Increasing home resale value – One of the best things homeowners can do to achieve maximum value for their home is to use home equity dollars to finance home improvements. Not only will the home improvements make the home more attractive and pleasant to live in, but certain projects will add a significant amount to the overall value of the home when the time comes to sell. The following home improvement projects have been proven to add extra dollars to average home resale value.
1. Minor Kitchen Remodeling
A minor kitchen remodel usually includes replacing the cabinets and counter tops with higher quality materials or increasing the total amount of cabinet storage and countertop surface area. This home improvement would also include the addition or upgrades to existing appliances such as garbage disposals, built in microwaves, dishwashers, and higher quality refrigerators.
2. Bathroom Remodel
This project would include things such as installing attractive counter tops such as stone, granite, or marble. The fixtures would need to be upgraded and the shower and bathtubs should be resurfaced. Also, any tiling would need to be grouted. Other things that could increase the value of a bathroom remodel would be adding an extra sink basin, converting a bathtub to a Jacuzzi, or installing additional shower heads.
3. Major Kitchen Remodel
The major kitchen remodel is very costly and will take much more work than the minor remodel. The major version will require all appliances to be replaced. Whenever possible, appliances should be made in stainless steel. The countertops should be made of stone or granite. The floors might be replaced with high quality laminate flooring. The addition of a kitchen island or a centrally located stove could work. For a major kitchen remodel, you should consult a contractor and possible an interior designer. This is definitely not a do it yourself project.
4. Outside Deck
The deck is self-explanatory. The larger the deck, the more value it adds to your home. The deck should obviously be coated with a nice looking finish that matches the exterior of your home, and treated with a high quality water seal.
5. Hardwood Flooring
The cost and return on hardwood flooring varies greatly based upon the total amount of rooms and surface area covered. Also, the choice in the variety of hardwood will impact the value. Certain woods like Oak and Cherry are more valuable than others. Also, it is very important to properly maintain your hardwood floors. Flooring that is scraped, scratched, dull, or water stained can actually decrease the value of your home. If you have active children or big dogs, you might want to stick to carpeting.
Of course, resale value depends on some factors that you do not have control over. However, the more you do on your own, the greater the payback.