Are you wondering what home improvements increase value? The answer is bathroom and kitchen upgrades. Remodeling your bathrooms and kitchen can yield high returns if you're looking to sell your home in the future. These spaces tend to attract the most attention from potential buyers, and you can leave a lasting impression by improving them before selling.
In this guide, we cover the variables that affect property value, how you can increase your home's value and why investing in cabinet resurfacing may be your go-to option for creating a space homebuyers love.
WHAT CAUSES PROPERTY VALUE TO INCREASE?
The value of your home can increase or decrease depending on several factors, including the following:
1. SUPPLY AND DEMAND
When the demand for homes is greater than the number of homes for sale, house prices will increase due to scarcity. On the contrary, when supply is higher than demand, prices are likely to drop because homebuyers have more options.
Different factors can cause an increase in demand, such as location. For example, if the neighborhood is safe, conveniently located and ideal for raising a family, many people will be interested in living there. That partially explains why properties in some communities cost more than others.
While there are some aspects of demand and the housing market you can't control, others are within your reach as a homeowner. For example, your home's appearance can heighten people's interest in your property, which increases its value.
2. ECONOMY AND POLITICS
The economy's strength impacts your home's value. As purchasing power increases, more people enter the real estate market, causing demand to increase. When demand rises, real estate prices can shoot up, especially when supply is low.
Similarly, government actions can affect real estate prices, whether deliberately or inadvertently. For example, when the government passes a law to lower loan interest rates and provide more tax incentives related to buying a home, demand for real estate — and prices — can increase.
3. REAL ESTATE COMPETITION
A price boost for similar properties in your neighborhood can cause your property's value to grow, too. This factor depends on comparable features like the age of the property, the size of the land, the materials used in constructing the property and the overall condition of the building. If your real estate agent notices comparable properties in your area are becoming more valuable, they may value your home just as highly.
4. UPGRADES AND REMODELING
Home remodeling and upgrades can boost your property's resale value and marketability. That explains why many property owners renovate their homes before putting them on the market. Houses with modern, quality and functional features attract more buyers, who are much likelier to make higher offers.
Home improvement must be strategic if you want to increase your return on investment (ROI). You must assess which areas need the most attention and direct your funds there. You may be tempted to put your own personal touch on the changes you make, but if you're only remodeling to sell your home, you should opt for timeless design choices that appeal to most buyers.
HOW TO INCREASE YOUR HOME'S VALUE
There are many ways to increase your home's resale value. Of course, you can renovate or remodel the entire property, but you can take other, more minimal steps, too. You must be strategic in your decisions and investments to get value for your money. Here are four tips to consider:
1. CLEAN AND DECLUTTER
Clean properties attract many people. You can be confident talking to potential buyers because you know the property is well cared for. Maintaining your home also reduces wear and tear, and you can sell your home knowing that you've kept important features in the best condition possible.
Decluttering your home lets you identify broken items so you can fix them before they escalate. Additionally, decluttering your home makes it attractive to buyers. People like to envision their own belongings in homes for sale, and you can help them use their imaginations by keeping your house decluttered.
2. EXPAND THE USABLE SPACE
Expanding your home's usable space can increase its resale value. The reason is simple — the more livable square feet you have on your property, the higher its value will likely be. For example, a property with a large garage and spacious bathrooms will most likely cost more than a smaller one in the neighborhood.
You can create more usable space by converting unused areas on your property into functional units. For example, you may be able to turn the unused area above your garage into an accessory dwelling unit. If you have available backyard space, you may want to extend your home outward with an addition.
3. INVEST IN ENERGY EFFICIENCY
Energy efficiency affects almost every aspect of our lives, including the value of real estate properties. According to Energy Star, most energy-efficient homes have sale and resale price premiums ranging from 2% to 8% in most markets.Â
Energy-saving systems appeal to most home buyers because they reduce utility bills and increase long-term savings. There are many ways to make your home more energy efficient. For instance, you can install solar panels to supplement or replace traditional electricity sources. You can also insulate the property and install energy-efficient appliances.
4. UPGRADE YOUR KITCHEN AND BATHROOMS
Investing in your kitchen and bathroom makes financial sense if you want to increase your home's resale value. There are two essential points to consider when planning your kitchen and bathroom upgrades — aesthetics and functionality.
Choose a design that appeals to most people. Use simple but quality materials that match seamlessly. Creating a uniform layout makes the space comfortable and exciting.
Regarding functionality, think about the primary purpose of the space. Invest in modern kitchen appliances and ensure your bathroom is well-ventilated. Most importantly, build storage units for all your items. Having a kitchen and bathroom with enough storage space is a dream for any homeowner.
WHAT IS THE IMPACT OF CABINETS ON HOME VALUE?
High-quality and well-designed cabinets are desirable to most homebuyers. They bring your bathroom and kitchen to life and help you organize your space. Let's dive deeper into why cabinets are great investments for your home:
1. USEFULNESS
Functional cabinets add value to your home. They optimize organization and storage, helping you keep the space tidy. Potential buyers also value cabinetry in bathrooms and kitchens because it makes the area useful, accessible and safe.
