How to Amp Up The Resale Value of Your Home
Whether you’re putting your home on the market this year or in the next five years, it is a smart decision to start building your home’s resale value now. Here are some ways to create a comfortable home while making it easier to put more money into your bank account on closing day.
Small Maintenance and Repairs
If you think that home maintenance on the weekends is a low priority, think again. The small chores you do around your home prevents it from losing value. Neglecting small maintenance and repairs causes 10% of your home’s value to walk out your door and slip through your windows. Most appraisers claim that homes showing little to no preventative maintenance can depreciate from $15,000 to $20,000!
Preventative maintenance can also actively increase your home’s resale value — according to a recent study, by about 1% per year! Also, because home buyers generally notice any repairs needed upon buying a new home, proactive maintenance lets the home buyers know that he or she will not have to spend extra money to maintain the basics. This makes your home more attractive, and thus more likely to get higher priced offers.
Preventative maintenance can also actively increase your home’s resale value — according to a recent study, by about 1% per year! Also, because home buyers generally notice any repairs needed upon buying a new home, proactive maintenance lets the home buyers know that he or she will not have to spend extra money to maintain the basics. This makes your home more attractive, and thus more likely to get higher priced offers.
Remodeling Ideas and Tips That Work
Studies show that a home valued at $150,000 could increase its value between $8,300 and $19,000 with the addition of landscaping. These studies also note that:
Positive landscaping
can reduce the amount of time your home spends on the market!
Changing out the doors of your home
Is also generally a smart design choice. Lately, fiberglass and steel doors are a coveted aesthetic by home buyers. A steel door costs $1,335 but has a whopping 91% return on investment. A fiberglass door, on the other hand, costs about $3,126 with an 82.3% return on investment. Likewise, a new fiberglass or steel garage door distinguishes your home from the rest on your block and provides a 91.5% return on a $1,652 investment.
Finally, matte paint finishes will trend in 2016 because of its transitional qualities. With a matte finish, your potential home buyer can easily match his or her stainless steel or black and white appliances. It’s touches like these that make your home appealing to a wide variety of home buyers, and that drives up its resale value.
Finally, matte paint finishes will trend in 2016 because of its transitional qualities. With a matte finish, your potential home buyer can easily match his or her stainless steel or black and white appliances. It’s touches like these that make your home appealing to a wide variety of home buyers, and that drives up its resale value.
Fiberglass Attic Insulation
While energy efficiency is still not the sexiest selling point of your home, installing fiberglass attic insulation saves energy and garners a big payback on your investment. According to Remodeling Magazine’s 2016 Cost vs. Value top trends report, fiberglass attic insulation gained the top return on investment among the 30 projects in this year’s report.
Replacing Windows
Replacing your windows is another way to save energy and increase your home’s resale value. Replacing your old windows with energy-saving models will beautify your home, keep it comfortable, and ease the workload of your HVAC system. According to HGTV, you’ll see a reduction in your utility bill by 7% to 15%. However, if you’re selling your home, you could expect a 60% to 70% recoup of your investment. The two types of replacement windows that can fetch the best return are vinyl and wood.
Remodeling your Kitchen
Kitchen remodeling can get expensive, but small renovations can make your home more buyer friendly. Changing your kitchen’s texture and color using a matte finish and neutral colors such as putty or grey enhances your home’s resale value. Because matte finishes have transitional qualities, your potential home buyer can easily match his or her stainless steel or black and white appliances. Also, refinishing cabinetry, or switching to Energy Star™ appliances provide the comfort you like and pizazz buyers adore.
Flow is important to any interior design of a home. If you feel that your kitchen hinders a good flow, change it. A small investment to knock out a non-structural wall or remove a kitchen island creates space and provides the flow that buyers love.
A minor kitchen remodel can cost you about $20,000 with an 83% return on investment. A major kitchen model can cost about $60,000 (or more) with a return on investment of about 65%. Therefore, it makes sense to consider a minor kitchen remodel first.
Bathroom Addition or Remodel
Likewise, carefully consider adding a bathroom or remodeling your bathroom. Switching out your frosted glass shower doors for glass doors, cleaning the grout, replacing the shower and floor tiles, switching out your sink or toilet, or replacing your sink and shower fixtures can cost you little money.
Adding a bathroom can get expensive, but it can reduce congestion during hectic times and provide your guests with a bathroom. Consult with your real estate agent or a local appraiser before deciding whether a full remodel or addition is right for your situation. While a bathroom remodeled will cost you about $18,000 with a return on investment of about 66%, a bathroom addition will cost you about $42,000 with a return on investment of about 56%. Therefore, it’s best to do your due diligence before working on your bathroom.
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