SUSAN GIVENS blog

Add to your home's value


Best improvements to do this
Posted: February 13, 2019 by SUSAN GIVENS

 

Is it time for you to answer this question? How much does it cost to knock down a wall?

Here is the latest data for Colorado…

 

  Colorado Average

$2,141

Typical Range

$1,292 - $3,159

Low End

$885

High End

$4,839

 

Of course, this question leads us to the bigger question—will home improvements add value to your home?  When it comes to home renovations, the money that you put in cannot always be recouped when it comes time to sell, but monetary benefit is not the only factor.  Spiffing up your home can help you sell faster and closer to your asking price! The following remodel ideas are based on what today’s buyers are looking for.  These are in no particular order since different areas of the country will identify their own priorities.

Increase Light and Space

I would say that after “location, location, location” comes “let there be light”! Dark, cramped rooms are no good when it comes to real estate. One thing that homeowners can do to increase the appeal of their property is to open up the house to create more of a flow and enhance natural light. Consider knocking down some walls to brighten up a space. An open floor plan will also make a home feel much larger and is better for entertaining.  Vaulted ceilings are another idea that can help create the illusion of more space. Skylights can help flood your home in natural light. There are several options when it comes to brightening up your home with natural light and these options have a range of prices.

 

Landscape & Curb Appeal

The curb appeal of your home is incredibly important when it comes time to sell. The first impression of a home that someone will have is from the look of the exterior. It is said that a good first impression of a home can add five percent to its value. Make sure your exterior paint and details are up to par.   If you have lawn space, keep it well groomed.  Consider drought tolerant plants if you are not great at gardening. If you have a deck, add some nice furniture, or create a colorful garden in some extra space.

 

Create a Home Office

With more companies giving employees the option to telecommute, a home office can really add some value to a home. If you have some extra space in your home, consider converting it into a home office. If you have a guest bedroom you can stage it to suggest using it as an office as well. Make sure there is plenty of work space and remember to make it tech friendly with high speed internet, etc.

 

Consider Adding a Deck

It has been determined that when you spend the money to add a deck onto your home, you will likely be able to recoup more than eighty percent of its cost at sale time. If you choose to install a deck, take some time to plan it out and come up with unique features such as built in benches or a fire pit if your city or town allows them. Use higher grade materials to increase the life of the deck.

 

Finish any extra unused space

This could be a basement, attic, or room above your garage. A basement space can easily be turned into a playroom for the kids, a bar, or media room, relatively easily. Consider adding a bathroom if you do, as this can increase the value of the remodel even more. Try to keep the space as open as possible so it does not feel dark and cramped.

Update or Add Bathrooms

Bathrooms are an important part of a home. If there are not enough bathrooms or if they are very outdated, it will be a big turn off to potential buyers. Updating bathroom amenities and fixtures or adding an additional bathroom if you have the space can really increase a home’s sale appeal.

 

Update Your Kitchen

Kitchen remodels can really add value to your home but it is also important to be careful. When planning a kitchen remodel it is really important to consider the cost of your materials versus the value. Based on the cost of your home, if you choose to install granite or marble counter tops, will you be able to recoup that money? Take a close look at costs when remodeling kitchens. Things such as updated appliances or a window over the sink can add a lot of appeal.

There are tons of different projects that can be done around the home to increase value in addition to the ones listed above. As long as you take the time to really plan accordingly, and don’t overspend, you can make some really nice upgrades to your home.  

My final caveat?  Consult a Realtor before beginning to avoid over-improving for your neighborhood or area, and getting feedback on current trends in colors, finishes, etc.  This is particularly important if you’re making changes just before selling because you want to appeal to what today’s buyers are looking for!!
As always, I’d love to hear your thoughts…

  

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