5 Areas to Focus On: How to Increase Your Home’s Resale Value
It’s the hottest time of year, and with that comes the hottest selling season. When aiming to sell, keep in mind that the littlest changes can often have the largest impact when trying to increase the resale value of your home. Here are a few ideas to get you started on preparing your home to sell this summer, while also getting a great price for it:
It is important to keep in mind that some of the changes you will be making may not suit your personal preferences and tastes— that’s okay! Packing away family photos and sports memorabilia will be less distracting during showings. Keep in mind that many buyers cannot visualize a space, and if you have too much “stuff”, this can overwhelm them and leave them with a negative impression of your home.
- Spruce up the bathrooms
42% of real estate professionals surveyed by Consumer Reports agree that bathrooms are one of the most important rooms in a home to have in good condition. You can invest as much or as little as you want into renovations and updates, but simple projects such as re-grouting the tile or replacing an old toilet could give you a potential increase in asking price of up to 3%.
- Update the kitchen
Millennials currently make up 34% of all homebuyers, and a “modern/updated kitchen” is one of their top criteria when considering which home to purchase. New or repainted cabinets, stainless steel appliances and a fresh coat of paint can completely transform your kitchen and potentially add between 3 and 7% to the asking price.
- Give the walls some TLC
Walls should be a backdrop rather than a focal point when trying to sell. Certain colors work better in some rooms than others and may have an impact on selling price. Homes with warm neutrals such as wheat yellow in the kitchen sell for $1,360 more on average. Comparatively, neutrals such as grey-beige win in the living room, adding an average of $1,104 to the selling price.
- Remember the curb appeal
The exterior of your home can easily be neglected when renovating the inside, but some potential buyers won’t even make it through the front door if they aren’t impressed with the outside. Basic landscaping, installing outdoor lighting and planting a few flowers can make a world of difference, and may bump up the asking price by up to 5%. New roofs are also a huge bonus, as it shows buyers that the home has been cared for, and 31% of real estate professionals agree that the roof is an important part of the home to have in good condition.
In order to attract buyers and leave them with a positive and memorable impression, it’s important to spend a little time spicing up your home without going overboard. Researching which projects will suit your home best before spending money on unnecessary renovations will help to ensure that you’re only putting in what you’ll get out when offers start rolling in.