WHICH HOME UPDATES ACTUALLY INCREASE PARK CITY PROPERTY VALUE?
When it comes to adding value to your Park City home, there are a lot of myths and half-truths out there. To help you separate the wheat from the chaff, we've put together a list of home updates that actually have been shown to increase Park City property value.
1. KITCHEN UPGRADES
If you're looking for a surefire way to increase your home's value, then look no further than the kitchen. After all, the kitchen is often considered the heart of the home, and potential buyers are always on the lookout for a well-designed, functional kitchen. But what exactly should you do to upgrade your kitchen?
One of the most effective ways to add value to your kitchen is by doing a full renovation. This might seem like a daunting and expensive task, but if you're strategic about it, you can get a lot of bang for your buck. Focus on cosmetic changes that will appeal to potential buyers, such as new countertops, backsplashes, cabinet hardware, and appliances. Remember many homes in Park City have traditional brown colors, which is very common in the mountains. Many new buyers may not be as attracted to the mountain-vibes.
Even if you don't have the budget for a complete renovation, there are still some relatively inexpensive changes you can make that will pay off at resale. For example, painting your kitchen cabinets or installing new ones entirely can give your kitchen an entirely new look without breaking the bank.
2. BATHROOM UPGRADES
Like kitchens, bathrooms are another area of the home where potential buyers tend to focus their attention—so it's no surprise that updates made here can also lead to a big return on investment.
When updating your bathroom (or bathrooms), again, it's important to focus on changes that will appeal to buyers. That means avoiding any drastic or unique changes in favor of more timeless choices. Some bathroom upgrades that tend to pay off include adding or updating tile work, installing new toilets and vanities, and painting or re-staining cabinets. If you have the space and the budget, consider adding an extra bathroom—as this is always a major selling point for potential buyers. Again, if your home has that rustic, cabin-like feel, when upgrading the bathroom consider a more mountain-modern look to attract today’s Park City home buyers.
3. FLOORING UPDATES
This one might come as a surprise, but installing new flooring—particularly hardwood floors—can also lead to a significant return on investment when it's time to sell your home. Buyers are always looking for homes with hardwood floors because they're easy to maintain and lend an air of sophistication and luxury. If you don't have hardwood floors already, installing them could be worth your while come resale time—just be sure not to overspend in the process. There's no need to go for top-of-the-line materials when more modest options will suffice. LVP can suffice and offers many options for hardwood-looking materials that can go well in Park City rental properties as they can handle spills and wear and tear.
4. PAINTING & WALLPAPER UPDATES
Wallpaper has made something of a comeback in recent years as more homeowners embrace bolder design choices; however, when it comes time to sell, it's best to stick with classic paint colors that will appeal to a wider range of buyers. That being said, if you do want to add wallpaper accents or other special touches throughout your home, just be sure not to go overboard—a little goes a long way when it comes to wallpaper! It’s easy to overdo the mountain feel in Park City homes, so if you already have wallpaper and/or art that feels like it’s too much, it probably is. The same rule applies to paint colors: choose neutrals that will complement any design aesthetic instead of colors that are too bold or specific.
SOME OTHER THINGS YOU CAN DO TO ADD VALUE TO YOUR PARK CITY HOME
- Updating light fixtures & hardware
- Adding more closet space
- Adding a bathroom or half bathroom
- Creating a laundry room instead of just a laundry closet
- Finishing basement/attic space
- Adding/updating landscaping
- Adding a deck, porch, or patio
- Increasing curb appeal with a new roof or windows
- Routine maintenance like HVAC tuneups, gutter cleaning, etc.
- Improvements for accessibility like wider doorways or stair lifts
- Making your home more “green” with solar panels or energy-efficient appliances/windows/insulation
- Installing a swimming pool or hot tub
- Removing the mountain-cabin aesthetic (think about those large wooden beams, wallpaper and art with bears, moose, etc, and very dark browns, reds and greens.