Maybe you’re planning to sell in the next year, or you’re just interested in investing in your home long-term. Before spending considerable cash, most homeowners want to know what their eventual return on investment will be.
Here are 5 ways to increase the value of your home, and also make your space more functional and enjoyable while you still live there.
1. Install stone countertops.
Natural stone like granite, marble, and quartzite adds a certain appeal to any home – and that appeal comes with a dollar amount. According to Restoration Master, homes with granite earn higher sale prices than comparable houses without granite counters.
Durable countertops will last for decades of meal preparations and family dinners. And the beauty of natural stone is that it never goes out of style. There are plenty of eye-catching design trends out there that might get short-term attention, but natural stone is in it for the long haul. So invest in materials that have proven the test of time, and will be highly coveted even 10 or 20 years from now.
2. Get subway tile.
Subway tile is one of the easiest ways to update your kitchen or bathroom. Depending on the size of your space, most tile can be installed in just a day or two – and will make a dramatic visual impact. Plus, tile backsplash is durable and easy to clean.
In case you’re not already convinced, Zillow has found that home listings mentioning subway tile typically sell for 6.9% over the expected value of the home. So adding tile backsplash in order to increase your sale price is a pretty safe bet.
3. Remodel your bathroom.
It’s common knowledge that home buyers place priority on kitchens and bathrooms. If you’re ready for a home improvement project but don’t have the time or budget for a full kitchen renovation, then focus your attention on the master bathroom. (Even the guest bath or powder room could have a big impact).
A remodel of this small space can be done relatively quickly, and will make your home stand out from the rest. You can expect to recoup about 60% of the cost of your bathroom remodel when you sell the home.
Looking for design ideas? We love the recent powder room trends toward black and white tile and patterned wall paper, which make for a unique little space that’s full of character.
4. Improve the functionality of your kitchen.
If you’re remodeling your kitchen, focus on the updates that will improve functionality, such as increasing surface area, updating to energy-efficient appliances, and investing in durable, easy-to-clean materials.
To make the most of a limited budget, choose practical upgrades over design modifications that are purely aesthetic. If you end up holding onto your house for another few years, those purely stylish changes may seem dated by the time your house actually goes on the market.
5. Take care of the beautiful features you already have.
If you put a little extra time into refurbishing your existing appliances, countertops and floors, you may find that you don’t need to pay for brand new updates after all.
Buy up some good cleaners and polish for your high-use areas. If you need to, pay for a professional carpenter or stone fabricator to repair minor damage to your cabinets, countertops, or tile. And research proper care of your surface materials to get as much life out of them as you can.
As long as you’re strategic about your renovations, you can invest in upgrades that add value to your home – and may even pay for themselves once you sell!