Let’s get something clear right away: You don’t have to break the bank or rip your home down to studs in order to make a difference. Little upgrades can have a big impact on the resale value of the property, increasing it by as much as 35%.
However, recouping the investment isn’t as simple and straightforward as it may seem. You only have so much time and money to spend, so you need to weigh your options carefully.
So, you must do your homework and only then consider doing any improvements. This is the best way to avoid common financial pitfalls and get the most bang for your buck.
Set the stage
Staging the home is an inexpensive project, yet it goes a long way towards allowing you to make a nice first impression and get the best price. Much of the work revolves around decluttering the space. If you handled the maintenance well, you could get away without doing bigger repairs.
Start by getting rid of everything that gets in the way of your goals or buyer’s vision. This undertaking requires you to do away with clutter, but also to depersonalize the environment. Also, try to tidy things up and clean everything until you see the sparkles.
Enhance the curb appeal
Exterior space is a focal point for many property hunters. Therefore, you need to work on boosting the curb appeal of the home. The moment a potential buyer sets eyes on your home, the love affair should start. So, it is time to bring your yard in order and repair that broken mailbox.
Furthermore, spruce-up your front door by applying a fresh coat of paint. Trim the walkway with potted plants or planted flowers. In case you want to go an extra mile, consider stunning features like durable inground fiberglass pools. Such a luxury feature can increase the home’s value by 7%.
Design and decorate carefully
Be careful when designing and decorating the home. A buyer should be able to visualize their life in your home, so don’t get too personal. Keep the look simple and stress-free. Stick to a timeless style and go for natural colors that are usually a safe bet.
Use paint touchups throughout your home to improve the visual appeal. Note that lighting is what ties the space together and highlights the main architectural and design features. Therefore, replace the fluorescent bulbs with halogen or LED fittings, or centerpieces like chandeliers.
Ramp up energy-efficiency
Improving the energy efficiency of a home is one of the absolute must-dos and there are a variety of ways to pull it off. You can upgrade the appliances and opt for Energy Star-rated products. What’s more, many homeowners manage to work miracles with better insulation.
They take on projects like installing double-glazing windows or weather-stripping existing ones. Likewise, it is important to boost the water conservation by purchasing low-flush toilets, low-flow aerators, and modern showerheads, as well as fixing the plumbing leaks.
Update the kitchen
It is estimated that renovating a kitchen can improve the value of a home between 3% and 7%. This room holds a particular sway over modern buyers and investors, who perceive it as a new hub of domestic life. On the other hand, outdated kitchen is one of the main deal-breakers.
Thus, refinish the kitchen cabinets and invest in stainless-steel appliances if you can afford it. Update the countertop and flooring. Improve the hardware and repaint the walls to create a fresh and coherent look.
Add more living space
Not everyone has a vast space to work with, but even if your home is a bit on the small side, there is a way to compensate for that. Namely, you need to be smart and figure out how to strategically increase the amount of usable square footage.
An open floor plan is popular with many buyers, especially younger ones. But, those who are not eager to tear down walls needn’t fret. They can finish a basement or convert attic to serve as a guest bedroom. Moreover, it is a good idea to check out if you can fit a home office or playroom in an underutilized spot of the home.
On the ball
As you can see, there is a multitude of updates that bring in more money and breathe life into space. To come on top, though, you have to set the emotions aside and stage the home for maximum sales appeal. In the process, prevent the home from being an energy hog or a quaint relic of the past.
Even the details that may seem insignificant can turn out to be major selling points. So, roll up your sleeves and get your home ready for sale. Everyone has a different taste, but a clean, well-maintained, and properly organized home never goes out of style.
You may also be interested in: 7 Pro Tips to Help Your Home Sell Faster, for More Money
Writer: Lana Hawkins
Disclaimer: All investing can potentially be risky. Investing or borrowing can lead into financial losses. All content on Bay Street Blog are solely for educational purposes. All other information are obtained from credible and authoritative references. Bay Street Blog is not responsible for any financial losses from the information provided. When investing or borrowing, always consult with an industry professional.