As a homeowner, there are many things you can do to increase the value of your home. From easy tweaks to more complex renovations, here are some of the best ways to increase the resale value of your home.
Remodel your Kitchen
In a survey of millennials, experts found that more than one third of potential homebuyers rank a “modern/updated kitchen” as the most important feature they look for when buying new homes. Keep it simple: for as little as $5,000, it’s possible to significantly up the look and feel of your kitchen. Consider upgrading your appliances, painting the walls, and upgrading the countertops. Remodeling a kitchen can add a potential increase in sale price of 3 to 7 percent.
Update the floor plan
Knock out a non-structural wall, or even remove your kitchen island. Anything that opens the space and creates a sense of flow in the house will be more visually and spatially pleasing for potential buyers. This will give buyers more autonomy over the look and flow of their home, and it won’t cost you much – for the price of a few hundred dollars, you’ll transform the feel of the house.
Enhance your curb appeal
First impressions sell your home. As soon as a potential buyer drives up to your house, they’re making judgments — and a messy yard or a broken mailbox could cost you. It pays to update the appearance of your home. Consider investing in landscaping. For a minimal investment that packs maximum impact, consider updating your pathway and adding some potted plants or flowers along the walkway. This will help your home appear more inviting.
Investing in energy efficiency is a smart choice from day one. Not only will it save you money for as long as you live there, it is expected to be a major selling point down the line. More and more, homeowners are prioritizing energy efficiency when looking at new homes. Younger buyers in particular are more energy conscious, and they consistently consider the environmental impact of homes they tour. Water heating, which accounts for 16 percent of energy costs in the typical home, is an easy way to invest in green living. A new unit is a great way to impress efficiency-minded buyers. New air conditioning units are much better for your energy bill, with savings of up to 30 to 40%. Additionally, energy efficiency investments come with green tax credits. Experts have found that energy savings can add up to twenty times the annual savings to the value of your property. This tweaks will make your home far more desirable to potential buyers.
energy efficiency investments come with green tax credits. Experts have found that energy savings can add up to twenty times the annual savings
New and updated windows are a great way to increase the value of your home’s resale value. When a homeowner installs new windows, they can expect to see an average of a 70% return on investment, this makes window replacement one of the surest and best ways to increase home value. Additionally, new windows are a great way to increase the curb appeal of your home. Observant home hunters will immediately notice if your home has outdated windows, and this will increase the odds that buyers will request a discounted selling price. When a home has outdated or dirty windows, a potential buyer can lowball the asking price by up to ten times the amount it would cost to replace the window. It’s far better to invest in window replacement upfront.