As we know, there is so much potential re-sale value in today’s market, increasingly so with certain refurbishes and remodeling done to the structure. By correctly transforming a home in an appealing manner, the results can instantly affect the overall value of a home.
Refurbishing is a must before the sale of any property, only helping the chances of a seller obtaining multiple bids. Yet rightfully so, concerns arise about the cost of such construction, and whether or not it can even be afforded. But in all actuality, it often isn’t the most expensive additions that add value. There is no need to add imported tile into the kitchen or to put a pool in the backyard, before selling. More times than not it’s the small, affordable fixes that will actually help one sell their home. Here are six immediate refurbishments that one should treat their home with before putting it on the selling market.
1. Kitchen Improvements
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The kitchen is the heart of many homes, so anything that is improved in the kitchen before selling will add value.
Painting the kitchen should always be step one, whether it’s an entire kitchen remodel or just some minor improvements. Replacing the vinyl flooring with laminate or tile to modernize the look of the kitchen, or even updating or adding new sink fixtures, appliances, and cabinetry will certainly add value.
2. Refurbish the Basement
For those that have lived in a home for awhile, it is easy to lose track of the basement. But by cleaning it up and converting it into an additional family room or recreation area adds value and usable square footage into the home. HGTV’s section on Basements, will definitely produce ideas on how to fix up this large area..
3. Storage
Many new homes are equipped with suitable and usable storage, with older homes usually lacking in basic storage options like linen closets or walk in closets. Expanding or adding closets will add value to the home but if that seems to costly, one can even redesign spaces into storage areas.
4. Additional Bathrooms
According to the National Association of Home Builders, adding an additional bathroom increases the value of a property and is one thing that buyers are looking for older homes.
Half bathrooms add 10.5% to the value of the home, while a full bath adds an additional 20% to that. The cost may be expensive, but in the long run, adding extra value does nothing but increase asking prices during sale time.
5. Attic Bedrooms
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With an average cost of $50,000 but a regain of 72.5% of that cost with the sale of the home, the addition of an attic bedroom is one of the top refurbishments a homeowner can do to add value to their home.
6. Repairing and Replacing Indoor Systems
When it comes down to it, repairing/replacing indoor systems such as wiring, air conditioning/heating and plumbing adds more value and increases the ability to sell the home more than some refurbishments. By assuring buyers that the home has basic items that will not be needing repair in the future, the structure will be deemed more valuable both to buyers and home inspectors.
Author Bio: Dave Landry Jr. is a personal finance consultant and business owner who enjoys blogging on anything related to those fields in addition to real estate, politics, investing and economics. He hopes you enjoy his writing, and he encourages you to check out more of his work for BBB-accredited National Debt Relief, an association dedicated to bringing assistance to debtors filing for bankruptcy, consolidating debt, etc.
