People spend thousands of dollars on home renovations but are sometimes unable to recoup the costs when selling their property. We understand why you would redo your living room if you’re going to stay in your home for more than five years, but if you’re looking to sell your home, it’s typically not a good investment. But keep in mind that most renovations don’t provide a 100% return on investment.
This reality may be deceptive in the Austin market, where home prices have increased around 40% in some areas since the start of 2020. Real estate is hot in Capital City, and there are ways you can get the best value for your dollar when making home improvements.
Here are some home renovations tips that can increase the resale value of your home:
Focus on Curb Appeal
Your home’s curb appeal is its most significant selling point. The first impression of your property determines its value. Renovating your home’s exterior can add thousands of dollars in value to your property. From fixing your driveway to replacing your old front door, there are plenty of ways to boost your property’s curb appeal.
Adding a fresh coat of paint to your home can also beautify your property and make it feel more attractive and welcoming. Focus on landscaping by clearing your lawn space and transforming your front yard into a beautiful, gorgeous space complete with colorful flowers and thick shrubs. Just make sure to keep low-maintenance beds that don’t require constant care.
Open Floor Layout
The interior space is one of the key factors that affects your property’s value. Modern home buyers find homes with open floor plans more desirable than ones with traditional designs. Cramped, dark spaces can make your property look small and dated. Consider knocking down some walls to improve your space and increase its appeal.
An open floor layout will also allow more natural light inside the property, making it look brighter and more welcoming. You may also consider adding larger windows or picture windows without panes to brighten up rooms with natural lighting. Walls divide a home’s interior and make it seem smaller, while having fewer walls creates a sense of space. You can reconfigure accessories and furnishings to create different room layouts.
Utilize The Outdoor Space
One of the best renovation projects to create appeal is making the outdoor space more functional. You can add a beautiful patio, lounge area, and firepit—even an outdoor kitchen.
Make your outdoor space as comfortable and stylish as your inside living room. From a mini bar to an outdoor cinema space, there are endless ideas for you to explore, depending on your lifestyle and preferences. Want to go the extra mile? Create a small outdoor kitchen with a BBQ grill. It will create a functional place for hosting parties.
While an outdoor living space can serve as a wonderful place to unwind if you plan on living in your home for a while, it typically isn’t worth the cost if you plan on selling your home. That said, in an exuberant real estate market, people are paying above market prices anyway—many of them cash. And if you can renovate something to add a perceived value to your home, people will pay almost whatever you want.
Let Freccia Group help you renovate your home in Central Texas. Our remodeling professionals will update your old house and make it uniquely yours or help you increase its resale value. Visit our website to check out our portfolio. Call (512) 410-1342 to get started today.