Homeowners, whether they have just moved into their residence or are long-time occupants, want a home that will increase in value over the long-term. Chances are, you’re going to be moving at some point in your lifetime (even if they “some point” is a distant future) and you want to ensure therefore that your home, your largest single investment, will net you a handsome amount.
But how does one go about increasing the value of a home in meaningful and long-term ways? You can’t just slap a coat of paint on and hope to yield a healthy return on investment. You also can’t get too ambitious and expect a good ROI: if, for example, you start spending tens of thousands of dollars breaking down walls, expanding rooms and underpinning your basement, in a neighbourhood whose houses max out at a certain value, you may be throwing money after a house that can’t possibly net you enough to cover the ROI.
If you want to get the best bang for your buck, experts recommend that you focus on the bathroom and kitchen. Why, you might wonder? Let’s take a closer look.
Why the Bathroom and Kitchen?
Put simply, these two rooms are the “highest traffic” rooms in the house – while the bedroom may lodge you overnight, the bathroom and kitchen see the most movement and activity. It is for this reason that appraisers will often look first at the state of the kitchen and bathroom first. Buyers show a particular interest in these rooms, and if they are drably modeled, or their appliances and plumbing are out-of-date, the entire house’s appeal suffers.
Luckily, bathroom and kitchen projects don’t have to be large scale to be effective – another reason experts recommend them to homeowners looking for both a quick boost to resale value and a long-term investment into property value.
High ROI Projects
Whatever you do within these two rooms, you need a licensed master plumber to help. Too many homeowners think they can take plumbing on as a DIY project, only to find that they have installed fixtures and pipes incorrectly, used the wrong traps, or generally failed to consider a massive consequence. You can sink a good deal of money into a DIY renovation only to find that you have made matters worse, and costlier.
Consult with a plumber about upgrading common appliances, like sinks, bathtub and toilet. Aim for something modern and, preferably, “low-flow”: a young generation of eco-conscious, water-conscious homeowners are more likely to respond well to these appliances. As for aesthetics, a little goes a long way – replacing the laminated countertops with stone, updating shelves, adding hardwood flooring, etc. will greatly improve your home’s appeal.
For a larger project, you may want to have your plumber look into issues of water pressure; if your pressure is low, it may be because the inside diameter of your pipes is too small.