5 Strategic Home Upgrades Can Add Serious Value When Ready To Sell
Creating a home that feels luxurious and modern doesn't just help make more memories in high definition, it's also essential to boosting your home's value. According to real estate experts, there are certain renovations and improvements that help make your home more attractive to buyers -- sometimes to the tune of tens of thousands of dollars.
Theresa Wellman, a licensed realtor and real estate advisor, as well as the team lead for Homeowner Experience, gave us a better understanding of the renovations you should start planning for to help increase the value of your home within the next five years.
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1. Extra Bedroom
According to Wellman, one of the most effective renovations you can make is adding an extra bedroom. She said this choice can be especially impactful if it turns a two-bedroom house into a three-bedroom house.
Depending on the market, this renovation can do more than open up the space in your house, creating a temporary home office or allowing one of your kids to hop off the bunk bed and claim a bedroom of their own. Wellman suggested it could increase your home's value between $30,000 and $50,000.
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2. Kitchen Remodel
Whether you're a passionate foodie or more likely to open DoorDash on a paper plate, you should still consider a kitchen remodel as a great investment in your home's future value. Wellman said updating countertops, cabinets and appliances can modernize your home and up its appeal to buyers.
"I've seen clients boost their home's value by $20,000 to $40,000 with a well-done kitchen remodel," she added.
3. Bathroom Renovation
Making your bathroom more spacious and luxurious can do more than entice you to take bubble baths; it can also bring a high return on investment. Wellman suggested that your efforts focus on modern fixtures, good lighting and quality materials.
"Adding a new bathroom or updating an existing one can add $15,000 to $30,000 to your home's value," she said.
4. Replacing Your Roof
It goes without saying that you want a sturdy roof over your head. So do prospective buyers down the line, which is why Wellman suggested that replacing your roof is a significant renovation, and can "add value and peace of mind for buyers."
She shared that a new roof could add roughly $10,000 to $20,000 to your home's value, depending on the size and materials.
5. Energy-Efficient Upgrades
Wellman shared that taking steps to improve your home's energy efficiency -- such as installing new windows, better insulation or even a new HVAC system - can not only attract eco-conscious buyers, it also increase your home's value between $10,000 to $25,000.
"I always recommend focusing on improvements that lower utility costs and enhance comfort," she said.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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