Purchasing a home is a smart investment. Mortgage payments are usually cheaper than renting, and it provides you with a stable place to raise a family. But work and life can create the need to relocate which means you’ll have to put your house on the market. As with any investment, like a home, you’ll want to make upgrades and add additions to the house that will increase its market value to be attractive to potential buyers. Many individuals shopping for new homes are looking for specific attributes and design features. While it’s not necessary to renovate the entire home, there are particular areas that can quickly increase your home’s value.
Make Updates to Your Kitchen
The kitchen has been the number one focus for buyers when they are looking for a home, but the newest group of buyers, the millennials, are surveying that it’s an essential feature in their decision-making process. If you are selling a home and want to make improvements to your kitchen, there are ways to update the space without breaking the bank. A fresh, clean coat of paint, updated fixtures, and replacing the floor could add a breath of fresh air and be done for only $5,000. Some of the trendiest design details like stainless steel fixtures and quartz countertops are trends that could make a substantial impact on the buyer’s perspective. Making these updates and keeping your choices on trend could bump up your property 3%-7% in market value.
Give Your Bathroom a Remodel
Turning your attention to remodeling your bathroom could provide you with a 102% return on sale. There are some quick fixes any homeowner could do like re-caulking the bathtub. Some products dissolve the old caulk, and you can easily fill in the caulk yourself by heading down to your local hardware store. You can also bring new life to the bathtub by reglazing. This process makes any tub look like new and usually runs about $400 at the top end. Removing dated fixtures or coverings and applying a fresh coat of paint are ways to make a good impression on buyers. Additionally, you create the feeling of space by removing shower doors. If you prefer to go full throttle, a complete renovation will usually set you back about $11,000, and if you consider the return on sale, it’s not a bad idea.
Make Your Home Energy-Efficient
With so many millennials taking the lead on buying new homes, sellers need to understand what they consider essential. Size and location are traditional driving factors for every homeowner, but the latest generation is wanting their new purchases to be energy-efficient, and it ranks pretty high on the list of desirable attributes. Overall, energy costs have been on the rise, and millennial buyers are very aware of the impact this will have on their utility bills. In some instances, they’ve requested two year’s worth of utility payments before they will consider an offer. If you want to add value to your home, try installing certified energy saving windows. Not only will they help lower your own monthly costs, but they will be very attractive to potential buyers. Water heating is also costly, and replacing it with a new one would only set you back a few thousand dollars, but make a good impression.
Freshen Up with a Paint Job
Never underestimate the value of a good paint job. It makes your home look it’s best and can impress a potential buyer. But before you spend a lot of money on repainting every square inch, try to focus on areas that get the most traffic. The kitchen, living room, and bathrooms are all areas buyers use to make judgments on the house, and color plays a big factor. Also, try to look for areas that might have scratches and scuffs and give them a fresh coat, like the back door, mudroom, or laundry room. Whites and off-whites remain the most popular color choice for interior design and will appeal to most individuals. If living in a stark white home isn’t for you, neutrals are another way to go. While painting your house is inexpensive compared to other renovating options, don’t skimp on the quality. Investing in a top-rated interior paint will make all the difference.
Don’t forget: while you update your home, you’ll also want to update your homeowner’s policy. Certain projects and large renovations will increase your home’s value, and therefore you’ll want to ensure your policy covers all the updates. Additionally, many insurers offer discounts to owners who make certain renovations. If that’s the case, you’ll want to collect on those types of rewards.
Get the most out of your homeowner’s insurance and contact Royce Williams Insurance for a free quote. Already a policyholder? We can review your current plan! Call 615-356-4800 today.