The Best Home Renovations For Increasing Value On The Raleigh Market
As a homeowner, you’re constantly thinking about what your home is worth. And why wouldn’t you be? A home is a huge investment–probably the biggest you’ll make in your lifetime!
That’s why when it comes to deciding whether an expensive home renovation or time-consuming weekend project is worth your while, it’s important to look at what it will do for your home’s resale value.
What do we mean? Think about it from a buyer’s perspective. Some home upgrades will resonate with buyers more than others, therefore increasing the value of your home in a buyer’s eyes
You’ll want to stick with us on this one. We’re letting you in on which home renovations and improvements currently have the best resale value in the Greater Raleigh Area.
1. Amp Up Your Curb Appeal
A buyer’s first impression of your home is made from the outside looking in. As a result, any improvements made to increase your home’s curb appeal can be beneficial in the long run.
Exterior projects can range in size and cost. While some homeowners may need to go as far as to replace their home’s roof or siding, others can simply give their front door a fresh coat of paint, plant a few colorful flowers in the beds, or have the exterior of their home pressure washed. In our opinion, anything helps when it comes to improving curb appeal.
It’s estimated that updating the look of your home’s front door can mean an 80% return on investment for the seller when all is said and done.
2. Spruce Up Your Outdoor Living Space
Homebuyers all over the U.S rank outdoor living spaces high on their list of “must haves” in a new home. This is especially true for those looking to purchase a home in North Carolina where we are blessed with beautiful weather (almost) all year round!
Though it isn’t often cheap to complete, adding to the “livable” space of your home with an appealing outdoor living space is sure to add value to your home in the eyes of a buyer. And let’s face it, a new deck will make it nearly impossible for a potential buyer to forget your home.
In today’s market, you can expect to recoup approximately 85% of your investment on a new wood deck.
If your home’s deck or patio area is in good condition, consider further enhancing with a water feature, outdoor fireplace, or new landscape design.
3. Remodel Your Bathroom
If you have a relatively large remodeling budget and a bathroom that is less than appealing–well, you can probably guess where we’re going with this one. But seriously, a complete overhaul of your current bathroom could be your best bet at increasing the value of your home.
Master bathroom remodels top the list of best home renovations, often offering up to a 75% rate of return.
Keep in mind that energy efficiency is becoming increasingly popular as buyers are looking to save both money and the environment in the long term. Flow reducers might be a nice added touch to your shower or sink, appealing to the buyers who are concerned with sustainability.
4. Give Your Kitchen A Facelift
A kitchen remodel is often the best way to boost your home’s value. It’s true, a beautifully remodeled and up-to-date kitchen is a huge selling point.
The most valuable areas of your kitchen to upgrade include the countertops, cabinets, and appliances.The most affordable options include changing out the backsplash, paint color, hardware, and lighting.
Most sellers who decide to give their kitchen a minor facelift see around 75% of a return.
5. Install New (Or Restore Old) Windows
Potential buyers are sure to pay special attention to the condition of your home’s windows. Old windows are often inefficient which buyers equate to expensive utility bills and loss of cool and hot air. Replacing or restoring old windows will undoubtedly increase your home’s resale value.
Depending on the type of window and extent of the job, you’re likely to see somewhere between 80 to 85% of a return. Avoid windows with fancy designs or shapes, as those don’t typically add any value–energy efficiency is what matters the most.
When you’re ready to market your home, be sure to highlight the new windows as a selling point for buyers.
While we’re on the topic of windows, why don’t we take a look at those window treatments? Are they clean? Your window treatments hold all sorts of dust, pet hair, and odors. Do they let plenty of natural light into your home? Natural light is key in capturing a buyer’s attention. Do they hide a buyer’s view through oversized windows or french doors?
If you’ve got ‘em, flaunt ‘em!
6. Repurpose A Space
Depending on your budget and where you’d like to see your home’s value rise to, adding an extra bedroom and bathroom, finishing your third floor or basement, or expanding a casual living space can drastically improve your home’s resale value.
For the most part, buyers want to avoid having to do major remodeling projects, so the more you can do for them the more value they’ll see in your home.
If you decide to go through with a basement or attic remodel or second story addition you can typically redeem 75-85% of your investment!
The steps you take to get your home ready for sale on the Raleigh market can have a huge impact on how fast it sells and for what price it sells at. See a few more of our suggestions when it comes to getting your home ready for sale.
Now as a disclaimer, we feel we should say that while the previously listed renovations are considered to have the best resale value, nothing is guaranteed in today’s market. As with most investments, you assume some risk.
Now, aren’t you just a little bit curious as to what your home would be valued at in today’s market? Request a free market valuation report! Your free valuation report will include the prices of comparable homes in Raleigh that were recently sold or are currently for sale.