Making home improvements can be beneficial for many reasons. The hard part isn’t making the list, it’s deciding how to prioritize so you get the most out of your investment. Should you remodel your kitchen first and then build a new backyard deck?
Fortunately, there are smart ways to maximize your home’s resale value through strategic renovations.
- Make repairs first. If your roof leaks, your plumbing is out of order, or safety hazards exist in your home, you should prioritize these types of repairs before you begin other projects.
- Know the trends. Homebuilders know what buyers want in their next home. Look at new homes online and visit model homes in your area to help you prioritize your own improvements. Knowing what’s in style will also help you determine if the new flooring you’ve chosen is on-trend (or on its way out).
- Prioritize the pretty. If your goal is to maximize your home’s resale value, focus on improvements that will entice buyers when they look at pictures of your home online or tour your home in person. An updated kitchen adds more visual appeal than attic insulation, which buyers aren’t as likely to notice.
- Do your research. If you want your remodeling efforts to improve the value of your home, the Cost vs. Value Report, produced annually by Remodeling magazine, can be a helpful place to start. Many of the top projects focus on curb appeal, an important lure for buyers if you sell.
- Keep up with the comps. When you sell, buyers won’t compare your home to national averages across the U.S. They will compare your home to similar homes for sale in your neighborhood. Local real estate agents can provide free advice about the “comps” in your area. If all of them have updated siding, that may be a smart priority for your home as well.
Prioritizing home renovations isn’t only about resale value. You’ll also get to enjoy the improvements you make for as long as you own your home, and your improvements could help you stay in your home longer, even as your housing needs change over time.
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