- Indoor Systems – Unfortunately these are the things you don’t see in your home, but buyers want assurance these things are in perfect working order and won’t need to be fixed in the near future. Your major indoor systems include your plumbing and sewer systems, electrical wiring, heating and cooling units and vents. It is important all of these things are in great working order before doing any other updates. You can’t see them, but they add value to your home. Also, if you start another project first, you may realize you need new electrical or plumbing. If that happens, you could be in way over your head.
- Outdoor Projects – According to remodeling magazine, replacement projects will give you more added value that remodeling projects. These projects also add curb appeal, which is another thing that helps boost your home’s value. Consider adding a new garage door, new siding, new windows or a new front door. The ROI on replacing garage doors, siding, front doors and windows is almost 72%!
- Attic Bedroom - As far as getting the best return on your investment, adding an attic bedroom is the number one project. (According to Remodeling Magazine) You can expect up to a 72.5% return on the cost of adding your attic bedroom.
- An Additional Bathroom – Buyers love bathrooms! In 2011, bathrooms became more important to most buyers than kitchens. The addition of a bathroom, even a half-bath, adds significant value to your home according to the experts at the National Association of Home Builders. Remodeling magazine states that you will recoup almost 67% when you add an additional bathroom.
- Kitchen Updates – Kitchens are also very important to most buyers. They are the heart of the family, so anything you do to improve your kitchen should add value. Things to improve your kitchen would be new cabinetry, lighting, counter tops, matching appliances and new flooring. Stainless steel appliances are the most popular. Also do not add vinyl flooring, that makes your home look dated. Consider updating your flooring with laminate or tile. You could also sand and paint your cabinets if you are on a tight budget.
- Curb Appeal – Curb appeal is very important! It is the first impression of your home by any buyers! Unless they walk into your home blindfolded, they will see the outside first. See my other blog on boosting curb appeal.
- Finished Basement – Finished basements become fabulous extra rooms! They add useable square footage to your house, which of course adds value. Plus it can be anything you want! Do you want a Man Cave or sports den with a big screen TV and sports memorabilia? You could also have a game room with a pool table and bar. Are the kids loud and annoying? Give them a playroom downstairs where you can’t hear them!
One of the most important things to keep in mind when considering any home improvement project, don’t go overboard. The value of your home is partially determined by the value of your neighbor’s homes. So don’t make improvements that bring your home’s value significantly over the general value of other homes in your neighborhood or it could be a hard sell later.