How to Increase Home Value
If you plan on selling your house in the near future – or have already listed your home but aren’t getting the offers you want – it’s a good idea to think about what renovations will add value to the property. It can be hard to know exactly what changes will entice buyers and convince them to meet or exceed your asking price. Fortunately, we’ve compiled a list of some simple upgrades that are almost guaranteed to pay off big.
Start with the Classics
Update the Kitchen and Bath
Real estate professionals often say that the kitchen and bathrooms sell a house, and it’s true. Here, you have a real opportunity to impress your buyers and make them fall in love with your home. Most people want these spaces to have a clean and contemporary feel, so don’t leave a cracked sink or stained tile in place because you think they have charm. Check out interior design magazines to see what’s trending and choose timeless stainless steel and granite for the best results.
Splurge a little, but don’t go overboard. A few high-tech features make great talking points, but there’s no need to buy the latest and greatest. A heated bathroom floor and ENERGY STAR appliances are tried and true extras that potential buyers will appreciate.
Paint: Inside and Out
Even if your house is ten years old, you want the buyers to feel like it’s brand new. Rather than tearing down the walls and replacing everything, go buy some paint and get to work. A fresh coat of paint hides a lot of flaws and saves you the frustration of trying to scrub away years of discoloration.
When choosing your colors, you don’t want to stand out. Avoid statement colors like yellow, pink, and red if you want to maximize your home’s potential. Stick with inoffensive and classic shades like gray or blue to appeal to a wide variety of buyers. If you’re having trouble deciding what to choose for each room, check out colors that are proven to sell homes for more.
Knock Down Some Walls
It may seem counter-intuitive, but taking out unnecessary walls can actually add value to your home. Modern home buyers want open floor plans; if the kitchen, living room, dining room, and family room are all closed-off, young families may feel like the house is trapped in the past. Today, people are looking for homes that are conducive to large parties and provide lots of light and space.
Switch to LED
This eco-friendly upgrade isn’t just about saving the environment: it’s also about saving cash. LEDs are a huge money saver for any homeowner, not just an environmentally conscious one. They last for years, too, so you can tell potential buyers how much simpler life with LEDs can be. Plus, switching out old, clunky bulbs for LEDS will let you advertise your home’s green features – and bump up the asking price accordingly.
Spruce Up the Yard
To add some charm, focus on amping up your outdoor spaces. Add local plants, strategic lighting, and a cozy patio to help new families envision a life for themselves. Exterior lighting that highlights your carefully planned landscaping will show potential homeowners exactly what they’ll miss if they let your house slip away by making a low-ball offer.
A well landscaped yard provides an opportunity to add a lot of affordable features that will leave a lasting impression on home buyers. The exterior is the first and last thing buyers will see, so make it count.
By implementing these time-tested upgrades, you can be sure to increase your home’s value. If you want to go above and beyond, make sure to research what the local markets demand and will pay for. People want clean, they want green, and they want ease of living. Assess your house with those three ideals in mind – or hire an appraiser to do it for you – and then renovate where it counts. If you do, you’ll see your hard work and strategic investments reflected several times over in the value of your home.
Eric Krattenstein’s extensive marketing experience began at a boutique marketing agency where he developed dozens of successful innovative marketing strategies for brands ranging from startups to Fortune 500s. Prior to joining Asset Based Lending early in 2016, Eric served as the US Chief Marketing Officer for a European enterprise software company where he spearheaded the company’s expansion into the United States and Canadian markets. In his current role, Eric leads ABL’s Sales and Marketing team that helps upwards of 40 to 50 real estate investors close hard money loans each month.