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7 Upgrades that Maximize Your Home's Resale Value

By Eric Jeanette | December 12, 2020

Housing prices are surging to new heights in many parts of the world, so you might be considering selling your house and putting some money in your pocket. You can sell for a good price and earn the difference you can later use to relocate or invest in something else.

No matter if you want to sell or just build equity, here are some improvements that can boost your home’s value and ensure you get the best price for your property.

Extra space

Having plenty of livable space in your home is one of the main selling points in real estate, so expanding your house makes a lot of sense, especially in areas where land is scarce.

Homes are usually priced and valued according to livable square footage available, so the more you have, the better. If you can, add a bathroom, great room or any other space that can boost function and add value to your home.

Another great idea to expand your property is to add a granny pod or a mother-in-law suite. This upgrade will set you apart from the competition when it’s time to list your property.

Mini kitchen remodel

While deluxe, professional kitchens might be attractive for lux home buyers, such an upgrade might be overkill with an average buyer. Most people don’t really need a commercial-grade stove with six burners and an expensive vent, but everyone needs a good layout and plenty of storage space.

You can work on upgrading your kitchen layout, adding modern appliances and finishing your cabinets—these are all very cost-effective remodels you can do yourself with only a tutorial and a few tools. You will need basic tools for small repairs and a quality table saw for remodeling, so check out some reviews online and pick out the most practical additions to your workshop. In addition to basic woodworks, you can replace the faucets, install some new lighting fixtures and voila—you have a more than 80% return on investment.

Energy-efficiency upgrades

Modern buyers, especially Millennials, are super into home features that improve energy and water efficiency. And don’t think that efficiency improvement cost an arm and a leg. For instance, investing in a smart thermostat will set you back only a few hundreds of dollars yet provide future users with a more effective and practical way to save money and resources.

When you invest in such home tech improvements, you will create a strong selling point while improving your property’s comfort, functionality, convenience and eco-friendliness. Other ways you can improve the efficiency of your home is to replace old windows with new, energy-efficient ones, ditch old appliances for Energy Star models, switch to LED type of lighting and boost insulation on your outside walls.

Hardwood floors

It’s easy to see the appeal of hardwood floors: they last for a long time, add richness to any décor and can withstand the abuse of pets, kids and aggressive foot traffic. Plus, this type of flooring is easy to clean and maintain. However, no matter how popular hardwood floors are among buyers, you will need to update your old floors if you want to make them attractive. Luckily, it will all be worth the money and time you invest—refinishing your hardwood floors can recoup 100% of the costs which makes it one of the best home improvements that boost the value of your house.

If you previously had carpets or some other type of flooring besides hardwood, deciding to install new hardwood floors will bring your ROI somewhere between 70 and 80 percent which is still pretty amazing.

Fresh paint

Paint is magic for many reasons: it can instantly upgrade both the interior and exterior of your home and do so for a very low price. Even dated surfaces can look fresh and new with only a cheap coat of paint. Make sure to repaint your home before you put it up for sale.

Most buyers are looking for a property that’s ready to move in (no one wants to touch up paint after spending a lot of money on a property), so if you provide them with just that.

Deck or patio addition

Right now, people are willing to spend a lot of money on outdoor additions that allow them to spend time outside while separated from the crowds. So, if you have a chance to build a deck, patio or even a front porch, go for it. Look for a reputable deck builder to manage and handle everything that involves the construction of your new deck. If you already have a deck, you may hire a deck repair expert once in a while to maintain it.

You can build a deck for a very small price (they range from $1000 to $10,000) depending on the size and materials, but every deck will enhance your home’s exterior and boost the usability of the space buyers will know how to appreciate.

New front door

Replacing your front door can also work wonders for your home’s value. If you have an old ugly door, replace it with something like solid mahogany and you’ll achieve cost-effective yet lux results. Want to go a step further? Tackle your outdated garage doors with something modern and high-tech for an extra touch of curb appeal.

If you provide buyers with something move-in ready, you’ll definitely achieve a good price, so even minor investments will help get a home sold more quickly and result in two satisfied parties.

About the author – Eric Jeanette started as a Realtor in 1993 and eventually transitioned to lending. His companies Dream Home Financing and FHA Lenders provide mortgage information and education to consumers. They also provide those same consumers with a free lender match service through a network of lenders for conventional, FHA/government, subprime, self-employed and many other niche loan programs.
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