As the market slowly cools off, California homeowners are more interested than ever in finding ways to make sure their properties resell for as much as possible. However, choosing between the many potential renovations makes moving forward with your remodeling and home sale overwhelming.
What type of renovations is the best for increasing home resale value? Today, learn how to renovate in intelligent, efficient ways that will help you get more money back as you put your home on the market.
Here at GreatBuildz, we speak with clients every day who are planning a home remodel in Los Angeles, Orange, Ventura & San Diego Counties. GreatBuildz is a free service that connects homeowners with reliable, pre-screened remodel contractors, then provides ongoing project support to ensure a stress-free experience.
#1: Upgrade The Outdoors
Curb appeal cannot be understated, and buyers in California want to have a group area to come home to. This includes the front yard, back yard, any patio space, and even the driveway. If any of these structures need serious renovation or repair, consider prioritizing this area to increase home value.
Driveways, in particular, can add a lot of value. This is particularly true if you have an unpaved driveway or can expand the driveway to be wider. These will not only add value, but they will also attract attention.
Another addition that can make a huge difference in many parts of California is an outdoor living area, such as a deck or patio. Homeowners have found that they get nearly 100% back on this investment, so it can be a great way to enjoy the outdoors and then increase your resale value down the line.
When doing large landscaping and paving projects, however, keep in mind that you should not DIY these renovations unless you have experience with these projects. Hiring a professional to lead with these tasks will be more expensive, but the end results will be far more successful.
#2: Consider The Kitchen
When buyers are browsing the California real estate market, many are seeking stunning kitchens with amazing details. If your home doesn’t have this yet, upgrading the kitchen is one of the best renovations that you can do.
That being said, kitchen remodels can be incredibly expensive. In Southern California, the average remodeling typically costs at least $30k, with most remodels coming in closer to $60 or $70k.
Still, you should also remember that the return on investment can be huge. Some sellers that renovated their kitchen before selling found that their home resale value rose by more than $80,000 after a kitchen remodel, and they even got multiple offers.
If comparable properties in your area have renovated kitchens, this will be a must if you want to increase your listing price. If properties do not have renovated kitchens, this might be a great time to stand out.
To cut back on costs, consider only renovating part of the kitchen, especially if your kitchen is already partially updated. You can spend less than $20,000 on renovations if you only update one or two of the following:
- Lighting and fixtures
#3: Add Floor Space
In California, the biggest premium is often space. Adding floor space is a fantastic way to increase home value, but it is also very costly. Renovations like adding another floor or adding another room to your home are going to create a large bill, but they will also create a large return.
Many one-story homes in California can add a second floor, but most people won’t consider this project. If you’re serious about increasing how much you can get for your home, however, adding another floor is going to be one of the most effective ways to get a lot more back on your original home investment.
#4: Add a Fireplace
Many buyers are looking for homes that have charming and warm fireplaces in their homes, and they’re not always a common feature. Depending on the layout of your home, it can cost just a few thousand dollars to do this renovation.
Even though the investment is small, the return that you might see when reselling is huge. Plus, it will help your home stand out from others that don’t have comparable features. This is a definite must if comparable homes in your area all have fireplaces. Without one, you might miss out on great potential buyers.
Consider your budget when choosing between these renovations. It’s OK if you cannot take on a huge renovation project. Even small investments can double back the money you earn at resale, so think logically as you plan your next steps.
Not sure how to find a remodeling contractor in Southern California? Let GreatBuildz help streamline your renovation experience—we’ll connect you with screened and dependable home remodel contractors in Los Angeles, Orange County, Ventura, and San Diego. We’ll also give you project support so you can turn your inspiration into reality.
Call now (818.317.3567) to chat with a real person about your next renovation project or visit our website for more information: www.greatbuildz.com