The housing market is booming. With so many people working from home full time, many are selling their old homes and moving to new areas in search of lower prices and more space for their families. While some worry this could be the start of the next market crash, others say the market is still looking better than it did in the mid-2000s. Either way, one thing is for sure: If you’re planning on selling your home, there’s never been a better time to do it.
Here’s what you need to know about increasing the value of your home before putting it on the market.
5 Home Improvements That Add Value to Your Home
Upgrading and staging your home can be some of the most labor-intensive steps of the selling process, but knowing which projects are worth the investments can help you get started.
Top upgrades that increase the value of your home:
- Quartz countertops
- Stainless steel appliances
- Flexible floor plans
- Energy-efficient appliances
- Hardwood floors
- Walk-in showers
- Neutral color schemes
- Updated systems
These improvements have been cited as some of the most desired features in a home by millennials, the current top buying population in the United States. Updating your home can be expensive, so it’s best to choose one or two larger projects and supplement the other areas with smaller DIY jobs to increase the value of your home.
1. What’s Cooking in the Kitchen?
The kitchen has always been a major player in determining the value of a home, and it’s no different in 2020. Stainless steel appliances paired with updated flooring and countertops can give your kitchen an entirely different look and feel without needing a full renovation.
Slap some quality neutral paint on your cabinets and DIY a backsplash to add some flair and intrigue to your kitchen design.
Biggest expense: New quartz countertops or updated appliances.
Cheapest expense: DIY painting and updating fixtures.
2. Efficiency is Everything
Millennials place a heavy emphasis and priority on conserving energy. After all, it’s good for the planet and your wallet!
The following were listed as the top efficiency features according to a 2019 report on home trends by the National Association of Realtors (NAR):
- Efficient heating and cooling
- Properly sealed windows and doors
- Energy-efficient lighting
- Energy-efficient appliances
- Low maintenance, energy-conserving landscape design
- Solar panels
Replacing your windows can recoup your cost by about 67%, but if you’re looking for a cheaper upgrade, invest in annual maintenance of your HVAC system and install LED lighting in your home.
3. Get Some Space
Adding more space is always a great choice since homeowners want to get the most bang for their buck. Adding a wooden deck can run you approximately $13,000 but can add almost $10,000 to your resale value—a ROI of 74%.
Other ways to add more space include:
- Flex rooms: Stage that extra bedroom or home office as a ‘flex room’. Flex rooms give your potential buyers a chance to envision whatever they’d like to have extra space for whether it be a gaming room, home office, craft room, or personal gym.
- Finishing the basement: A finished basement featuring a bar, bathroom, and living space can recoup around 70% of its cost according to the 2017 Cost vs. Value Report by Remodeling magazine.
You can also install mirrors and light curtains to allow more light into your home and make it feel brighter and more spacious!
4. Don’t Forget the Bathroom
The bathroom is the second most important area of your home to upgrade. It’s always a good idea to schedule a plumbing inspection for your home as potential buyers will likely request one before committing to buying. Walk-in showers and comfort-height toilets are great investments for ROI as many buyers are looking for a home that will fit them as they age.
There are many easy and cheap ways to give your bathroom a facelift without spending a ton of time or money. Recaulking the bathtub can make it look newer and adding a fresh coat of paint or a textured wallpaper can make a smaller bathroom stand out more.
5. Upgrade Where You Can
Upgrades to your plumbing fixtures such as the kitchen sink or showerheads can make your bathroom feel newer for relatively cheap. If you’re painting, make sure to choose a neutral color scheme as this helps the buyer envision your space as their own. A new garage door can be a cheap and valuable investment for your home with a 98% ROI.
Your essential systems should be in good, working order when you sell your home. No one wants to purchase a home with a faulty air conditioner or problematic plumbing. The plumbing and heating and cooling experts at Quality First Service Group can make your home feel brand new! Simply contact us online or by phone at (720) 548-2770 to schedule your service or replacement today!