The world of real estate seems to be shaping up to be a sellers’ market. With High demand, and low supply, homeowners who are looking to sell, have the advantage. The only issue is that buyers are looking for a turn-key properties. They want to buy the property that has the amenities on the their wish list, already fulfilled. If you are selling, it might be a good idea to look at some possible improvements. But which projects give you the biggest bang for your buck. Below is an article that provides some insight on cost vs. value, and what some of the home improvement trends in the market are. Whatever you do to improve your home, remember to contact your agent so we can reassess the value to ensure you’re properly covered!
If you’re putting your home on the market soon, or are looking to boost its value for a few years down the line, remodeling and improvement projects can be a big help. Some projects will add more to the house’s value than others ─ and they might not be the ones you’d expect. So much of homeownership depends on making the right choices, and this holds true for home improvements.
Let’s take a look at three of the best ways you can improve the resale value of your house:
1. Exterior improvements can work out well
While upgrades to your home’s siding, doors, windows and roof might not be the glamorous projects people have in mind when they think home improvement, they have an undeniable financial upside. The website of HGTV, the home improvement channel, notes in a recent blog post that plenty of buyers will be much happier about these fundamental aspects of a home being in good condition than whether the countertops are granite or not.
Recent data from Remodeling Magazine, a premier news and information resource for contractors, homeowners and real estate professionals, also bears out this conclusion. In the publication’s 2016 Cost vs. Value study, repairs or replacements of the house and/or garage doors, siding, roofs and windows all led to a greater return on investment than a major kitchen or bathroom remodel. In addition to boosting the immediate curb appeal for potential buyers, these efforts are less expensive than remodeling projects.
2. Additions add value
Additions to your home can significantly increase its value, particularly in high-demand real estate markets. Remodeling Magazine’s research also notes that certain additions are worth more now than in the past: Two-story additions brought a return on investment (ROI) of 69% of homeowners’ expenses, an uptick from the previous year. Added family rooms and master suites offered increased ROI figures of 68% and 64%, respectively.
Not all value-boosting additions involve the interior of a house. Adding to your home’s exterior with a wood deck has provided homeowners with a 75% increase in the past, while composite decks provided a 64% ROI.
3. ‘Smart’ appliances are a wise choice
For a significant number of prospective homebuyers, particularly those belonging to the millennial generation, the environment is a matter of great concern. Factors like energy efficiency are important. Consumer Reports, a nonprofit consumer information publication, states that buyers of all ages are concerned about energy costs, and will inquire about factors like insulation R-value and window treatments designed to bolster efficiency.
The source explains that smart appliances, which can be activated and adjusted remotely through cloud-based internet connections, may be the selling point for those in the younger generations of buyers. This sector of homeowners has grown particularly accustomed to managing many aspects of their life through their smartphones and tablets, and the ability to control alarm systems, lights, locks and their home heating fits smoothly into that approach.
One of the most-popular smart appliances is the programmable thermostat. Not only can it be controlled from a computer or mobile device, but some models are equipped with the ability to learn users’ habits over time and adjust temperatures accordingly. For example, if you usually turn the heat up in the evening when everyone in your household is home and then turn it down when people are going to bed, a programmable thermostat can store the times and temperatures related to this behavior and start making the adjustments you want on its own.
The prospect of eliminating certain daily tasks to create convenience and lower stress is an attractive one. And more importantly, as Consumer Reports points out, it’s a value-adding strategy: You can boost your home’s resale value by as much as 5% by installing programmable thermostats and other smart features.
That said, be wise with these home improvement projects. The pace of technological developments means that some will inevitably be obsolete in time, so choose carefully.