If you have lived in your home for a while and have made no upgrades you may be falling behind the proverbial “Joneses”. Adding to your home’s resale value is just good common sense, and giving yourself some needed upgrades will only add to your enjoyment of the living space until it comes time to sell.
Kitchen – One of the first things you might consider is expanding your kitchen. Having a more open plan in an area of your home that gets a lot of traffic, and where many people hang out, is a wonderful way to make a refreshing change to an existing space. Removing the wall between your kitchen and a family room/dining room literally brings one room into the other and creates a larger area for socializing. If you don’t have issues with structural support or need to move pipes, removing an existing wall could cost between $2,000 and $5,000, but it will be well worth it when you see how much bigger your home feels. Plus, keep in mind that future potential home buyers will be more attracted to a home that has wide open spaces rather than a bunch of rooms that are closed off from one another.
Laundry Room – If you currently have your laundry room in your basement, there is a good chance that will put potential buyers off; though you may not have a problem carrying laundry up and down two flights of stairs, who’s to say the next owner won’t? You may want to think about putting your laundry on the 2nd floor of your house, where the bedrooms and bathrooms are instead. An easy and affordable way to accomplish this is to buy stackable units, as long as you have at least a 3’x3’ space for them. If you need a bigger washer and dryer and have an unused bedroom, consider making that your new laundry room. You can split the bedroom, using half for the laundry and the other half for a new walk-in closet.
Enlarge and organize closet space – If your home was built before 1970, it has a universal problem: no storage space. These homes were traditionally built with small closets that only had one rod – a big turn-off for potential buyers. One way to expand these small spaces is with organizing shelves, baskets, drawers, and added rods. If you are a DIYer you can accomplish this starting at about $50 per closet. If you prefer to use a professional company the cost could start at $500 per closet instead. If you want to add a closet, look for any unused space in your home and think about a walk-in closet, which goes a long way to increase your home’s value.
No matter the size of the project, making upgrades here and there around your home can make all the difference when the time comes for you to put your home on the market. Don’t be one of those homeowners who waits until the last minute to start thinking about the value of their home. Stay ahead of the curve and be proactive now.
(Source: CNN Money)
Posted by: Miki Leibowitz of Leibowitz Realty)