Increase Your Home’s Value in 2015

January 11th, 2015  |  Home Insurance

Home renovations are a popular New Year’s resolution for homeowners. There is always something around the house that could use a little attention. Rather than overlook that dated backsplash, old shower, or those inefficient windows, make 2015 the year where you get proactive about improving your home and increasing its value.

One of the keys to increasing your home’s overall value is to consistently make improvements. Things will age, break down and need to be replaced over time.

What areas of my home should I focus on to maximize my renovation ROI and increase my home’s value?

Focus on the core elements of your home:

1. Immediate needs: Obviously, you will need to address immediate needs first. Assess your home and create a list of things that need immediate attention. Do you have a leak in the basement? Have a window or door that needs to be replaced? These are the things that you need to take care of first, before focusing on other areas.
2. The kitchen: The kitchen is king in any home. All home renovation and real estate experts will agree that kitchens are the one room that can significantly increase the value of your home. In fact, they are known to single-handedly sell a home. It’s one of the most used rooms, and you have lots of options to update the look and functionality of your kitchen.
3. The bathroom: If kitchens are the king of homes, bathrooms are not far behind. Things from simple bathroom upgrades to complete renovations will definitely help increase the overall value of your home.
4. Go green: Going green with renovations is the way to go. Buyers want efficient homes, and the majority of homeowners are now looking to make their home more efficient, something that will not only increase your home’s value, it will also help to lower the overall costs to run your home.

Also read Increase Your Home's Value With Hardwood Floors

Think from the buyer’s perspective if you are planning on selling

If you are planning on selling down the road or if you are doing the renovations because you are selling, it’s important to try to look at renovation needs from the buyer’s perspective.

Most homeowners are emotionally attached to their home and have a tendency to look at their home, and its renovation needs, through a subjective lens. This could potentially hurt the value of your home.

If increasing your home’s value is the goal, try to be realistic about the best ways to make changes and increase value. (Check out 5 DIY Projects That Can Devalue Your Home). This is where input from a professional such as a real estate agent, home stager or renovator can be a valuable resource. Get some outside advice to get the most out of your investment in your home.

Are you planning a renovation project in 2015? Thinking about selling? Tell us about how you are planning to increase your home’s value.