A common question for prospective home sellers is “How can I increase my home’s value or get a higher selling price?” In our earlier articles on this subject, we discuss low budget and economical fixes and upgrades that can increase the perceived value of your home. In this article, we discuss those higher cost items that only give you a high return on your investment if you have high equity in your home or will lose more money if it doesn’t sell quickly.
Many buyers look for a home they can move into immediately. While the specifics depend on the age and condition of your home, here are the priority renovations that increase your home’s appeal and return on investment potential.
No matter what the other advantages of your home, if the buyers do not like the kitchen, they are less likely to make an offer. So, if you’re planning major upgrades, head to the kitchen first.
No new homeowners want to feel as if they are using someone else’s bathroom. Replace the vanity, sink and toilet. Use low-flow toilets, water-saving faucets and other green products. Replace the floor and shower surround with a neutral tile. If your bathroom has a built-in tub/shower replace it or have it professionally refinished to look fresh and new.
Carpets harbor dirt, dust mites and stains. Replacing the carpet in major living areas with hardwood increases the visual appeal of your home. As an instant upgrade, hardwood gives your home that updated look. It also attracts buyers that cannot live in carpeted homes for health reasons.
Heating, air conditioning and water heater
These major home appliances often are out-of-sight and out-of-mind, but a new buyer wants to know they’ll work when they need them.
To increase the value of your home, improve the “R” rating and make your home more economical, consider replacing the roof, insulation, siding and windows. If your home has hail or other storm damage, check with your homeowner’s insurance to see if they will cover the replacement. Using better quality, energy-saving products gives your home more curb appeal and buyers know they won’t have to worry about leaks and drafts when weather hits.
Let us help …
We can assess the potential R.O.I. for these and similar upgrades to your home. Call us for an evaluation of your home’s fair market value.