We often get calls from clients who have money to spend on upgrading their home, but want to know the best things to spend it on to increase the resale value of the house. We've put together a quick list of the best ways to spend your money on your home!
1. KITCHEN - Matching appliances (not necessarily brand but, color). Upgrade and modernize the hardware. Reface your cabinets. Clean, crisp paint. Countertops. If you're strictly looking for resale value, don't go too trendy; keep it classic and ensure it matches the flow of the rest of the home. Make sure it's all cohesive. Avoid making your kitchen more tricked out than what makes sense for your neighborhood.
2. BATHROOMS. According to NAR, bathrooms have one of the highest returns dollar for dollar. For every dollar spent in a bathroom, you can get up to $1.71 back in resale value. ALWAYS put in dual sinks if you can fit them. A primary suite with a walk-in, spa like shower is always loved by buyers, but you do want to keep a tub somewhere in the house. Again, like the kitchen, make sure the aesthetic flows throughout the house.
3. FLOORING. New flooring can make a huge impact throughout your home! Always be cognizant of keeping the flow throughout your house... you don't want more than 2-3 flooring styles in the home. Luxury vinyl plank (LVP) is very popular as it is affordable, durable, and looks great. Don't replace your kitchen flooring with one style of tile, then put different tile in your bathroom, and yet a different style in your living room. Buyers HATE this.
4. ADU. Yes, we know this is a bigger $$$ project than anything else on the list, but it must be included because it will get every dollar spent back in value, and then some. If you have the space and you have the means, adding an accessory dwelling unit (AKA granny flat, apartment, two on a lot, second dwelling) to your property is a great bet. Even if you're not ready to sell yet, you can immediately turn this into income by renting it out!
5. CURB APPEAL. Make sure your home looks great from the front! Repair anything that is broken. Fresh paint if needed. Clean your garage door and front door; get rid of any cobwebs, so may people don't utilize their front door so make sure it's nice and tidy! Well manicured landscaping. Look at everything with a critical eye and make sure it's fresh and clean.
Conversely, we strongly discourage putting in a pool if you're strictly concerned about resale value. They always cost significantly more than they add in value, and they can limit your buyer pool since some buyers specifically do not want one.
About to do some upgrades? We're always happy to give you a Realtor's perspective on the best way to spend your money! Give us a call.
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