When purchasing a home, it’s important to think about it as an investment, and something that will increase value over time. Obviously your home appreciates while you live in it, but there are ways to increase the value of your home based on upgrades and changes you make to it. Many homeowners, thanks to HGTV shows like “Fixer Upper” or “Flip or Flop,” are purchasing lower budget homes and upgrading them to get more of a return. What the shows don’t tell you are the exact upgrades and changes that may influence your home’s value the most. Before you make any changes to your home, you need to make a list and prioritize it from most important upgrades to least important. Easier said than done, right? Research, price it, and utilize remodel classes offered at Home Depot and Lowe’s. We will save you some time in doing research and share with you the changes and upgrades that increase your home’s value.
- Curb Appeal
Your home’s exterior is what homebuyers see first. Your home needs to be welcoming, attractive, and give a first great impression. Landscaping can be a bit pricey, but if done right can make a difference between selling your house, and not. Take a black and white picture of your house. What does it look like? Do you have enough trees or bushes? Removing color from a picture helps show the truth of what’s really going on in your landscaping. Set an example for your neighbors. The exterior of their homes also impact the value of your home. If they see you are taking care of your home, hopefully they will do the same!
Any realtor you speak with will tell you that the upgrade with the largest price tag on it is the kitchen! A little can go a long way when upgrading your kitchen. You can start off with a mini-remodel. Change up your paint color, or add a backsplash with some color. One of the biggest return on investments is updating your appliances. Appliances, matching appliances for that matter, stand out to the buyer as “updates” and something they won’t have to invest the time or money in updating once they purchase the home. Take advantage of sales and discounts occurring around holidays. Appliances may not make or break a transaction, but it may influence the amount a buyer is willing to pay for your home.
The second biggest update that can impact the value of your home is your bathroom. Your bathroom is the room that gets the most use, so this is an area you must maintain! One way to update your bathroom is to use an undermount sink. Before you start on your kitchen, you can use your bathroom to experiment with hardware and countertops. If you find a countertop you like, you can put it in the bathroom before putting it in the kitchen to make sure you really like the design. Wall mount lighting is another update that can increase your home’s value.
- Open Floor Layout
You know that wall you’ve always wanted to take down between your family room and kitchen? Everyone else wants it down too. Take it down. Open floor layout has become increasingly popular, especially among younger homebuyers so estimate the cost and just do it already!
- Window Replacement
When homebuyers are looking at your home before purchasing, they are comparing how much your home is to the estimated amount they will need to pay in upgrades. Windows are included in this estimation. If you can replace your windows, this can be a huge selling point for buyers and can increase your home’s value. It will also save you money on your bills and something you can take advantage of while living in your home.
- Finished Basement
Believe it or not, a finished basement can go a LONG way. When home buyers are looking at the price and all they can get for that price point, a finished basement can make all the difference, even if it’s partially finished. Home buyers view the basement as an additional living space that they can spend time in. Many times, the unfinished basement can break the deal.
Flooring doesn’t have to be an expensive project. There are many inexpensive floor options such as luxury vinyl and laminate that can make a HUGE difference in the way your home looks. The floor is one of the first things home buyers look at when they walk through the door. They also look to make sure the flooring flows smoothly from room to room. If you have different types of flooring throughout the home, it would be wise to consider how you can get it matching!
Although we aren’t guaranteeing you that making these updates to your home will significantly increase it’s value, they are definitely something that will increase your chances of selling your home, at the price you want. We can’t express enough the importance of planning. Updating your home can consume your time and your money, so having a set plan can prevent you from overspending. Start small and break down your updates, room by room. Good luck on your future renovating and please reach out to us if you have any questions!