Increasing Your Home's Value
When it comes to selling your home, you probably want to get as much money as possible out of it. After all, whatever you make off of your home sale will likely be put towards the purchase of your next home. Whether you're able to pour a some major money into improvements or just want some low-cost quick fixes, there are plenty of ways to up the value of your house.
From switching up your decor to focusing on high-return improvements, take a look at a few of the top ways to improve your ticket price.
Make It Personal
When buyers walk through your home for the first time, they're probably going to be thinking of all the ways they can make it their own. While you might be tempted to keep your home the way it is—with the same walls colors, personal decor, and family photos—try changing these things out for a more depersonalized approach.
These home staging tips will identify the smart places in your home to switch up your decor and up the value, some with very low cost to you.
These days, the most profitable areas to focus on in the home are the kitchen and bathroom, so if you're looking to make big changes, those are the places to do it. If you really want to impress buyers, stay up-to-date on what the in-style features and trends are—like granite countertops, wood bathroom features, and the latest tech for each room—and use those buzzwords to your advantage.
As for the others areas of your room, research is always your friend. Each new year comes with new housing trends that you can capitalize on.
Certain additions, improvements and updates offer far better return on investment than others. Like we said above, home improvement experts all agree that kitchen and the bathrooms give you the most bang for your investment bucks. In fact, minor updates of the kitchen will offer you a ROI of about 88% (meaning you'll recoup 88% of the money you spent remodeling when you sell your home).
Updating countertops and cabinets, upgrading or replacing appliances, and refinishing your kitchen floors are all safe investments and offer a relatively higher return on your investment at closing.
Cost vs. Value Study
Every year, various studies are released, gathering data from real estate professionals from around the country to analyze and compute both national and regional average return on investment (ROI) figures for various home improvement projects. Phew, that's a mouthful. If that sounds like a little too much technical jargon for your taste, we've got you covered.
Be sure to contact us, and we'll let you know if the project you're about to launch represents a strong return on your investment.
Know Before You Go
Before you leap into action and start that $20,000 home improvement to update your home, it's important you know this tidbit of information: on average, most improvements will not allow you to recoup your full investment if you sell the house within a year. If you intend to stay in your home for years, the short-term ROI doesn't matter anyway, does it?
Sometimes, less is more—especially when it comes to home renovation. Take a look at your timeline, and use that to decide which upgrades make the most financial sense for you.
Calling All DIYers
If you love HGTV and DIY projects, here's a fun little tip: since labor costs account 50% of a project, you have the opportunity to save quite a bit money by doing it yourself. Now, if you're completing a big time project, like a bathroom remodel, it might be a better idea to just leave it up to the experts. After all, your time is valuable, too, and a mistake might cost more than it's worth.
But if you're doing something a little simpler, like replacing flooring or cupboards, it might be worth it to tackle it yourself.
Select A Proven Real Estate Leader
After your home improvement project is completed, be sure to save all your documentation, like your warranties and receipts, so you can remember how much you paid and when you completed your improvements.
When your project is complete, we recommend giving us a call to schedule your free home selling consultation with us. At that time, we can review your home's value and layout a timeline to market your home for a quicker—and more profitable—sale!