4 Property Upgrades That Will Increase The Value

Whether you are planning to sell soon or are wanting to make some improvements on your property that will be money well spent, it’s important to understand which upgrades will add the most value.

So long as you spend wisely, taking on home improvements can certainly increase the value of your home. According to recent data, households are currently spending an average of $13,000 on remodeling and home improvements each year. When you compare that to the current annual median home price rise of 13%, you can see that typically these improvements are paying off.

But it does depend on what you choose to spend your home improvement budget on. Here are four property upgrades that will increase the value of your property.

1. The heart of the home

Everyone knows what that term refers to, because the kitchen truly is considered to be the central and most important room in the house. Now, more than ever before, we use our kitchens for far more than just cooking. It’s a space to entertain, craft, work, and more. Kitchens need to be functional, attractive spaces for selling desirability.

Many people won’t even inspect a home if the pictures of the kitchen aren’t attractive enough. They are the number one improvement to consider, and typically attract the greatest return on investment (ROI), with smaller kitchen remodels generally being more cost-effective in value returns.

Depending upon the current state of your kitchen, there are many options to consider. If it is a lost cause, it will simply need to be replaced. However, if it is structurally sound, you have the option to make a variety of cosmetic improvements that could still significantly transform the space. These include:

• Repainting the walls and upgrading/adding a splashback tile
• Refacing/repainting the cabinet doors
• Replacing the handles 
• Adding an island bench
• Replacing/adding light fixtures that are more attractive/functional
• Replacing the countertops with granite.

2. Turn the bathroom into a tranquil oasis

Second to the kitchen is the bathroom, and again, a severely neglected bathroom will quickly turn potential buyers off. As with the kitchen, if it is beyond reasonable repair, it may be time to consider a full bathroom renovation, which can still be done on a budget, and will certainly add value back to your home, especially when it comes to its saleability in the first place.

Again, if it is still fundamentally acceptable, you may just need to make some general bathroom improvements. These could include:

• Replacing the vanity
• Repainting the walls
• Adding or replacing tiling, to include halfway up the walls around the full perimeter 
• Replacing the light fixtures
• Replacing the flooring
• Replacing the toilet

As well as these, it pays to consider staging your bathroom to appeal to buyers as an attractive, relaxing space. Adding some floating shelving, some plants, and some more mirrors can greatly enhance the overall aesthetic, which will lead to more interest and hopefully higher offers.

3. Curb appeal

Even though the kitchen and the bathroom have taken the top spots here, it is vital not to underestimate the importance of great curb appeal. The exterior of your home is your opportunity to make a great first impression, not only in that you have an attractive home, but that you take great care of it. This will give prospective buyers more confidence and have them enter the property with a more positive attitude.

So, first and foremost, inspect the outside of your property for any repairs that need attention. From there, consider whether the front door, windows, and garage door look up to scratch and if not, look into whether they need replacing or refacing. You can take years off your property by giving it a thorough external clean with a pressure washer, too. 

Aside from any significant repairs and cleaning, consider how the property presents aesthetically. While this may not directly add value, adding to the attractiveness of your home will still draw more buyers which can, in turn, increase the offers made, particularly if a bidding war ensues. Such improvements could include landscaping, upgrading lawns, adding plants, and pathway lighting, etc.

4. Upgrade flooring

Old carpets and dirty, tatty flooring is a big turn-off to potential buyers and replacing it can be a great way to dramatically improve the presentation of your home in a relatively cost-effective way.

If money is tight, simply replacing old carpets with new ones is still worthwhile to improve the look and freshness of the home. Alternatively, if you want to take your flooring improvements to the next level, hardwood floors are highly desirable to buyers. It may be a little more expensive, but it will be money well-spent when it comes to your sale price.

Final thoughts

There are many options to consider when improving a property ready for sale, and a lot will depend upon the condition of your particular home. That said, the most important factors are always the kitchen, bathroom, flooring, window and doors, and the exterior of the home. 

Make sure that all repairs are taken care of, and focus on smart home improvements that will add the most value - don’t focus on your own tastes or preferences, unless you first plan to live there for a long time.