Homes are a huge investment, and as a homeowner selling a property, the ultimate goal is for a buyer to purchase it. Whether you’re looking to sell your property in six months or years down the road, it’s important to think of future buyers in every design choice and appliance installed. You need to make additions that increase your home’s value, not decreases it. The best way to add value to your property and boost its chances of selling is by upgrading and renovating your home.
Now, we understand that renovations and upgrade projects can be expensive, but you’ll be pleased to know that there are simple improvements you can make that won’t break the bank! Let us show you a couple of low-cost and high-end enhancements you can make to your home that will have your property flying off the market when the time is right.
Budget for Renovations
Before you get project happy, we highly recommend budgeting how much money you can afford to spend on a project as well as how much money you want to spend on a project. It’s easy to get caught up in the excitement of improving your home and end up spending way too much money in the long run. Having a budget helps keep your sights on the main goal while encouraging you to solidify your project’s details.
If you want to avoid debt and interest payments, paying in cash is always the best option. Because cash is tangible and finite, it makes it easier to stick to your budget and be intentional with your purchases. The only thing to remember is that you won’t get that money back until you sell the property. Of course, there’s always the option to finance your renovations and upgrades, too.
Renovations and upgrades can get expensive, but these property value-boosting changes can save you money while looking great.
New Interior Paint
Every home has natural wear and tear. It’s the hallmark of countless memories made and a house well lived in. However, buyers won’t share the same sentiments, so a low-cost improvement that can add value to your property is a new paint job. Sure, a fresh coat of paint can cover up dents, dings, scratches, and nail holes leftover from hanging art, but it can also breathe new life and energy into your home. This simple change makes your home much more attractive to buyers.
According to Zillow’s Group Report, 36 percent of sellers paint their homes before selling, with the most popular shades being neutrals like gray, beige, and taupe, accented with white trim. The same report also commented that homes with light blue or blue-gray bathrooms sell for a $2,786 premium.
Smart Home Technology
One of the reasons buyers love properties that have already been renovated or upgraded is that it means less work for them to do later. A popular upgrade that millennials and generation z buyers tend to search for are homes with smart technology devices.
Among the favorite features that add value to your property are smart thermostats and voice-assistant-controlled light bulbs. Adding this technology to your home not only helps you compete against recently built properties, but it also signals to buyers that you keep up with trends and understand the benefits.
Having good lighting is a necessity in every home. It’s essential for showing off your home’s features, and it also has benefits like making small spaces feel larger. Here, the best way to add value to your property is to update the lighting fixtures around your home. If your home still has rounded flush mounts, cookie-cutter chandeliers, or any fixtures that date your home, it’s time to swap them out.
Nowadays, you can grab chic and modern looking light fixtures for a steal, and no one is any the wiser. And when it comes to light bulbs, opt for value-boosting energy-efficient bulbs as default or, you can splurge a little on smart home LED lightbulbs.
Potential homebuyers are always looking for a few ways to save money after a large investment like purchasing a home, and upgraded appliances are a surefire way to do so. It’s a major selling point, and even you, the current property owner, can reap its benefits.
They not only make kitchens look better, but they save money on electric bills. The easiest way to upgrade your appliances is to repair them and make sure they aren’t leaking, skyrocketing your energy usage. If you have to replace any of your appliances, you can earn brownie points by switching to energy-efficient appliances.
Boost Curb Appeal
This home improvement is one of the simplest yet cost-efficient options on our list. Potential buyers often see your property before setting foot inside, whether by viewing an online listing, driving by, or a private open house, so first impressions are everything. Boosting your curb appeal is all about enticing the buyer before they ever have the opportunity to set foot inside the property.
According to HomeLight, 76 percent of agents say it’s the number one project you should complete to add value to your property and increase marketability. What’s great is that creating curb appeal can be as simple as scrubbing your home’s siding or power washing your driveway and as intricate as building a new walkway or patio.
Ways to Boost Curb Appeal
|· Install a new front door||· Repaint your front door|
|· Prune your shrubs||· Plant flowers|
|· Decorate your porch||· Wash your driveway|
|· Scrub home siding||· Cut the grass|
|· Pull weeds||· Repair/add landscaping|
|· Repaint mailbox||· Install outdoor lighting|
|· Add a sprinkler system||· Trim your trees|
|· Add stone veneer||· Replace/repair windows|
Best ROI Improvements
Although these renovations and upgrades are a bit more costly, they offer the best return on investment.
Replace Your Windows
Old, drafty windows are a huge turn off for many homebuyers; it’s one of the first things they scope out when evaluating a home. If money is an issue, adding insulation to your attic and sealing cracks and leaks around your home is an excellent way to reduce energy loss. However, we suggest upgrading your windows to Low-E (low emission) windows when possible.
Upgrading your windows can add value to your property while potentially saving you up to $500 a year in heating and cooling costs. In fact, homebuyers ranked Energy Star-related windows among one of their most-wanted features when buying a new home. Although wood and vinyl windows are most preferred among energy-efficient windows, be sure to consult the U.S. Department of Energy’s online guide before purchasing to ensure you buy ones that meet your area’s requirements.
Remodeling your bathroom or kitchen can add a ton of value to your home, but if you’re not careful, they can be a significant drain on your budget. Instead of going for a full bathroom or kitchen remodel, opt for minor remodeling projects. The beauty of this is that whether you make minor changes or remodel the entire room, these projects still have the highest ROI, with experts suggesting that sellers recoup 75 percent of their investment when the property sells.
A few minor remodeling ideas for the kitchen include granite or marble countertops, add a backsplash, or replace the upper cabinets. You can freshen the caulk and grout in the bathroom, refresh it with a new paint job, or redo the tiling.
Finish Your Basement
Bump your house up into a different price bracket by finishing or upgrading your basement. Although these renovations and upgrades can be on the pricier end, when you consider installing drywall, flooring, and painting, it adds value to your property.
There are several ways to reimagine your basement. You can convert it into a second living room for hosting, a game room, or even a small apartment that you can rent out. This finished space boasts a return of approximately 70 percent, and it’s worth the work.
Call Motivated Sellers
There are countless ways to add value to your property and make it attractive to potential buyers; our recommendations are only the beginning! We hope that we could grant insight into how you can help others see the same worth you see in your property. At Call Motivated Sellers, we not only provide cold calling services, but we also use our years of experience in the real estate industry to inform buyers, sellers, and agents alike!
Are you interested in working with us or learning more about our services? Contact our team today, and let’s talk!