Tips to Increase the Sale Value of Your Home
For most American families, their home is their largest asset. The occupants of your home typically appreciate how new, high-quality home renovations and upgrades improve the appearance, comfort or functionality of the environment where you live. Making improvements may also increase the property’s value, boosting the price prospective buyers will pay when you sell the home. Here, we will identify some of the home improvements that will likely have the most significant impact on the sale value of your home.
Remodel Your Kitchen
The kitchen is usually a high-traffic room in your home. In terms of financial investment, a complete kitchen renovation project is among the costliest. Kitchens and bathrooms are also rooms of your home that are most likely to appear outdated, as they often reflect the current popular trends.
The most common improvements involved with kitchen renovations include cabinets, countertops, sinks, floors, appliances and more. A 2022 report from the National Association of Realtors indicated that an average complete kitchen renovation costs about $80,000. However, less dramatic kitchen upgrades often range from $20,000 to $25,000.
Among the various home improvement projects, remodeling your kitchen typically provides the highest return on investment (ROI) when the home is sold. Why? Compared to other areas of a home, the appearance and functionality of the kitchen usually have a significant influence on the decisions of potential homebuyers. In terms of the overall ROI, homeowners often recoup as much as 80% of their kitchen investment when they sell.
The following are some of the kitchen features that most prospective homebuyers consider desirable:
- Side-by-side sinks
- Walk-in pantries
- Table space for meals
- Central islands
- Filtered drinking water
- Granite or stone countertops
Homeowners considering a kitchen improvement project should also consider how spatial changes that improve the overall floor plan are important. For example, removing a nonstructural wall in the kitchen often enhances the perception of “openness” and brings together the kitchen, dining, and living areas of a home.
Add Energy-Efficient Appliances
Today’s newer home appliances are increasingly more energy efficient. The continual improvements in appliance efficiency are primarily driven by national agencies such as the U.S. Department of Energy and the Environmental Protection Agency (EPA).
The primary home appliances that comply with ENERGY STAR standards include clothing washers and dryers, dishwashers, refrigerators and air conditioners. With technological improvements, the high-efficiency home appliances manufactured today use significantly less energy than those produced only 10 years ago. For example, the latest options available by manufacturers are often nearly 20% more efficient than their discontinued counterpart models.
Homeowners’ monthly or yearly savings on utility expenses are primarily based on usage habits. In most cases, today’s appliances will also use less water, and most include innovative technology and safety enhancements.
Spruce Up Your Landscaping
Is it time to invest in your home by making renovations or improvements? Don’t forget about landscaping.
The exterior appearance of the lawn and garden areas greatly influence the curb appeal of your home. Data from the American Society of Landscape Architects suggests that professional landscaping can provide a good return on investment, often boosting resale value by 15% to 20%.
Having a lush, green lawn is likely appealing to potential homebuyers. The three most critical aspects of lawn care are mowing, fertilizing and watering.
Maintaining an attractive yard also requires some basics, including pulling weeds and removing leaves and other forms of debris. Using mulch and gravel appropriately can affordably improve aesthetics.
Consider adding some color with flowers and shrubs. Installing raised beds can provide the appearance of nice edges and may allow you to incorporate plants that otherwise are not conducive to the existing type of soil.
Outdoor lighting is another way of substantially enhancing the appearance of the landscaping and might be more affordable than you think. Consider using solar-powered lights to create pathways. Various mood-lighting options are also available.
The Impact of Your Home’s Sale Value in Real Estate
Those in the market to buy a home might prioritize a variety of factors beyond some of the aforementioned improvements. Families with children may place tremendous emphasis on the quality of the local school system. Individuals who work remotely might prefer houses with a home office area. Seniors might be specifically seeking a home without stairs.
There are also likely some realistic financial considerations associated with many of these renovation projects. Often, larger renovation projects may compete with other necessities or obligations. You might need to explore your financing options, such as those involving the current equity in your home.
Making improvements to your home can enhance the current comfort of your home, reduce ongoing utility costs and improve functionality. At the same time, even relatively inexpensive upgrades or renovations can increase your home’s value, which may reward you when you are ready to sell.
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