I think it’s fair to say that almost everyone would like their home to be worth more in the future than they paid for it. Historically, real estate as an investment is one of the most sound and reliable forms of putting your money to work. I’ve renovated my own homes I live in; I’ve fixed up old homes to put back on the market and sell, and I’ve helped hundreds of people develop a strategy to list their properties for sale and get the highest return. Here are the top three things I believe will get the most bang for their buck when trying to increase your home’s value.
The easiest, quickest, and cheapest thing you can do to bring a home back to life is paint and light fixtures. Nothing makes a home shine like fresh wall and trim paint mixed with stylish fixtures throughout. It will completely change the look and feel of a dated property. Also, the good news is it’s fairly cheap on the grand scale of home improvement items and you can often just do it yourself. There are now hundreds of affordable light fixtures available online that can also make a huge design impact on the house for potential buyers to drool over.
Secondly, kitchens and bathrooms reign supreme when it comes to increasing your home’s marketability and value. A full kitchen or bathroom gut job can make a tired property feel like new construction with charm. This isn’t the cheapest investment, but it will be a smart one. Even just changing the backsplash or countertops along with faucet fixtures can overhaul the vibe of the entire home.
Lastly, the big one is adding square footage. This is by far the most expensive option because it often requires adding on with new construction or converting a garage or basement into livable space, which can be costly and very involved. You’ll need a pro for this. However, nothing else has the dollar-for-dollar impact as adding square footage when it comes to resale value. When you embark on this kind of project, you also get a chance to add special features like a walk-in closet or a butler’s pantry if you live in an older home where those things just didn’t exist mid-century.
Always put a lot of thought and love into the design, create something special that you don’t see every day on Zillow, and you’re likely to have a great investment outcome when it comes time to list.
Jacob Jones is a 16-year resident of East Nashville, a licensed Realtor, entrepreneur, and father.
