When you're doing home improvements, one of the things that will be on your mind is increasing the resale value. Although a home is usually a long-term investment, it's always important to consider the possibility that you may be putting it up for sale at some point in the future. Therefore, any improvements you make to the house should also have an impact on the resale value.
However, not every improvement you want to make will increase the value of the home. In some cases, buyers will not be willing to shell out the extra amount brought on by the improvements.
Can Appliances Raise Your House Value?
New appliances can cause the value of your house to appreciate. However, this doesn't happen all the time. In some cases, the value added to your home will be insignificant. However, in more extreme cases, new appliances could even dissuade buyers.
Although homeowners may like the idea of new appliances in their houses, they often have other considerations such as their budgets and the value of comparable homes in the neighborhood. Before buying new appliances, you should do some research to find out what buyers expect from houses in the same market.
Smart Investment in Appliances
The cost of appliances varies widely depending on what you're going for. Premium brands will cost you a pretty penny while store brands can offer you good value in an inexpensive package.
When buying appliances with the view of impacting your home's value, the important question to ask yourself is what buyers will expect. In a high-end market in Los Angeles, buyers will want a home that is ready for them to move into, stocked with the latest appliances with top-of-the-line finishes. However, there are other markets where they don't even expect to find a budget washer/dryer.
In the first case, buying new premium appliances can be a good idea. However, in the second scenario, it's unlikely to make buyers pay extra.
Repair Old Appliances
Instead of rushing to buy new appliances, you can instead consider appliance repair instead. If you have an appliance that is still in relatively good working condition but has a few issues, you can easily have these checked out. You can even give these appliances a facelift to make them match the décor or give them a premium look. Or, if just one part is broken, you might be able to order appliance replacement parts and fix it yourself. This can give you a decent boost in your home value without costing too much.