People buy homes for many reasons: they want to live in a specific location, they need more space for their rapidly expanding families, or they just want a place to call their own, a place they can remodel, customize, and decorate in their own personal styles. Another huge reason people tend to purchase homes is the investment value. A home is often a great investment because instead of throwing money into rent payments every month, you can work toward paying off your home or ultimately resell the property to get some money back.
If you’ve purchased a home for its investment value, there are a few things to know regarding which features have the most resell value and which ones do not. Some of them may surprise you.
The Three Most Profitable Home Improvements
First, if you definitely want to get money back from your home, consider remodeling the kitchen, if nothing else. Because the kitchen is often the most important aspect of a home for potential buyers, making sure yours is attractive, modern, and functioning smoothly is a must. In fact, a nice kitchen is so important that people often turn homes down because they don’t want to deal with a major kitchen overhaul.
Another often overlooked home improvement is a fire place. Whether your home is a modest split-level in the suburbs or a celeb-status mansion in the Hollywood hills, a fire place can have a huge impact on the impressions potential buyers have of your home. It’s cozy, inviting, and offers plenty of customizable potential.
Finally, the third best place you can invest in your home is your front yard. Curb appeal is responsible for buyers’ first impressions of your property, so having a well-manicured yard, a trimmed garden, and fresh paint on the exterior of your house is extremely important for boosting the value of your home.
Three Home Improvements That Don’t Offer Much Return
Three surprising home improvements that don’t actually promise a higher resell value of a home? Swimming pools, greenhouses, and skylights. These home improvements are not only time-consuming and expensive, but they don’t even guarantee a better value for your home.
And even if you’re not planning to sell your home anytime in the near future, these top three home improvements will not only increase the value, they will also improve the look and feel of your home for your benefit–and that’s just as important.