- Home Improvement Tips
Best Projects to Boost Home Value in the White Rock Real Estate Market
Making improvements to your home doesn’t just impact your comfort; it can also boost your home’s value should you ever choose to sell it in the White Rock real estate market.
To get the highest possible return on investment, of course, it’s useful to know which types of improvements will have the biggest impact on the home’s value. Although a recent report indicates that any home improvement will increase its value to a degree, some boost the value so substantially that they almost pay for themselves.
Improvements can be as simple as using an electric lawn mower to maintain your yard to as complex as renovating an entire room. However, regardless of the degree of difficulty, even a small change can make a big impact on potential buyers.
The following are projects worth considering if you want to better your home and make it more valuable. Even if you don’t plan on selling anytime in the near future, choosing one of these for your next project will be a financially smart decision.
Boosting Value if You Plan on Selling
Improvements that make your home appear more valuable to potential buyers often involve making changes that enhance its curb appeal. The first impression a potential buyer gets when they see your home from the street will impact how much they’re willing to consider paying for it.
Luckily, some of the changes you can make externally may be very simple. For instance, merely swapping out your existing front door for a steel model returns approximately 91% of the project’s cost. A more involved project, but one which returns 97% of its cost, is switching from vinyl siding to manufactured stone veneer accents.
Of course, while some improvements may not provide the same ROI, the impact they have on your own enjoyment of your home may also be worth considering. Adding a new deck can yield a 70% return (on average) on your initial investment. It may be a project worth considering if you plan on staying in your home and enjoying the deck for a long time.
Not all improvements have an immediate effect on the look of your home. However, some homeowners believe that making such changes is still worth the money if they want to sell in the near future. For example, some believe that by installing new HVAC equipment, they can make a home more attractive to potential buyers.
Unfortunately, this is unlikely to be the case. Most buyers expect the equipment in a home to function properly; they won’t be willing to spend much more unless the new additions are brand new.
That said, if your HVAC or related equipment isn’t working properly or is very old, it can actually reduce the value of your home. Thus, it may still be a good idea to replace it depending on its condition.
Improvements You Shouldn’t Make
If you’re planning on selling your home, there are some improvements that simply don’t yield a strong enough ROI to justify making them.
For example, regardless of how handy you are with an oscillating multi-tool, a major kitchen remodel yields a return of just over half its original cost. Adding a master suite generates a 47% return, as does adding a backyard patio. You may consider making these improvements if you’re not selling as they’ll make your home more enjoyable, but they won’t help you get a higher price for it.
As with all real estate markets, selling White Rock real estate is easier when you can make your home as attractive as possible to buyers. Keep these points in mind, and your next home improvement project will also help you sell your home for the highest price possible when the time comes.