2. LASTING IMPRESSION
In a competitive real estate market, it's crucial to leave a lasting impression on the minds of potential buyers. Cabinets can help you achieve that.Â
Cabinets complement your home's overall design and make your home feel unique and well-built. Kitchen cabinets made with high-quality materials tend to attract the most sophisticated buyers and increase your property's resale value.
Besides purchasing durable materials, aim to create a cohesive look throughout your home by choosing cabinet features that work with the overall architectural style. For example, if you own a contemporary home, you might opt for a sleek and minimalist cabinet design. It's best to research and find a professional with customizable options.
3. LONG-TERM INVESTMENT
Quality kitchen and bathroom cabinets are long-term investments. They can withstand years of use, forming part of the property for a long time. Most potential homebuyers pay special attention to the cabinets' condition because it influences the perceived value of the property.
Additionally, kitchen and bathroom cabinets offer notable cost savings, although they require an upfront investment. The trick is to prioritize durability, even if it costs you slightly more. Replacing inferior products can be expensive in the long run. Choosing the best cabinets saves you money, time and effort.
4. CUSTOMIZABILITY
Cabinets are one of the most easily customizable features in your home. You can redesign them as you please with relatively little effort. You can choose whichever color drawer doors and fronts you want or change the designs without causing significant damage to the rest of the space.
KITCHEN AND BATHROOM CABINET TIPS TO IMPROVE HOME RESALE VALUE
Upgrading kitchen and bathroom cabinets is straightforward but can generate notable ROI and help improve your home's resale value. However, it's essential to plan your cabinet remodeling, taking note of changes to make for the best impact. Here are four points to consider:
1. UPGRADE YOUR KITCHEN CABINET DOORS
Have you ever walked into a kitchen and immediately felt like it was built decades ago? That primarily comes down to the design. A kitchen's layout and features impact the ambiance. Fortunately, you can change that starting with the cabinet doors.
Upgrading your kitchen doors can save you time and money while still having a major impact on the space's look and functionality. For example, installing slab doors on your cabinets can give your kitchen a sleek, modern and minimalist feel. For a more traditional look, you can opt for mullion custom cabinet doors featuring wooden bars with large window panes. These installations can make your home look and feel expensive.
2. UPGRADE YOUR BATHROOM CABINET DOORS
Just like kitchen cabinets, bathroom drawers impact the room's overall appearance. The difference is that bathrooms are smaller. Therefore, you must pay attention to the intricate details to ensure your choices yield the highest possible returns. There are many bathroom cabinet door upgrades to choose from, but here are two reliable options:
-
Thermofoil doors: These are made of a vinyl-like laminate material and feature a smooth surface. They are easy to clean, versatile and affordable and are ideal for both traditional and modern bathrooms.
-
Glass-paned doors:Â Glass-paned doors are timeless. They fit almost any bathroom design and appeal to many people. Additionally, there are multiple wood options available, allowing you to personalize your space even more.
3. REPLACE YOUR DRAWER BOXES
It's best when the drawer doors match the drawer boxes. This setup makes your kitchen and bathroom design look uniform and put together. Also, if potential buyers open the drawers and realize that drawer boxes are out of shape, it can leave a bad impression, possibly leading them to look more critically at the craftsmanship of the rest of your property.
There are functional benefits of replacing your drawer boxes, too. Drawer boxes enable you to create practical storage compartments. They help store valuables and conceal delicate items. For families with children, it's an excellent way to hide harmful objects.
4. INVEST IN DRAWER FRONTS AND HARDWARE
It's impractical to leave drawer fronts out of the equation when considering cabinet refacing. Like drawer boxes, they must correspond with the rest of the cabinet for consistency. Drawer fronts are available in many styles, materials and finishes and are easy to install.
In addition to the drawer fronts, you can choose different hardware for your kitchen and bathroom cabinets. Quality hardware like hinges, knobs and pulls can increase your cabinets' life span. Paying attention to such details can increase your home's resale value.
BOOST YOUR HOME'S VALUE WITH CABINET DOORS 'N' MORE
Are you looking for a way to boost your home's value without taking on a substantial project or using up most of your budget? Consider changing up your home's cabinets with new features, like doors and hardware. This remodeling option is much more cost-effective than completely redoing your kitchen or bathrooms and is still highly impactful. Upgrading the appearance of your cabinets can make your home stand out whenever you decide to put it on the market.
Cabinet Doors ‘N’ More is the number one cabinet refacing company in the country. We offer various drawer doors, fronts and boxes to give your cabinets a new look and feel. We also have accessories to help boost your cabinets' functionality and design. Ordering from us is easy — check out our guide to measuring your cabinets properly so you can select the perfect options.
Shop our selection of products today so you can begin transforming your home.
