There are improvements you can make that raise home value, like a new addition to the home, and then there’s everything else. It’s up to the seller to determine what is worth investing money into, and what will have a low payoff in the end. The fact is that buyers are changing, and their tastes are changing with them. The old adage of the big kitchen no longer guarantees a sold home. Here are some tips on what you can do to really raise value.
No buyer wants to walk into a deal where the home’s internal systems are degraded. Burst pipes, bad electrical work, or a dying HVAC unit can all lower the value of the home. A buyer will want assurance that the property is as close to turn key as possible. If you try to sell your property as a fixer-upper, you can expect to lose money on the transaction because the buyer will need to make major repairs just to move into the home.
Try to avoid remodeling, as replacing often has the higher pay out in investment. Fortunately, these replacements aren’t terribly expensive. It’s a good idea to replace windows, doors, garage doors, or sliding glass doors. Replace your windows with double pane windows, for instance, and you’ll add insulation to the home. That lowers the power bills for the next home owner, and that’s worth real value to them.
The attic space of a home is one of the best places to build something of value. You can easily remodel your attic into a bedroom. There is an average cost of $50,000 to do so, and you can expect to recover a little over 70% of those costs just by selling the home. The National Association of Home Builders also cites additions, of any kind really, as one of the top earners for home investments. A half bath, for instance, may add up to 10% of the home’s value to your final selling price.
In 2011, the bathroom eclipsed the kitchen as the most important aspect of a new home for buyers. Still, the kitchen does tend to add a lot of value to your property. Painting the kitchen should be one of the first steps you take in improving it. Choose a neutral color and give the room a face lift. If you’re on a budget, try sanding and staining your kitchen cabinets to make them look like-new. It’s a small change, but it makes the kitchen look a lot more appealing to buyers who walk through your space.