If you own a home, you should treat it like an investment. It wasn’t that long ago that homeownership was the most popular method of forced savings. You spent years paying off your mortgage until you owned the home outright and had multiple equity options. Today, people bounce around and very few homeowners ever see the end of a mortgage. Regardless of how you view your home you need to treat it like an investment. As we have seen, property values may rise but it is far from a guarantee. To accelerate appreciation, you need to make timely updates or improvements. Simply throwing money at your property does not guarantee a positive ROI. Here are four home improvements that provide the best return on your home investment.
You don’t need to be in real estate to know how important kitchen updates are. Think about the last time you had a get together at your home. There is a good chance that people ended up congregating in the kitchen. For whatever reason the kitchen has evolved into the common area of the house and the most popular selling point. Many buyers make their decision based on the strength, or potential, of the kitchen. Yes, kitchen updates can get pricey, but you don’t need to do everything at once. One year you can do the cabinets, the next you can do the appliances. Between the floors, the hardware, the appliances, the sink and the pantry there are plenty of kitchen items to consider. Always think about mixing your current tastes with the tastes of future buyers. Any home improvements should start with the kitchen.
As uncommon as it may seem the bathroom is the second most influential room for creating value in the house. A modern, updated bathroom can completely change the complexion of the property. On the flip side, an old outdated bathroom will turn buyers off and greatly reduce your property value. As with the kitchen there are several bathroom items to consider. The floor, shower, sink and vanity should all tie together and feel warm and inviting. You don’t need to be a home repair expert to find information about bathroom updates. There are plenty of websites that can provide you with enough information to feel comfortable to get started.
There are plenty of ways to go with the exterior of your property. The best update for value is with the outside of your home. When is the last time you thought about painting or siding the property? If you are like most owners this is something you don’t think about often, and only want to do once. If you have a painted exterior you need to consider updating it with a fresh coat of paint. It is not an exaggeration to say that new paint can make the house look like a completely different home. If you have a little more in your budget, you can consider siding. Siding not only lasts longer but depending on the property often looks more modern and nicer. Either way replacing the shutters, changing the gutters and improving the exterior will positively impact the value.
Outdoor living area.How you utilize the outdoor space has a huge impact on the value. A pool with a hot tub may seem like a good idea but can often have a negative effect. As much as a pool can provide hours of entertainment it also eats up yard space and can be a burden for some buyers. You are better off starting with a deck or outdoor living area. People have shifted to entertaining outdoors and nice outdoor space can compensate for any deficiencies with the interior.
Timely updates on your property can greatly improve the value and provide a positive return on investment. Treat your home like the investment it truly is.