Home Remodeling: Improvements to Increase Home Value
Utilizing a hard money loan to quickly spruce up a home you are about to sell is not just appealing on paper, the method is tried and true. Once the decision has been made you will be faced with more complicated choices, such as, what renovations and remodels are best for your property and market.
5 Time-Tested Improvements that will Boost the Value of your Home
The list of possibilities is quite extensive, but trends in the industry have been well documented by organizations like The National Association of the Remodeling Industry (NARI), who in 2015 compiled a considerable amount of data concerning the remodeling industry. The Cost vs Value Report is a yearly industry study that compares the average cost of 30 popular remodeling projects with the value those projects retain at resale.
- Modernized Bathrooms are extremely appealing to potential buyers who look for features like heated floors, warm lighting schemes and antimicrobial finishes in one of the home’s most frequented sanctuaries. The NARI study has determined that a bathroom renovation as the third most likely project to increase a home’s resale value.
- A Kitchen Renovations and Upgrades are the best home improvement investments according to NARI. Try refinishing the cabinets if they don’t need to be outright replace and avoid overly stylized additions if they don’t match the decor or clutter space. Open up space by implementing concealed appliances wherever possible. Adequate illumination and stainless steel will compliment any kitchen and will make it way more photogenic.
- Replacing the Front Door can not only make an early visual impression on a prospective buyer, it also presents you with the opportunity to improve the home’s insulation and energy efficiency. The 2016 Cost vs Value Report lists a steel front door replacement as the most sound home investment.
- Replacing the Garage Door is a no-brainer according to Cost vs Value. It is a low-cost renovation that will make the home more energy efficient while heightening the sense of the home’s functionality in the eyes of buyers.
- Fiberglass Attic Insulation is a guaranteed money-back improvement according to the Cost vs Value study. In addition to improving the home’s energy efficiency this renovation may even open up the possibility of an attic to bedroom conversion, a remodel that can significantly add value to a home.
The beautiful thing about these fixes is that they can be executed quickly with the use of a hard money loan, and with careful planning you can stretch that loan to the max. It is essential when deliberating the details of each renovation to remember to stay grounded with stylistic decisions and focus on utilitarian upgrades. The home’s future owner will bring their own stylistic sensibilities and may get put off by too much flair. Lighting should be purposeful and the materials used for counter-tops and flooring should be adequate to the room’s uses. However, utilizing a particular style to maintain continuity with the rest of the home or a historic neighborhood is a valid exception to this rule, and can certainly increase a home’s value. Having a formulated strategy with your market in mind will help make the most of your hard money loan and maximize the home’s value.