Home renovations have been on the rise since the coronavirus pandemic, and the key is knowing what upgrades might increase home value when the time comes to sell your home. We’ve put together this list of upgrades that might be worth your while before you put your home on the market.
Upgrades that add square footage or make your home feel more spacious
Everyone appreciates ample space. Buyers desire more square footage now more than ever in the wake of the coronavirus pandemic. In 2020, 44% of real estate agents cited the “need for more space” as the number 1 moving motivator.
Open Up The Floor Plan
Knocking out a wall can create a spacious layout that might be on buyer’s wishlists. An open arrangement allows for more natural light and room for entertaining.
That being said, a home still needs structural support and definition between spaces, so be sure to consult with a contractor or interior designer before taking on the project.
Finish Out Your Basement
By finishing out your basement, you’re adding more heated & livable square footage to your home. Finishing a basement can be a costly renovation, but you can recoup up to 70% of the cost according to HomeAdvisor.
Upgrades that enhance your home’s curb appeal
Curb appeal is about making the best impression with buyers before they ever enter your home. According to 2019 HomeLight data, 76% of agents agreed that curb appeal is the number one project you should complete to improve your home’s marketability.
Touch Up Exterior Paint
You don’t have to repaint your whole house to make it look new again, but touching up any flaking or chips can make all the difference. You can also pressure wash to remove dirt and paint the front door & trim to give it a fresh look.
Replace or Touch Up Your Garage Doors
If you use the existing motorized opener, a new garage door typically pays for itself. Or, if you have a manual garage door, upgrading to a new motorized garage door can be an attractive option for buyers.
Give Your House a Facelift
Replacing faded shutters and redoing & sprucing up landscaping are two of the easiest ways to spruce up your home’s appearance. Whether you tackle these projects yourself or hire a landscaper or contractor, these projects are relatively inexpensive to complete.
Inexpensive upgrades that add style in important rooms
Buyers typically see kitchens & bathrooms and they’re either relieved that they don’t have to remodel them or they see dollar signs. The key to bath & kitchen remodels is to keep costs down and avoid total overhauls that don’t have a great return on investment.
Swap Out Fixtures in the Kitchen & Bathrooms
Replacing drawer pulls, knobs, and faucets in a matching style can give a room a cohesive & modern look. This small, inexpensive upgrade can make a huge impression on buyers.
Paint in a Neutral Palette
Light, neutral wall colors allow buyers to easily imagine their belongings in the space. And, it buyer may appreciate not having to repaint before they can move in.
If you already have neutral wall colors, you could paint trim & moldings with a washable satin or gloss finish for a low-cost renovation that results in a dramatic change.
Upgrades that reduce maintenance hassles
If your roofing or appliances are reaching their lifespan, buyers may see them as big-ticket items that they might have to replace or repair in years to come. Making those repairs now may help you get your best asking price.
Replace Your Roof
According to the NAR, replacing a roof recovers 107% of its cost at resale. If your roof isn’t in need of a replacement but could use some repairs, making those repairs can reassure buyers that any potential leaks or problems have been taken care of.
Tune-Up or Upgrade Your HVAC
Buyers often ask when the HVAC was installed or replaced. They may also ask when the last time it was serviced, so be sure to get your HVAC system checked & tuned up by a professional before listing your home.
Upgrades that make your home more efficient & accessible
Homebuyers may think of energy-efficient features as a way to save on their utility bills. It’s also important to cater to your area’s demographics. If there are more buyers in your area of a younger age, they may be attracted to smart home technology. On the other hand, if there are more elder buyers in your area, they may be attracted to convenience and accessibility.
Replace Old Appliances With New, Energy Efficient Ones
Appliances with the Energy Star symbol ranked either as desirable or essential home features among 90% of moderate-income homebuyers in the NAHB’s 2017 Home Buyer Preferences study.
Make Your Laundry Room More Accessible
The NAHB survey shows 68% of moderate-income buyers and 69% of high-income buyers prefer having the clothes washer and dryer on the main floor instead of in the basement or the garage. Some homes with larger laundry rooms may even have drop zones for shoes, coats, backpacks, and extra storage space.
It’s important to be as strategic as you look around your home and plan for things to revamp for buyers. The small things can make a big difference in a buyer’s eyes – and it helps them picture your home as somewhere they want to live. Team Melton has over 50 combined years of real estate experience to assist you through every step of the process. Contact us today to get started on selling your home!