PLANNING PROJECTS TO BOOST HOME RESALE VALUE
Your house is more than a home; it’s also an investment. In addition to being a place where memories are made, your home is also a place where you can establish a financial trajectory for your future. Whether planning to stay in a current residence for 5, 10, or 20 years, homeowners should always have an idea of how the changes they make around their property impact the resale value of their home.
What kinds of upgrades can I do myself?
From a fresh coat of paint to new bathroom hardware, there are many DIY projects you can tackle on your own that will enhance the look and feel of your home—both for your family and potential buyers. It all comes down to skill level and time. From easy to complex, many common DIY projects include:
- Painting the interior
- Improving your landscaping for curb appeal
- Updating hardware on sinks and faucets
- Painting and installing new hardware on cabinets
- Installing new tile
- Replacing carpets with hardwood floors
Even if the task seems simple, it’s important that you plan out DIY projects, especially ones you have never handled yourself.
What kinds of upgrades should I leave to professionals?
When it comes to home upgrade projects that are more complex or require a higher level of skill, you may want to consider bringing in a professional, like an interior designer or a contractor. Improving the resale value of your home is important but not if it comes at a cost that is higher than your return on investment. You may want to consult with a professional to help you consider upgrades such as:
- Installing energy-efficient windows and doors
- Repairing or replacing the roof
- Painting the exterior
- Building a shed or detached garage
- Upgrading heating and cooling systems
- Replacing plumbing or wiring
When you consider the level of the remodel, you may realize that you have the skills, but not necessarily the time. Or vice versa. That’s why planning out your home renovations not only helps you avoid making mistakes, but also helps you prepare your budget. For example, it can cost roughly $7,000 to put a new roof on your home. So planning a roof replacement after building a new deck may not be the best choice for your budget. You can bookend more expensive projects with simpler DIY projects like adding organizational storage and shelving to your laundry room.
What are some tips for making a plan?
Creating a timeline can really help you plan out your home improvement projects. You’ll gain all kinds of insight, from understanding the impact on your finances to balancing periods of time when when you might not have a fully functional bathroom or kitchen. One way to make a plan is to work backwards from your finished goals. If you want to have that new deck built by spring and the kitchen remodel completed by summer, working backwards on your timeline gives you flexibility to adjust for budget, weather, family vacations, and unforeseen circumstances.
The resale value of your home makes a big impact on your future. Taking steps along the way—no matter how small—to boost the quality and worth of your home will be invaluable. There are many reasons to make big changes in your home, especially ones you can enjoy right now and benefit from down the road.
Article written by our Guest Blogger, Seth Murphy