Best Home Improvements To Increase Resale Value
AdvertisementBest Home Improvements To Increase Resale Value – Yesterday on Housecall, we discussed ways to increase the value of your home with interior decor. Today, we’re talking about what you can do
Curb appeal is everything to selling your home, and that means the exterior of your home needs to be in tip-top shape. In fact, 71% of home buyers say that a home’s curb appeal is an important factor in their purchase decision. This infographic from LawnStarter shows seven exterior improvements that will increase resale value and help sell your home even faster:
Best Home Improvements To Increase Resale Value
Believe it or not, a front door says a lot about you and your home. A quality front door can be a huge asset to your home’s value, and how safe your home feels when you enter it. Kelly Fallis of Remote Stylist says, “It’s the first thing a buyer walks through. Repaint or replace, that’s their first impression.” According to House Logic, a standard 20-gauge steel door can cost around $1,230, but it’s an investment. this can more than pay for itself in the value it adds to your home.A quality door replacement can bring you around 102 percent return, which makes for a great income.
Designers And Experts Share The Best Home Renovation Tips For Maximum Resale Value
More than 92 percent of home buyers use the Internet during the search process, which means a lot of eyes will be looking for photos of your home. You want to be able to show off your property in the best light possible for interested parties to take a closer look. According to Bankrate, a quality landscaping job has the potential to generate a whopping 252 percent return on home value. John Harris, a landscape economist, notes that an updated landscape can increase a home’s value by 28 percent and sell it 10-15 percent faster.
Most potential homeowners consider what they need to update or work on in the homes they look at. Repainting your home can be less stressful for the buyer because they know the job is fresh and adds to the look of the home. That being said, don’t go crazy with the color choices. Choose warm and attractive colors such as taupe, tan or white. “People often underestimate the impact of first impressions,” says James Alisch, Managing Director of WOW 1 DAY PAINTING. “The exterior paint job of a home has a lot to do with how potential buyers feel about a place.” You want to make sure potential buyers can see themselves inside your home, and having a neutral exterior color appeals to larger groups of buyers. If you feel the need to add brighter colors, make sure they are not overpowering and can work well with a neutral base. It’s best to consult your local home improvement store to discuss your options and budget.
The home automation industry is expanding faster than ever. Almost everyone has a mobile phone at all times; so adding wireless automation to your home could be the feature that sways a buyer. According to HomeAdvisor, the average cost of adding automation to your home is around $2,100. Clair Jones of LocalInternetService.com says, “Most smart locks are available for less than $250. For a small purchase cost, homeowners can expect a full return on their investment when they sell their home, and may be able to present their property as a ‘smart home.’ to have an opportunity, which is a hot market term today.” As with most tech products, price ranges can vary to make it cost-effective and break the bank; so measure your potential profitability before continuing with your REALTOR®.
Having a quality fence can significantly change the appearance and security of your home and property. Depending on where you live, fences are on average four to nine meters high and made of quality materials such as wood or stone. While chain link fencing is an option and can be safe, it won’t look good and won’t provide the privacy that a wood or stone wall would. The average cost of a wood fence is $2,450, but homeowners can expect a 100 percent return on the home’s updated value.
Will That Renovation Really Increase Your Home’s Value?
Replacing old single pane windows is a great way to add a level of security, modernize your home and help lower your energy costs. According to Energy Star, you can save $125 to $465 a year on your energy bill. While you won’t recoup the full cost of new windows when you sell your home, many potential buyers will appreciate the added energy savings. New windows are a great way to breathe new life into your home without a lot of changes, and they can help entice buyers to choose your home.
Pressure washing is the best bang for your buck to rejuvenate your home’s exterior. Many people don’t realize how dirty their driveways and walkways are until they start pressure cleaning the surfaces and seeing the difference. Bob Vila says, “If the paint is still in good shape, a light pressure wash will brighten it up and make visitors feel welcome.” For a low average price of $236 (maybe more depending on lot and home size), you can de-stress your home and property. Plus, you can rent a machine at almost any home improvement store and make it a weekend project for yourself. From the perspective of the real estate industry, the condition of a property can be classified into four categories: poor, fair, good and excellent. . Whenever you’re considering a home renovation, don’t forget to ask yourself these questions first: “Do I consider the condition of my home to be in ‘good’ condition?”, and “What will this update do to the value?”
Even if you can’t see yourself moving in the near future, home improvements have an impact on your home’s value and appraisal. And the reality is that not every remodeling project or renovation will increase the value of your home enough to recoup the full cost of the improvements. In some cases, while it will bring great satisfaction to you and your family, a renovation may not increase the value of your property and may even decrease it when it’s time to sell.
With the help of statistics from Remodeling magazine’s 2020 Cost and Value Report, we’ve listed the significant improvements that increase the value of a home:
Addition Home Improvement To Increase Value
Since the kitchen is considered the heart of the home, updating this space generally pays off. A small kitchen remodel costs an average of over $23,000 and recoups about 78% of your spend on resale, compared to a high-end one that has a lower return on investment. It’s a key money saver and also the best option if your space just needs a cosmetic update.
For example, applying a fresh coat of paint can go a long way in updating the look of your kitchen. Consider using low VOC paint to be eco-friendly. Other projects might include replacing the cabinet fronts with an updated style and adding lighting to brighten up the countertops. Plus, small, inexpensive upgrades like adding drawer pulls, cabinet pulls, and faucets can easily add a modern touch to a room, but can have a big impact come sale time.
A mid-range bath remodel can recoup 64% on resale. And just like the kitchen, you can give your bathroom a new look by changing the fixtures. Simple repairs like replacing light fixtures, removing outdated wall coverings, and replacing old shower doors can do the trick. To be more energy efficient, replace your old toilet with a low-flow model that uses less water with each flush.
But if your home has only one bathroom, you may want to spend the money to add a second bath or half bath rather than remodel an existing one. A new bathroom can not only improve the interior of your home, but also increase its value. It can be less expensive to convert any small or underutilized space, such as a closet, an under-stairs area, or an old laundry room, although it still depends on the items and accessories you’ll be using. However, a half bathroom is crucial in homes that don’t have a bathroom on the main level, especially in this special time when we need to keep germs from spreading in our home.
What Low Cost Home Improvements Should You Make Before Selling Your Home?
If you can remodel and use unused areas, such as your attic or basement, it’s a good way to increase value and add square footage to your home. You can choose to finish a basement and reinvent it into an entertainment bar, game room or second living room; turn attic space into a bedroom or children’s playground; or turn a closet into a home office, which is ideal for many professionals today.
That way, even if you plan to stay in the house for a few more years, you will enjoy the extra space and benefit your family. And when you’re ready to sell, having a versatile room that can be turned into anything will be a big draw for potential buyers.
Old single-pane windows and drafts are all the rage today
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