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Are you deciding between renovating your current house and finding a new one?
Rising interest rates have made some would-be buyers and sellers reconsider — and if you decide to stay put, you may want to modify your home to better fit your lifestyle.
You should base your renovation decisions on what will most enhance your comfort and enjoyment of the home, especially if you’re not planning to sell anytime soon. But it doesn’t hurt to also consider the potential return on investment (ROI) of your project. Here are six home updates that could also boost your home’s value.
Updated Flooring
You may just want to refinish hardwood floors, or you could swap one flooring material for another.
Outdoor Space
A new deck, patio or porch can add new living space to your house — especially if it’s enclosed or covered. It also enhances your backyard, offering a place to relax, enjoy a meal or entertain guests.
Kitchen Improvements
You don’t have to do a complete kitchen remodel to see a positive ROI. Smaller improvements such as cabinet refacing, new cabinet hardware, a granite countertop or new appliances can also boost the aesthetic of your kitchen and your home’s value.
Finished Basement
Do you need more space? You might be able to add living space to your home if you have a basement to finish. You could make it a bedroom, home office, playroom or gym — the options are nearly endless.
Energy-Efficient Upgrades
Installing solar panels, switching to an electric heat pump and replacing older windows can all save you money on utility costs while increasing your home’s value to future buyers.
Neutral Paint Colors
A fresh coat of paint gives the interior of your home an instant lift. A light, neutral color palette is the best choice for ROI because it appeals to the largest number of people.
Are you curious about how home improvements could impact your insurance policy? Get in touch today.
