Home Renovations That Pay Off in Resale Value

By The A-Team | Feb 12, 2018 | Fort McMurray - Seller Advice

A home is a place where you can relax, but it's also an investment for the future. When you’re selling a home, it is natural to do some repairs and renovations in order to increase the resale value of your home. But it takes money to make money. That's why it's important to prioritize some renovations over others. Here are a few smart home improvements that can pay off in resale value.

First on the list is outdoor space. Adding more space is really popular and can be a good investment in the proper market. A recent post from Real Estate Book explains why outdoor space is worth looking into:

Outdoor Space

While a trend is defined as any popular design that lasts for several years, it’s not uncommon for new trends to show up on a regular basis that can get people excited about their homes. This year, we’ve uncovered the hottest trends for 2018, surveying many of the industry’s leading influencers, and compiling the results. Using this data, it’s easy to see which home renovations are going to pay off the most for homeowners looking to sell this year.

If your property doesn’t currently have a lot of usable outdoor space, consider adding either a backyard or a porch this year. Both projects are considered to be popular additions for 2018, with porches having a whopping 75% ROI. Patios, gardens, and other outdoor areas also get good returns, so increasing the amount of usable outdoor space your property has can help it sell more quickly for more money as well. Via realestatebook.com

There is a demand in homes with larger space because potential buyers are looking for homes where they can make additions such as rooms, bathroom, etc. Some buyers also want dedicated rooms for their hobbies or home office.

Open and outdoor space is always in demand!

Next is curb appeal. We've covered curb appeal before, because first impressions matter. A new post from Alure discusses why curb appeal improvements are often a good idea:

Curb appeal

Making improvements to your home is a smart way to protect your investment and increase the value for resale. Not all home improvement projects are created equal, though, so it’s important to weigh the pros and cons before deciding which projects are worth your time and money.

According to DIY Network, replacing siding and freshening up landscaping are two projects that give a great return on your investment. The exterior is a buyer’s first glimpse of your home, and you want them to be wowed by their first impression. h/t alure.com

A potential buyer that is not impressed the first time they look at your house can turn into a missed buyer. For that reason, ensuring that your curb appeal is strong is crucial.

Lastly, is kitchen and baths. A recent post from HGTV shares why your kitchen or bath renovations is a great investment:

Kitchens and Baths

Kitchens and baths are the areas in a home "where you can tell if money has been well spent or not," says architect Steve Straughan, a partner in Los Angeles-based KAA Design Group.

So exactly what should you improve when you redo your kitchen or bathroom? Think traditional: all-wood cabinets, commercial-look appliances, natural wood or stone floors and stone countertops. Walk-in showers have replaced whirlpool tubs as the must-have cleaning machine in bathrooms, Straughan says. His clients will "forgo the tub to have a big walk-in shower" if they don't have room for both. read more at hgtv.com

What makes kitchen and bath remodel important is because these areas are the most expensive when it comes to construction and they are the main areas where people spend their time. So if you’re planning to move in the future, look into redoing or remodeling your kitchen or bathroom.

Are you looking to sell your Fort McMurray home in the near future? Give the A-Team a call!


Headshot of blog admin

The A-Team

RE/MAX® Fort McMurray's #1 Real Estate team of hard-working, talented REALTORS® who specialize in helping you successfully sell or buy.