Projects That Can Increase Your Home’s Value
While the current housing market is strong for sellers, buyers still have a strong pull in the market. Buyers today are well educated and know what they want in a home. Many are looking for move in ready, or close to move in ready, homes that they can picture themselves living in right away. While there may be some work ahead to get your property ready, turnkey homes can often sell for a premium to buyers, benefiting both seller and buyer.
Small home projects and repairs can greatly increase the value of your home and help you hit the market strong.
Real estate market experts agree that how your home looks on the outside builds anticipation for the buyer as they step into your home for the first time. And how your home is prepared on the inside can help buyers properly envision living there.
If you’re thinking, how can I sell my home for the highest price — remember, first impressions are everything. When a buyer pulls up to your house, they should be drawn in — and then the projects you complete inside are the icing on the cake.
Let’s dive in.
5 Projects to Boost Your Home’s Value
If you’re wondering, how can I get the best return when I sell my home? The answer lies not only in what you do inside but also outside.
1. Revamping the Exterior
Like we said, first impressions are everything. If the exterior of your home looks dingy, it is the first thing buyers will notice as they walk in.
Sprucing up your home here will depend greatly on what materials are on the exterior of your home. For brick, power washing is the easiest way to revitalize your exterior, returning your weathered brick walls to their warm red glory. Or you could opt to go a more more modern route and have your brick painted white.
Power washing is also a simple and effective refresh for homes with siding or painted concrete exteriors.
In some cases, homes with deteriorated siding may need to opt for a full revamp. Replacing your siding may sound like a steep investment, but it’s one of the most cost-effective ways to increase your home’s value. The key is doing it right. Remodeling Magazine recommends solely focusing on the front of your home, opting for manufactured stone veneer. Although the cost will vary depending on the size of your home, on average, expect to pay around $9,000 — 95% of which you’ll get back.
2. Lawn Care and Landscaping
When it comes to landscaping projects, your options are nearly limitless, but which ones add value?
- Trees – The sooner you plant trees, the better. Mature trees add significant value to a home, increasing property prices in some areas by as much as 4% to 20%.
- Well-maintained lawn – The National Association of Realtors and the National Association of Landscape Professionals says that even when spending around $3,000 on mulching, dozens of annuals, and proper lawn care, you can expect a 100% return on your investment.
- Front walkway or entrance – You don’t need an extravagant front walkway, but it’s important to create a picture-perfect walkway and entrance. These will instantly create a welcoming ambiance.
3. Floors and Carpeting
Dirty floors and carpeting are another major component that can impede the sale of your home for its highest value.
Potential home buyers will notice homes with dirty or poorly cared for carpeting. You may want to consider a professional carpet cleaner if you have pets, this will rid your home of any lingering pet dander and smell. Another option to clean your carpets is to rent a steam cleaner from a local home improvement or hardware store.
For homes with hardwood flooring, your floors may have developed scuffs or marks from normal usage. Professional wood conditioning and cleaning can help hardwood flooring look brand new again. If you're on a budget, focus on the most noticeable rooms or highly trafficked hardwood floors in your home.
4. Updating Bathroom Fixtures
The bathroom is one of the easiest places to wow buyers. Updating the finishes in your bathroom will also give you a good return for money invested, price-wise and value-wise. This project usually costs between $1,000-$5,000 depending on what fixtures are included, but on average, you can recoup about 66% of the remodel cost after you sell your home.
Installing new hardware such as faucets, replacing old toilets, or updating a vanity are all home improvements that are not too expensive and add equity without breaking the bank.
5. Easy Interior Updates
A clean and polished interior will truly help solidify a buyers desire to buy your home. Cosmetic fixes can range from a fresh coat of paint, updating light fixtures and fans, to adding new hardware to kitchen cabinets.
Painting the walls in a neutral shade will make the home more inviting and give it a fresh feel. This makes it easier for potential buyers to see themselves living there and provides a clean slate for their imagination to run wild with decorating ideas.
Any interior projects your chose to take on will help give your home a renewed feeling and will provide a perfect clean home for your real estate agent to help you stage and sell for the highest price.
Start Chipping Away at Projects
If you have already started thinking, should I sell my home soon? — now is the time to start working on projects.
Whether you plan to sell in a few months or a few years, create a checklist of some of the projects you want to invest in, focusing on those that will provide returns. Also, prioritize the projects you want to enjoy while you’re still living in your home.
Focus on today’s real estate market, incorporating selling features buyers look for. If you are thinking of selling soon, a good agent can help facilitate contracting out professional cleaning and repairs to prepare your home for market. All to help you get the highest price your home is worth! 🙌
There are so many options, so go with what makes sense for your space and budget. If you’re unsure where to begin, schedule a call to discuss your plans. Our team will provide tips on how you can increase your home’s value.