The Ins And Outs Of Upgrades – How To Make The Most Of Home Improvement

Tanya Mayer - 31 Aug 20

The breakout of the COVID-19 pandemic has plunged us into the economic crisis and the housing market is not an exception. While it’s not the perfect time to sell your home, it’s definitely the best time to make use of the downtime and make some home improvements that will increase the value when the selling time comes. 

In a down market, many home improvements won’t add the value needed to recoup the expenses. On the other hand, certain projects will have a significant impact. So we’ll give you a hint of where to invest and what to avoid.

The Plumbing

Maybe the plumbing is not the first thing you think about, but it’s one of the first things the buyers will look into. Their biggest fear is to be faced with expensive repairs right away, and leaky valves not only require costly repairs but can also lead to potential health problems as they’ll create optimum growing conditions for hazardous mildew and mold. The best thing to do is to switch to ball valves as their sturdiness and far better flow rates will significantly reduce potential damaging bursts and leaks.

Energy Consumption

Right after the fear of costly repairs comes the fear of high electricity bills. Heating and cooling take a large portion of that, and energy-efficient windows will save a lot of money. You could recoup up to 90% of your costs, especially with the 10-percent green energy tax credit.

To make the most out of this investment make sure you seal even the smallest cracks around the house.  Any place you feel a cold spot or draft means there’s an air leak that needs to be sealed.

What you certainly shouldn’t do is equip your home with fancy appliances that will immediately raise the electricity costs. Instead, replace your old appliances with Energy Star ones.  Besides the fact they use much less energy, they’re also better for the environment. The same thing goes for CFL or LED bulbs that emit less heat and use 75% less energy than incandescent ones.

Outdoor Area

In these social distancing times, yards are like a personal oasis. Curb appeal has always been one of the crucial factors for making the sale, but today buyers appreciate cozy outdoor living areas more than ever.

But don’t make the mistake of going for expensive landscaping. Well-placed small trees and shrubbery combined with a well-kept lawn are all you need to make your yard inviting. Adding a deck is a perfect cherry on top, and you can save money by going DIY for this one as you certainly have time on your hands.

Kitchen

As the heart of every home, kitchen remodel will definitely add value to any home. Nevertheless, deluxe kitchens are not what the buyers are looking for today, so don’t go overboard. Instead of replacing the cabinets, simply swap the hardware and you already have a dramatic uplift. After that, you can freshen up the surfaces and eventually add an island to enhance the appeal even further. 

Bathroom

Bathrooms boost the overall impression in a similar way that a kitchen does, and you can do a fresh remodel on a budget. Nevertheless, it’s always better to invest some additional cash into a new spacious bathtub than into the in-ground swimming pool, which would definitely be a mistake. Swimming pool means a lot of maintenance and installing it raises homeowner’s insurance and energy costs. Besides, families with small children wouldn’t want to buy a home with a pool even if there wasn’t a financial crisis going on.

Roof?

This one is a double-edged sword. A replaced roof is a valuable feature to add to your listing but at this point, it is not likely that will allow you to raise the sale price. On the other hand, all roofs need to be replaced eventually. Waiting for too long could result in mildew stains, mold, and ruined walls. That’s how you end up with the buyer’s biggest fear again – costly repairs right at the start. We’d say that this one depends on the current state of your roof as there’s no guarantee of added value,  but there’s no denying that a new roof will help you stay competitive in the market. 

When it comes to the housing market today, it is much more about practicality and cost-efficiency then luxury. This is why the best way to go is smaller upgrades that add character and comfort, with the focus on energy efficiency.

Tanya Mayer

View profile for posts, events and more info