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Adding value to your home can be one of the most rewarding aspects of homeownership. And whether you’re looking to enhance your home for the long-term, preparing to sell, or working on sprucing up an investment property, a variety of projects can help. Here are 10 ideas from easy to expert that may add a net value increase.
Faucets and light fixtures
Create a feeling of luxury by installing new faucets in your kitchen and bathrooms, a trendy rainfall filtered shower head, and new light fixtures with dimmer switches. These small projects can offer a lot of impact for a little bit of effort.
Painting is one of the simplest value-adding projects with some of the biggest return on investment (ROI), aka the amount of your investment you’ll get back in added value. New exterior paint can increase your curb appeal while an interior coat can refresh an old space. If you are looking to sell your home, whites, light neutrals, and earthy tones are the best colors to go with according to HomeAdvisor. These colors provide potential buyers with a blank canvas to imagine themselves in the home.
A valuable kitchen improvement is replacing outdated appliances with newer models. New appliances can add value to your home by being both more visually appealing and more energy efficient. If you’re planning on selling your home soon, be budget conscious. Buying high-end appliances could be risky because you may not get enough of the money spent back at sale. As with any home improvement ahead of a sale, check with an appraiser or real estate agent for best strategies.
Continuing in the kitchen, new cabinets can increase your property value by keeping your space modern and fresh. Updating your cabinetry does not have to be a big renovation. You can create a whole new look by changing out the hardware, painting your cabinets, or adding a section of open shelving to spice up your space. If you’ll be staying in your home for the long-term and are looking to splurge, consider soft-close doors and drawers.
According to HomeLight, well-landscaped homes are worth anywhere from 1% to 10% more than homes without landscaping. Adding landscaping to your house can improve the curb appeal and the enjoyment of your backyard. Consider tying into your area’s environment by adding local plant life to make your landscape a dynamic place to explore.
New flooring can make your home cleaner and more welcoming. Outdated bathroom tiles or old carpet with pet stains are an instant turn off for potential buyers, renters, and guests. According to FlooringAmerica, “hard surface flooring will give you the best return on investment.” These can include options like hardwoods—which are known to deliver the highest ROI—and luxury vinyl plank flooring.
There are many different kinds of built-ins, from entertainment space and shelving in the living room to closet organization. Built-ins are a great way to customize and add value to your home. HomeServe states that built-in closet organization can expect an ROI around 56% of the purchase and installation costs. That said, this upgrade may be best if you’ll be staying in your house, but it’s quickly becoming a desired amenity.
Replacing countertops can help improve the appearance and functionality of your kitchen, especially if yours are laminate. Granite countertops are the most popular material, and many homeowners are gravitating towards other solid surface options. These include limestone, soapstone, quartz, concrete, and even wood to add value to a home.
Outdoor living space
If you have the space in your yard, adding or repairing outdoor living features can be the best way to provide a comfortable place for family life outdoors. Popular home improvement projects range from decks or patios, to fire pits, pergolas, or outdoor kitchens. According to the most recent outdoor remodeling report by the National Association of REALTORS®, home sellers saw a 71% ROI on outdoor kitchens alone. Some sources suggest they can deliver even more. If you’re watching your budget, updating outdoor features you already have can also deliver value.
Finished basement and/or attic
Unfinished basements and attics are often only used for storage and are not considered part of your home’s livable space. This renovation can significantly add to the value of your home with a return of investment of 70-75% according to The Balance Small Business in 2019. A finished attic can become an extra bedroom or game room while a basement can be anything from an additional family room to an in-law suite or at-home theater!
For whatever reason you are looking to add value to your home, Mr. Cooper wants to partner with you!
Selling or buying? Mr. Cooper® RightMove takes the stress out of buying and selling so you can focus on the good stuff. From house hunting to moving day, we have the tools and know how to help you make your best move yet. Get in touch with one of our Mortgage Professionals to learn about your loan options or apply online.
Staying put? Get in touch with a Mr. Cooper Mortgage Professional to learn about cash-out refinancing options that could help fund your renovations.
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