Whether you are looking to sell or refinance your home, increasing your home's value should be your first step. In the following article, you can find some renovation projects you can do yourself or with a professional that will increase your home's marketability, value, or both!
The trick is knowing and implementing the right balance between the cost and return on investment of the specific renovation project.
Start with some research and get professional advice. Bring in a Realtor or Architect to evaluate what renovations have the best Return on Investment (ROI) for your home (whether it's with an increase in value or marketability). Realtors will probably visit for free if you sign the listing with them. An Architect or Interior Designer will likely charge you a Site Visit fee ranging between $150 and $350.
With the expert on-site, you should be able to discuss what renovations would be better for increasing your home's value.
Some small renovation projects may increase curb appeal and marketability or home's value overall. They usually are easy, cheap, fast to do, and, most importantly, most don't require permitting with the building department (at least in the Miami metro area).
1. Start with a deep clean-up plus declutter your home. Additionally, hire a professional window cleaner. These tasks are critical to do before potential buyers come to visit your home. It shouldn't cost much, and the return is immensely superior.
2. Hire a painter to patch any visible holes or dents, and paint your walls with a light gray color. Light-gray walls are preferred by almost 80% of buyers, and it will also make space feel bigger and have a more neutral, contemporary finish.
3. Hire a pro to change carpet floors to hardwood or some modern looking porcelain tiles. (If you live in a condo, this will require a permit and soundproof). Even newly cleaned carpets have some visible use or stain, and most buyers will want to change or replace it, ultimately lowering their expected value of your home.
4. Change kitchen cabinet doors. Most kitchen cabinets are modular and have a standard door size. If this is your case, then this DIY project is a low-cost, high-return investment. If, on the other hand, yours have a non-standard size, you can always try painting the existing ones instead or try contacting the manufacture to ask for a replacement quote.
5. Install new granite countertops on your kitchen, if you have laminated ones. There are plenty of pros offering this service, and it dramatically increases marketability.
6. Upgrade appliances with new stainless steel finished appliances. This project is particular to each case and the visible conditions of the appliances. We recommend discussing it with your expert.
7. Reglaze tub and regrout wall tiles on your bathrooms. No need to replace an old-tub when reglazing makes it look like new adds value and is less pricey than a full replacement. Regrout the tiles on top of your tub for a great combo-effect.
More significant renovations involve space modifications, architects, and permitting. However, when done right, they add considerable value to your house.
8. Remodel and open up spaces. One of the biggest design trends in the past year are open spaces. You will require an Architect, although we always recommend hiring one at least for just a consultation. In addition to increasing your home's value, opening up the kitchen, living, or dining areas also gives more light and a bigger feeling to these spaces, not to mention the contemporary feel.
9. Replace entry doors and Garage Doors. Most visitors overlook exterior doors unless they have bumps, scratches, have clear signs of use or similar. They then become immediately noticeable, which in turn reduces your home's curb appeal. The variety of impact Garage Doors has dramatically increased during the last few years. A new modern looking door can, in turn, increase your home's curb appeal.
10. Replace old windows for impact windows. Today, Impact windows are a must on most buyer's checklists. In addition to increasing the value of your home, they might help reduce your insurance fee, energy consumption, and improve acoustic insulation. According to the Cost vs. Value report of 2020, it will yield a 73.4 % ROI.
11. Go Solar, get your tax credit, and save on your monthly energy bill. We recommend asking a solar panel expert who will be able to advise you on the financial side and the permitting and installation part of it.
Whatever the remodeling project you would like to do, get advice from an expert. It would be best if you started by contacting a realtor, Interior Designer, or, better yet, an Architect. Look for someone who knows about the market trends in your area and the potential costs of renovations, and that can give you advice on how much you should invest and what the ROI would look like for your particular case.
Also remember that mayor changes, such as replacing kitchen cabinets (not doors) or exterior doors and windows, require a building permit. In some cities, these permits are quick one-day application, but you need them nevertheless.
If you aren't sure how or where to start, download our free Project Planning Pack guide or apply for our free 30-min Guideline Session. In this session, we will discuss your home situation any roadblocks you might encounter and prepare a roadmap for your next steps to successfully increase the value of your home with a renovation project.
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