How to Amp Up The Resale Value of Your Home
Whether you're putting your home on the market this year or in the next five years, it is a smart decision to start building your home's resale value now. Here are some ways to create a comfortable home while making it easier to put more money into your bank account on closing day.
Small Maintenance and Repairs
If you think that home maintenance on the weekends is a low priority, think again. The small chores you do around your home prevents it from losing value. Neglecting small maintenance and repairs causes 10% of your home's value to walk out your door and slip through your windows. Most appraisers claim that homes showing little to no preventative maintenance can depreciate from $15,000 to $20,000!
Preventative maintenance can also actively increase your home’s resale value — according to a recent study, by about 1% per year! Also, because homebuyers generally notice any repairs needed upon buying a new home, proactive maintenance lets the homebuyer know that he or she will not have to spend extra money to maintain the basics. This makes your home more attractive, and thus more likely to get higher priced offers.
Remodeling Ideas and Tips That Work
Studies show that a home valued at $150,000 could increase its value between $8,300 and $19,000 with the addition of landscaping. These studies also note that positive landscaping can reduce the amount of time your home spends on the market!
Changing out the doors of your home is also generally a smart design choice. Lately, fiberglass and steel doors are a coveted aesthetic by homebuyers. A steel door costs $1,335 but has a whopping 91% return on investment. A fiberglass door, on the other hand, costs about $3,126 with an 82.3% return on investment. Likewise, a new fiberglass or steel garage door distinguishes your home from the rest on your block and provides a 91.5% return on a $1,652 investment.
Finally, matte paint finishes will trend in 2016 because of its transitional qualities. With a matte finish, your potential homebuyer can easily match his or her stainless steel or black and white appliances. It’s touches like these that make your home appealing to a wide variety of homebuyers, and that drives up its resale value.
Your Needs and Buyers' Wants
On that note, if you need to renovate your home, be sure to consider how those changes will affect its appeal to future buyers. Knowing design trends will give you the opportunity to make changes to your home based on where your needs and your potential buyer's desires intersect, thus increasing your property's resale value drastically.
Designers and design websites provide great ideas when you’re brainstorming home renovations. Keep in mind as you research, however, that you don’t want to sacrifice your needs for a comfortable home just for the sake of what you think a future buyer will want!
Therefore, before you begin making any changes to your home, consult your real estate agent. Real estate agents, because we are constantly working with new buyer clients, have insider insight into what home buyers are looking for now and in the future. We’ll be able to help you make smart choices when remodeling or renovating your home.
If you think you might want to remodel or renovate your home in the near future, or if you are just curious about other ways you can increase its resale value, please reach out to me!
Royal Lepage Hallmark