6 Home Improvements to Increase Market Value of Your Home
It’s not every time that you put your home on the market that you will make a sale fairly quickly. The real estate market may not be ideal for selling when you decide to put up your home for bidding. Moreover, a sale can fall through without any warning. If you’re selling at a time when the real estate market is weak, it may be best to stay put and see where you can increase the market value in your home. That could boost your chances of landing a sale. If you are unsure how to do this, here are six improvements that you can make.
Most kitchens get plenty of usages and with use, wear, and tear occurs. After a while, things are not as fresh and inviting as they used to be, but since the kitchen is the nucleus of a home, it’s important to ensure that it remains an appealing and inviting space. Some homebuyers will not buy a home with an outdated or shoddy kitchen. One way to increase the value of your home is to remodel your kitchen into a captivating and warm space. According to Dave Ramsey, the national average ROI for a major upscale kitchen remodel is almost 54%, and homebuyers placed the kitchen in their list of top 3 most important spaces.
Get Energy-Efficient Appliances
The modern-day homebuyer looks for ways to save when buying a new home and energy savings is typically a big factor. Energy-efficient upgrades are essential, but you have to determine the renovations that are worth it. It’s best to replace old appliances that sap energy and some of the worst offenders include, clothes washer and dryer, refrigerator, dishwasher, and freezer. Shop around for energy Star-rated appliances that are not only better for the environment, but use less energy and will help you keep more money in your wallet.
Apply a Fresh Coat of Paint
This simple option can do wonders for your home and enhance its aesthetics and make a great first impression. A fresh coat of paint, in modern or on-trend colors and the right shade for your home’s size, can give you a bang for your buck when it comes to a cost-effective home update that can go a long way towards updating the look of your kitchen. According to Opendoor, painting the interior has the potential for a 107 percent return on investment (ROI), and painting the exterior, a 55 percent ROI, based on a survey.
Like the kitchen, a bathroom is an essential part of a home, and when putting your home on the market, it’s a good idea to do a bathroom remodel to pull in potential home buyers. An old, outdated bathroom will likely not command any selling point, but a newly remodeled bathroom can increase the value of your home. It doesn’t necessarily have to be a complete bathroom renovation. For example, you could switch from the shower to the bathtub for a new look and feel.
Simply work on the elements that hurt rather than help make the bathroom a desirable feature in your home.
Add Outdoor Living Space
Outdoor living spaces have become increasingly popular features that homebuyers desire in a home, and adding a deck, for example, increases the value of your home. A great-looking deck can enhance the appeal of a backyard and make your home even more desirable to prospective buyers when you put your home on the real estate market. Homeowners recoup 65%-90% of their investment by adding a deck, according to HGTV, and it can cost from $1,200 to $10,000, or above.
Floors often get a lot of traffic and depending on the particular space and family size, traffic can be significant. This means a lot of wear and tear on your floor, which can ruin its physical appearance and even make it a hazard over time. Floors are like walls in the sense that you cannot avoid seeing them when viewing a house. For many homebuyers, the right flooring is a must. Whether it’s tile or wood, updating your flooring can be a big investment that can help to increase the market value of your home.
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