Mortgage Advice

4 Important Home Renovations to Add Resale Value

November 20, 2015

Homeowners are often faced with a daunting question when considering ways to boost their home’s resale value: Will this renovation pay off? From something as small as pulling weeds in the garden, to larger-scale projects like installing hardwood floors, there are numerous remodeling projects that will increase a home’s value. Both curb appeal and interior changes will add to the likelihood of your home selling, and selling for a higher price.

If you’re looking to boost your home’s resale value, here are four renovations that generate the best return on investment:

Minor Kitchen Remodel

If your kitchen has a functioning layout, don’t waste your money (or time!) on a major remodel. Minor kitchen updates like refinished countertops, new light fixtures and updated flooring can make a world of difference when it comes time to put your house on the market. Additionally, new appliances never hurt an update. Think stainless steel, premium appliances that were built to last for many years to come.

Hardwood Flooring

Hardwood flooring is an extremely important feature for most homebuyers. If you have tired carpeting, it’s time for an upgrade. Carpet has a lifespan of 10-15 years, while hardwood floors are extremely durable and can last forever. Installing traditional hardwood flooring will cost you a pretty penny, but other options, such as engineered hardwood, will come at a lower price. If you’re lucky enough to already have hardwood floors but they’re looking a little worn, have them lightly sanded and stained for a new, fresh look.

Front Yard Improvements

Having a manicured lawn tells potential buyers that you care about your home before they even step foot inside. Front yard improvements add an attractive curb appeal, even if it’s something as minor as painting your front door with a pop of color. Larger improvements could be adding inexpensive shrubs, colorful planters and perennials. When investing in yard improvements, keep in mind that not everyone has a green thumb. Overdoing your landscaping will be a turn off to some buyers, as your home will be viewed as too much work.

Minor Bathroom Remodel

A minor bathroom remodel has a whopping average return at resale of 102 percent. Rather than gutting the bathroom and increasing its square footage, small renovations can go a long way. New fixtures, including a porcelain-on-steel tub and temperature and pressure-balanced showerhead can make a huge difference. Ceramic tiled floors, a fresh coat of paint on the walls and a new mirror or medicine cabinet will take your remodel to the next level.

Contact a Ross Mortgage officer if you need additional advice on which home renovations add the most resale value.