8 Handy House Upgrades That Boost Resale Value
REALTORS®, house flippers and even economists all agree: when it comes to selling your house, time is money. And the more time it takes for your house to sell, the less likely it is that you'll receive your asking price. That’s why it pays to unleash your creative side and make home upgrades that will boost the appearance and appeal of your house in the current market. These worthwhile remodeling investments can be completed in a timely manner and ensure major resale returns!
If you're working on a limited budget and need to choose between interior and exterior enhancements, experts suggest that it's best to start with the exterior. Exterior home improvements give buyers a favorable impression of the home before they even step inside. This is especially important as more and more buyers are making preliminary visits to houses even before visiting with a REALTOR®. Here are some home improvement ideas you could follow:
• Replace Exterior Doors - Entryways, front doors, and garage doors are a focal point for visitors entering your home, so the sharper they look, the more excited buyers will be to see the interior. Plus, replacing a garage door, on average about $1,200, can generate an average resale value of $2,064!
• Renovate Landscaping - Cleaning up and landscaping your yard is a fairly inexpensive update that improves the overall appearance of your house's exterior environment. Landscaping increases the invitingness of your home, whereas lifeless and drooping plants can repel buyers.
• Replace the Roof - Though replacing a roof is generally an expensive endeavor, it also leads to big monetary returns. The average reroofing cost ($20,000) can lead to over $30,000 in resale value!
• Repaint the Exterior - Exterior paint freshens up the appearance of a house and gives it modernity and that very sought after curb appeal. This home improvement project is also one of the most recommended updates by REALTORS® as it greatly improves a buyer's first impression of the residence. If you can't make any other home improvements, the best option is to invest in some paint.
Though well-crafted exterior home improvements entice potential buyers to visit the house, interior improvements turn those potential buyers into new homeowners. These upgrades are known for impressing home buyers at reasonable costs to the seller.
• Install Wood Flooring - Wood flooring is currently one of the most popular, if not the most popular flooring option for homeowners. But when it comes to resale value, it isn't necessary to go for a custom hardwood option. Laminate flooring for a 1,200 square foot home, which costs about $4,000, has an average resale value of $8,400!
• Repaint the Interior - In addition to giving a home a cleaner, sleeker appearance, interior painting in light, classic colors makes every room in your home feel larger and more open.
• Invest in Kitchen Remodeling - Though a kitchen remodel is a costly home improvement project, it also has the potential to significantly increase your resale value. Kitchens and bathrooms are the most important rooms for potential buyers and therefore, deserve attention when it comes to upgrades. By individual project:
-New Kitchen Counters - Cost = $5,000; Resale Value = $8,600
-New Kitchen Cabinets - Cost = $870; Resale Value = $1,496
-New Appliances (stove, dishwasher and refrigerator) - Cost = $4,000; Resale Value $6,640
• Bathroom Remodeling - Even if your bathroom fixtures and cabinets are a bit older, updating the tile will give the entire space a bright, clean finish. If you would like to do a more complete bathroom remodel, consider upgrading your guest bathroom. Guest bathrooms are usually smaller than master baths, and so require a smaller investment for major improvements. Replacing a guest bathroom's counter and vanity gives an average resale value of $1,620.
Source: Handyman Connection