Home Upgrades That Actually Increase Value
When you purchase a home, it's important to remember that your home is an investment, as much as it is your living space. Even if you plan to stay in your current residence for years and years, you should still be thinking of what you can do to improve the value that you will eventually cash out on, way down the road. As you fix things and improve your home, do some research on what types of things are going to really boost that value.
This doesn't mean you shouldn't do upgrades that will make you enjoy living there more, it just means that you should be aware of the potential benefits of each project. Here are some of the home upgrades that will go a long way towards increasing your home's value...
Never Underestimate Curb Appeal
First of all, never, ever underestimate the power of curb appeal. Anything that makes your home more appealing on the exterior is going to have a two-phase impact when you sell it. First, curb appeal increases the overall value of the home. Second, it makes it more desirable and increases the number of people who take an interest in the home, making it quicker to sell.
You can increase your home's curb appeal in a number of ways. One of these is to focus on landscaping. Putting in more bushes, trees, and flowers are a great way to improve curb appeal, but you need to make sure that you are doing it in a way that is aesthetically pleasing and guides the eye throughout your property.
Some other great ways to improve curb appeal are to update the siding on your home, make it a color that is currently in style, or add exterior shudders to your windows.
The Kitchen is Your Best Investment (Usually)
One general rule of thumb for home upgrades is that your kitchen is always going to give you the most bang for your buck. On a dollar-to-dollar ratio of what you spend on a kitchen vs. its impact on home value, the kitchen can't be beat. Kitchen upgrades can be thought of in different ways, too.
You can do a complete kitchen remodel for tens of thousands of dollars, which can be worth it in terms of value and your own quality of life within your home. However, you can also spend as little as $5,000-$8,000 and update the appliances in your home, put in new countertops, and give it a fresh coat of paint.
Just doing those things will make you feel like you have a brand new kitchen! The cheaper option will still have a significant impact on the home's value, too.
Your Bathroom Always Matters
Second to the kitchen, in terms of dollar value, is the bathrooms in the home. The quality of a bathroom can positively or negatively impact on your house's value in a big way. For example, a bathroom that hasn't been updated in years will look dated and is liable to have water damage in certain areas.
That can greatly hurt your home's value when it's time to get appraised. Likewise, doing some simple updates or additions to your bathroom can make the whole home feel more desirable. Here are some simple bathroom updates that will help transform your bathroom.
Energy Improvements Save Money in More Ways than One
"Green" is a pretty big buzzword in any market, today. However, it's a lot more than a fad. People are genuinely very interested in lowering the amount of energy consumption and waste in their lives.
Because of this, upgrades that lower your home's energy consumption is going to make your home a lot more attractive to potential buyers, who will be willing to spend a premium on "green" upgrades you have already put into the house.
Paint Packs a Punch
One of the simplest ways that you can make a room provide more value to your home is to give it a fresh coat of paint in whatever color is most popular. You don't have to do this if you planning to live there for many years, still.
At that point, by all means, paint it the color you want it to be! However, if you are getting your home ready to sell, painting to more neutral or "cooler" colors will help increase the overall value and attractiveness.
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The contents in this article are being provided for educational and informational purposes only. The information and comments are not the views or opinions of Union Bank, its subsidiaries or affiliates.