6/17/20

3 Things To Consider when Adding Value to Your House


By on 6/17/2020 10:14:00 AM

If you are planning to sell your house, it may be a good idea to make updates that increase the value of your house so you can get the best resale price possible. When making these updates it’s important to consider different factors, such as which updates to make and return on investment, before moving forward with any projects. Below are the factors to consider when making updates to add value to your house.


Return on Investment

The first step to take before making any updates is to look at the potential return on investment. Research the property values in your area and find out the highest amount your house can sell for in your neighborhood. If your house is worth $250,000 and houses in your neighborhood don’t sell for more than $260,000 you’ll want to consider if renovations and updates are worth the cost and time for you to break even when selling your house. However, if your house is worth $200,000 and the average house in your neighborhood sells for $250,000 it is a good idea to make updates. Just remember to stay within budget and make sure you spend less than the difference in current and potential home value so you can turn a profit.

Get Professional Help with Updates and Renovations

While taking on a project yourself can save you money in renovation costs, it may cost you in other ways. Without knowing current trends in design, such as the most desired color palettes, you may end up not getting the value increase you desire. Consider hiring professionals to help with renovations, such as Denver interior design services and professional contractors, to ensure your updates are clean and sought-after in the market.

Choose Updates That Add the Most Value

There are certain updates that won’t add much value to your house and other updates that will have a high return on investment. Some updates to make that have a high return on investment are to landscape the yard and add attractive features, such as an outdoor kitchen or a patio with low-maintenance plants; replace major appliances in the home that give a buyer peace of mind, such as the hot water heater; do minor remodels on the kitchen and bathroom; and add low-maintenance features, such as laminate flooring.

 

Whether you are planning to sell your home or want to increase your home equity, following this advice will help you accomplish your goal.


About Angela

Angela is a freelance travel writer and lifestyle blogger, blessed with 3 beautiful daughters, 5 moody cats, 1 spoiled dog, and 1 very supportive husband.

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