doing so will be detrimental to the value and appeal of your home when you go to sell it.

Most Financially Rewarding Remodeling

The most financially rewarding areas to remodel are usually the kitchen and bath.  Updated cooking spaces and cabinets can attract more buyers and usually increases value on your home compared to others on the market that have not done the same.

Enlarged and updated kitchen and bathrooms are the most popular attraction for new homebuyers, according to the National Kitchen and Bath Association. The kitchen and bathroom upgrades and remodels can become very costly quickly, so to be sure to focus on the modest items that add the most value at the lowest cost.

While landscaping increases curb appeal and outdoor spaces to entertain can be a value add, items like swimming pools do not see the return on investment that other areas do, plus a family with small kids may be deterred by a pool and other buyers by the associated cost of maintenance and repair.

Cost Effective Improvements to Increase Appeal and Value

Replacing carpet and flooring can are easy items to immediately differentiate your property from others on the market.  A fresh coat of paint throughout the house is also beneficial.  When painting, you should use neutral colors such as gray, beige and off-white.

Keep the Improvements Simple

Stay simple with your remodeling and look at your home as though you were the buyer.  Focus on improving two or three deficiencies in your home. More than likely, the time and money you spend adding quality to your home will be rewarded with greater profit at selling time.