If you plan to put your home on the market in the upcoming years, you’re likely looking for ways to optimize its resale price. Investing in home improvements when trying to move might sound counterintuitive, but you’ll find that most investments are well worthwhile and will actually increase your home’s market price. Check out a few of the simplest ways to add value to your home.
Upgrade the Spare Room
ROI stands for “return on investment” and is a percentage that reflects on how much of a home renovation’s cost you’ll earn back at the time of resell. When it comes to upgrading a spare room, the ROI is a considerable 66 to 90 percent.
There are many options for what you can transform your spare room into, as you’ll find in this guide to upgrading your home’s spare room. A bedroom, however, is a popular option for those looking to increase their home’s asking price.
Depending on the space’s features, an extra bedroom can jolt a home’s resale value by upwards of $50,000. If you have an extra bathroom to complement the spare room, you’ll see an even greater added value.
Finish the Basement
Your basement’s layout can greatly influence your home’s market value. Finished basements are valuable because they can be turned into an extra bedroom and include an extra bathroom, both of which are appreciated factors on the real estate market.
Finishing the basement is a worthwhile investment, as it obtains an ROI of roughly 70 to 75 percent. A convenient aspect about getting your basement finished is that you don’t have to use the finest materials for it to look attractive. Prospective homeowners will look for sufficient heat, flooring, and lighting to consider the basement finished.
Get Hardwood Flooring
Another one of the simplest ways to add value to your home is to upgrade the floors to hardwood. Hardwood flooring doesn’t just have a greater appeal than carpeting, but it also has a better ROI. The ROI for quality hardwood flooring is about 80 percent and can increase your asking price by up to five percent. Of course, the higher the grade of hardwood flooring, the greater the added value.
