When remodeling a house, you should always consider how your investments will affect your home’s property value. Every upgrade you give your house will increase its property value to a certain degree, but some projects will boost your sticker price more significantly (and permanently) than others. Here are three investments that are sure to add long-lasting value to your real estate investment:
- Lay some wood. Hardwood floors might not be as cheap as carpeting, but they’re an investment you’ll be glad you made. Not only are hardwood floors more appealing to buyers than carpeting, they’re more resilient and easier to maintain. A well made wood floor can even outlast your house itself and is sure to add thousands of dollars to your property value.
- Stir up a new kitchen. A kitchen is a home’s command center and remodeling the one in your real estate investment will increase your property value dramatically. You don’t need to go big on this project, since modestly upgraded kitchens recoup more of their value than lavishly decked out ones, but you should try to maximize your kitchen’s aesthetic appeal as much as your budget allows. Try installing stainless steel appliances, contemporary faucets and, if you have the space, an island.
- Open a door. Believe it or not, new entry doors are the best way to raise your property value for the price. Installing a $1,000 steel door to the outside will boost up your real estate investment’s sticker price by $1,500, so if you’re selling a home this season make sure to upgrade all of your exits.
The best investments to increase your long-term property value are the ones that last the longest themselves. Steel doors, wood floors and new countertops will last for lifetimes after they’re installed and that’s a major selling point for buyers. Pro tip: look for upgrades that come with warranties that can be transferred to the new owner.