What’s the best way to increase your home value? Ask an expert, get an answer. Ask another expert, get a different answer. Who should you listen to?
Ultimately, you’re the boss. You’re the one choosing areas to work on and making the improvements. And your budget – not someone else’s – defines the boundaries. But there are some particular areas that you should focus on, based on what buyers want.
These 3 improvements will improve your home as a whole – and boost its value.
INCREASE YOUR HOME VALUE BY:
1. Updating your kitchen
The vast majority of buyers want updated kitchens. Depending on your home’s asking price, it may make sense for you to give them what they want.
If you‘re hoping to sell soon, don’t do a full-scale renovation. Spend less and get more bang for your buck. Think $5–7,000 for appliances, counter top, flooring, paint, and new hardware for the cabinets. Buyers will walk in to a kitchen that screams “updated and move-in ready.”
Here’s the thing: you don’t want to break the bank without seeing a return. You’ll likely see a 4–7% bump in value from this update. So if your home isn’t worth enough to justify the update, just go with a nice coat of neutral paint, clean the windows, and add nice lighting and cabinet hardware. You’ll get an updated look on a budget.
Update value with:
Clean, contemporary stainless steel. By now, it’s not exclusive – but it still says “updated” to most buyers. And if you don’t like the color, you can find more “updated” variations on stainless, such as black stainless steel. Different style, same result.
Engineered quartz counter tops. Stone chips, dyes, and resins combine to make the newest preferred high-end kitchen surface material. Heat, scratch, and stain-resistant, quartz is easy to live with and easier to maintain.
2. Increasing livable area
Have you ever noticed that some real estate websites break price down by dollars per square foot? A simple way to add value is to increase square footage.
We’re not talking about building an addition. “Bigger” isn’t the key. “Usable” is. Increase your living space strategically. Think open floor plan, flexible living space, finished basement, attic conversion, enclosed back porch to expand your kitchen.
Increase value with:
Double-duty rooms. These additional living areas can be anything your prospective buyers can imagine using them for.
A mother-in-law apartment. Younger buyers love them because they help pay the mortgage. Families love them because Mom and Dad are getting older. Older buyers love them because the income helps during retirement. You’ll need a permit, and it may be an expensive addition, so first discuss it with Jim Lea’s Team. We’ll help you figure out if the value you add will eclipse your cost.
3. Build simplicity
“Fancy” used to mean “luxury.” Now, it means “extra work.” Stone counter tops hold stains, scroll work needs dusting, and wall-to-wall carpet needs vacuuming and replacing. Most buyers don’t want to have to work hard to keep their home looking good. Entertaining is their priority – getting ready to entertain isn’t.
The home’s systems also need to be low-maintenance. Updated heating and cooling (preferably not window units!), plumbing, and electricity are big pluses. The impression this makes can be huge, as long as the rest of the house doesn’t detract from it.
Build value with:
Updated systems. They’re low-maintenance and reliable and imply that you’ve taken care of the house well.
New roofing. Especially if your home has had water damage in the past. You want new buyers to imagine snuggling securely on the couch under a blanket while the rain pours down on their solid, leak-free roof. Safe in a damage-free home, with no need keep a bucket handy.
Hardwood floors. Easy to clean and dust-free. If you’re selling soon, you may choose easy-to-clean engineered wood flooring with real wood veneer. It’s less durable than solid boards, but looks the same and can cost less. Plus, it’s not as liable to swell and shrink with the weather.
Remember, all improvements aren’t created equal. Your home is unique, as is your neighborhood. Ask Jim Lea’s Team to help you decide what your house needs – and what will increase your home value the most.