Renovations May Boost Your Home’s Resale Value

Do you know what your home is worth? Not what you paid for it, but how much you could get for it if you sold it on the open market right now?

If you haven’t done much to improve it over the years, that figure may be lower than you think. Right now, it’s a buyer’s market in most places. That means there are more people selling their homes than there are people buying them. As a result, unimproved homes are at a distinct disadvantage in the marketplace.

But there’s an easy solution for that. All you need to do is upgrade your bathroom, your kitchen, or other areas of your home and your home’s value can instantly increase — in some cases more than the cost of the renovation.

Home Value

In general, property values always go up over time. So if you have lived in your home for 10, 20, or even 30 years or more, you likely will be able to sell it for a lot more than you paid for it. But if you haven’t upgraded your bathroom or kitchen since you moved in, your house probably is outdated in the eyes of potential buyers.

Remodeling parts of your home is a selling point. An upgraded kitchen or bathroom is a feature realtors can point to as an advantage to buyers. So your home often sells faster and at a higher price.

Mr. Kitchen

Kitchen and bathroom renovations are often a good investment in your future. Even if you aren’t planning on moving anytime soon, you and your family can reap the benefits of an upgraded kitchen or bathroom while you continue to live in the house.

Then when you finally are ready to sell, you can have peace of mind that you will get full value for your property, as well as more money to purchase your next home.