Many people think that putting money into a house automatically will increase the value no matter what it is. This is not exactly the case. To maximise your profit margin you need to think of potential buyers down the road. What will they be looking for in a home? Sometimes a style that you fall in love with is not going to be what the average home buyer is looking for. Here are a few examples of what will increase the value of your home and what will possibly drive buyers away.
Increase: Updated kitchen. The most sought after colour for a kitchen is white. White is a fresh colour that is welcoming and will also make the space feel bigger. A close second for colour in a kitchen is a rich dark brown. Granite or quartz countertops are also going to add value to your home especially when used throughout the house including bathrooms. Just remember to keep it a neutral colour!
Not Increase: Putting in a pool. Unfortunately, this will either persuade buyers to choose your home or look past it. Pools can be very difficult to keep up and for that reason many people do not want a pool. However, many people will also love the idea of a pool so it’s really a 50/50 situation.
Increase: Finished Basement. Having a finished basement will increase the value exponentially, especially if you add a bedroom and bathroom. Extra living space=more money.
Not Increase: Taking out a bedroom to make a larger master retreat. If you make a 4 bedroom house into a 3 bedroom, you limit your profit margin by a lot. A 4 bedroom home is worth more to buyers than a 3 bedroom.
Increase: Hardwood. Exchanging carpet for hardwood will almost always bring more profit. Just make sure it’s a neutral colour that is easy to have incorporated into the home. Try visiting model homes to see what flooring is most popular and how to decorate with furnishings after it has been laid down.
Not Increase: Harsh, vibrant, or busy walls. Most people won’t even agree to a showing if they see that the walls have crazy colours or busy wallpaper throughout the pictures online when selling. Neutrals again are very important here. Wallpaper is still very popular right now so it can be appealing, just remember to use it sparingly, like on an accent wall as apposed to an entire room.
