The housing market in 2020 was absolutely crazy, with home sales and prices at record highs. With the real estate market gearing up for 2021, all signs point to this seller’s market continuing, at least for a while.
This has a lot of people wondering if it’s time to sell their home. If you’re getting ready to list your house, you might be wondering what are the best home improvements to increase value before selling.
Some of these real estate tips for sellers are reasonable investments even if you’re putting the house on the market next month, while others are only financially reasonable if you’re planning on selling several years down the line.
Let’s take a look at some of the ways you can spruce up your home to increase home value.
Add a Fresh Coat of Paint
If you are looking for the best home improvements to increase value, one obvious project is repainting. This is one of the most cost-effective and the simplest ways to improve your property.
If you are repainting your home in order to listed on the market, you’ll want to remember that neutral palettes will help your home be appealing to the greatest number of people.
Repainting can help increase home value both inside and outside. For an exterior paint job, you might want to hire an expert rather than going it alone. This is particularly true if your home has more than one story.
Add More Space
There is a big spectrum of potential home improvement projects you could undergo. They range from small things like replacing the hardware on your kitchen cabinets to much larger projects that involve knocking down walls and increasing your square footage.
With these types of projects, it’s important to understand that something like adding another bathroom will likely cost you more than your home value will increase. Basically, you should only do these types of improvements if you personally need another bathroom and then can recoup some, but not all of the cost, when it comes time to sell.
Make It Energy Efficient
When you replace your old appliances with energy-efficient appliances, you are promising the buyer lower utility bills. While this might not be as exciting as some of the other home improvement projects that can increase value, it can be very appealing to buyers in home listings.
It’s important to understand that making your home energy efficient might not give you a positive ROI. That means that if you’re going to be living in your home for a bit longer so you can benefit from the lower utility bills, it might be worth doing. If you’re selling right away, you’ll want to run the numbers to make sure this is a good investment.
There are also a number of federal, state, and local incentives that help offset how much it costs to make energy-efficient improvements. You can learn more about this here.
Update Systems and Appliances
When people buy a home, they typically very concerned with potential future home maintenance issues. When you ensure that all of the systems and appliances in your home are fully functional and up to date, you are helping ease the mind of potential buyers.
Do a survey of the systems in your house. Fix anything you can before listing the house. This might mean fixing a leaking plumbing line or replacing an ancient hot water heater.
Are you thinking of selling your home in the near future but your roof has seen better days? If so, check this out.
Beautify Your Lawn and Landscaping
The state of your lawn is a big part of your home’s curb appeal. If your bushes are out of control and your lawn is overgrown or patchy, it’ll make your home look unruly and chaotic. It’s not hard to take a wild landscape and tame it down, however, and it can make a serious impact on how your home appears from the outside.
If you aren’t selling right away, but are considering selling in the future, you might want to invest in landscape features that will mature over the years. You might consider planting a shade tree or some lovely fruit trees. Be sure to find native plants that can thrive in your region.
Declutter and Clean, Clean, Clean
One home improvement idea that can increase home value is more about taking things away than adding anything. First impressions are key when it comes to selling a house, and having a squeaky clean home can ensure that buyers are seeing the best side of your property.
You’ll want to consider hiring a professional cleaning company, as they can provide a serious deep clean. Decluttering is also essential. Make sure that your home isn’t crowded with a bunch of personal items and oversized furniture that make the home seem small and keep the buyer from being able to imagine themselves in it.
Replace Worn Rugs or Carpets
How is the soft flooring in your home holding up? Are they worn or stained? If a buyer can tell that they’ll have to invest in installing new flooring right away, that’s a big turn-off.
Replacing all of the soft flooring is your best bet to help sell your home faster for more. However, if you have budget limitations, you might consider just replacing the carpet in the room that receives the most traffic and therefore the most wear and tear.
These Real Estate Tips For Sellers Can Increase Your Home Value If Done Right
It’s always important to run the numbers if you are doing home improvement projects with the hope of increasing your home value. Not all updates have a positive ROI, but they might be worth it if you can enjoy the updates for several years before selling. The last thing you want to do is spend $50,000 putting in a new bathroom in a home you’re selling this season only to have it add $30,000 in value to the home.
On the other hand, something like fresh paint and lawn care can make your home way more appealing. These smaller updates can definitely be worth it in terms of your ROI and are best done right before you list.
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