The four elements that typically increase home value the most are the exterior, bathroom, kitchen, and flooring. Each of these make a big impact on the look of a house and are not easy for a home buyer to accomplish, so seeing a house with these renovations complete is attractive to a buyer. They are more drawn to an updated house that has new finishes when compared to the same house with dated tile, bathrooms, etc. We will explain more on why each of these elements increase the value of homes as well as the steps to complete them if you are new to renovations.
Curb Appeal
No matter how nice the interior of a house is, if the exterior is unattractive, buyers are much less likely to be interested in purchasing the home. The look of a home’s exterior often suggests how a house will look on the inside and sets the bar for what a buyer can expect when they walk into the house. From landscaping to the paint job to the stucco work, shutters, and even the driveway, all of these elements have a large impact on individuals seeking to buy a house.
Bathrooms
One of the best ways to attract a buyer is renovating bathrooms. Whether it is one bathroom or multiple, a bathroom remodel boosts home values greatly. Bathroom renovations can be daunting to a buyer and when one sees a house with turn-key bathrooms, not only does it make the move-in process easier but it also makes a buyer drawn to the house if the bathroom is done nicely. You should also consider adding a double vanity to a bathroom as , “agents rank [them] as the most desired bathroom upgrade for today’s buyers” (Kalfrin 1).
Kitchen
Another aspect of a house that is often daunting for buyers to consider redoing when looking to buy a house is the kitchen. Kitchens seem complex with all of the elements like countertops to cabinets to backsplash and appliance selections, however, they are not as bad as they seem if you are working with the right contractor/subcontractors. When looking into kitchen renovations, consider adding an island and adding additional storage space. According to Homelight, 64% of buyers seek a kitchen island and 57% seek additional cabinet storage. “Name brand appliances and granite countertops are also sought by 47% of buyers” (Kalfrin 1).
Flooring
Flooring is another factor that can either make or break a buyer’s decision to purchase a house, especially for a premium price. Even if a buyer did decide to purchase a house with dated flooring, the selling price would be lower and the buyer would be less likely to purchase it because they would have to complete the large task of taking up all of the old flooring and replacing it. Not only is it a lot of work for buyers, but it is also overwhelming. There are so many choices and most people are overwhelmed with the decisions, however when working with the right professionals, they can help guide you in the right direction and simplify the process. Homelight states that 55% of buyers seek durable flooring like waterproof laminate (Kalfrin 1).
You may be thinking, “If these tasks are so daunting and overwhelming, do I even want to do them?” or “Is it really worth it?” You should want to, it is definitely worth the discomfort when your house sells for much more than you may have originally thought possible. As seen above many buyers are seeking these upgrades when looking for homes. These renovations are certainly worth it if you are looking to sell your house for a premium.
If you or someone you know is selling a home, it can be daunting. Whether you are unsure where to start, what design choices would be best, or anything else, we have resources for you.
Step 1:
First thing is first, get ideas! Look on Pinterest where you can look up any room or feature in the house you are interested in redoing and there are hundreds of thousands of ideas waiting to be discovered. From bathroom and kitchen styles to flooring ideas to finishing touches, the ideas are endless. We recommend that you start here. Start forming ideas and you can go from there. If you are really stuck on forming ideas and cannot seem to figure out design choices that would appeal to a range of buyers, you can seek expert help. We recommend researching Google, noting customer reviews, and seeking services from interior designers that have a reputation of reliability and value.
Step 2:
Now you have your ideas. Yay! What is next? From here, we suggest that you find a general contractor. Some good resources for this include Google searching, Angi (formerly known as Angie's List), Home Advisor, and even asking family and friends (more people know general contractors and have more experience than you realize).
Step 3:
Now that you have the worker, you want to establish your budget. When forming the budget you want to try to keep it as low as possible while still improving the design to the point that a buyer can appreciate it, so use your budget wisely to get a good return for your investment. This is not as much of a challenge today with big box renovation material stores like Lowe’s, Home Depot, and Floor & Decor. These stores can help you find more affordable materials that will still wow buyers.
Step 4:
Purchase materials and commence demolition! This part of the process is very exciting! After all of the planning and selections of materials, it is finally time to actually see the changes and to get excited about what is to come. This step can last anywhere from a few weeks to several months depending on how many bathrooms and how tedious the renovations are. Enjoy seeing the renovation progress during this stage!
Step 5:
Once renovations are complete, get ready to list your house! This is where we come in. Eb Stone Realty is a real estate company that will help you make a SMART decision and move forward with confidence on all your real estate decisions so you can experience an emotionally satisfying real estate transaction, Eb Stone’s mission for its clients. Working with Chris Dyer (realtor/broker) or Melissa Dyer, local real estate agents who both have worked in every area of real estate and can help you with anything real-estate related. Here is the link where you can set up a no-obligation consultation call with a member of our team who can help you with your transaction or any questions that you may have.
Now we end with a question. After reading this blog post, which element of a home do you think adds the most value to a home? Please leave your answer in the comments. Also please feel free to leave any feedback or any additional questions that you may have. We hope that this blog post helped alleviate some of the confusion and fear that you may feel when looking into remodeling your home.
Quick Tips for Remodeling a House on a Budget
- Increase Storage: Storage is a must for potential homebuyers, maximizing the space you have is a great way to attract potential buyers. If you’re planning to incorporate an island in your kitchen, be sure to add plenty of storage space. Adding a bench in the dining area? Add some drawers underneath. A potential homebuyer will walk into a house and try to imagine if the space meets their needs, assist them with this by maximizing the efficiency of your space.
- Assist Your Workers: A great way to save on labor costs is to roll up your sleeves and put in a little elbow grease! One of the most expensive remodels in a house is the kitchen. Why? Labor costs. You don’t have to be a professional but, assisting in the cleanup process, painting, sanding, and even researching DIY videos can help reduce the hours of labor you need and cut costs.
- Consider the Value that Each Room Holds and Don’t Spend More Than That Trying to Fix it Up: Assess your home’s value before remodeling. Once you have, consider how much each room is worth before you end up spending more than that amount on remodeling it. According to Zillow, a kitchen usually accounts for 10%-15% of property value. So, don’t spend more than that on your renovation. Assess your home value here! Zillow
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