Upgrading your home has several benefits. From improving quality of life to functionality, upgrades can be a great idea adding value to your home. When it comes to selling your home, investing in upgrades that can give you a return and accelerate a sale is a wise decision!
If you are planning on selling, remember to put yourself in a potential buyer’s shoes. Look at your home with a critical eye, look for what needs updating, and what small changes you can do that can make a big impact.
Six Upgrades That Add Value
Here are six upgrade ideas that can help you take your home from “for sale” straight to SOLD without breaking the bank!
- Get Rid of the Clutter! – Unless you have a minimalist aesthetic (and most of us don’t) you are probably dealing with at least a little bit of clutter. Clutter can detract from your home’s best features. Box up anything that will not be used, like holiday decorations, old toys, and seasonal stuff. Also, take a good look at your furniture. If it doesn’t look great, send it to storage!
- Kitchens and Baths – For homeowners and new buyers, the most frequently upgraded rooms in the house are the kitchen and the bathrooms. Upgrading your kitchen can improve your quality of life while living in the home, and you’ll get most of your money back when you sell. These two rooms sell more homes than any other feature in the house!
- Small Upgrades Can Have A Big Impact – Even minor improvements can change the look of your home more than you might think! A fresh coat of paint can transform a room. Simple fixes like replacing outdated light fixtures or changing cabinet hardware can dramatically improve the saleability of your home.
- Monitor Market Trends – Market trends offer insight into what buyers look for, and can help you make an informed decision about which upgrades will work. For example, buyers are looking for modern bathrooms, but the home theatre trend is waning. So updating the master bathroom will up your home’s value!
- Keep It Neutral! – If your goal is to sell your home quickly, upgrades should focus on appealing to the largest number of potential buyers. Avoid bold choices and keep them neutral. Studies have shown that neutral colors can help buyers psychologically visualize living in the home. Plus, subdued colors are easier to paint over!
- Don’t Go Crazy! – It’s easy to overspend when upgrading. Stop and think before doing upgrades that add value. The goal is to upgrade to sell quickly and spend wisely. If you’re not sure about an upgrade, ask a professional for advice. Smart upgrades will pay you back when you sell.
Up Perceived Value and Sell Your Home Quickly
Choosing the right upgrades can be complicated. Some renovations will not raise your home’s value enough to break even. Make strategic, informed decisions when it comes to upgrading. Your ultimate goal should be to increase value and sell your home faster without increasing your costs. Remodeling magazine publishes an annual Cost VS Value Guide that gives you regional information on the most valuable remodeling projects and upgrades. For example, in the Mid-Atlantic region, garage door replacements will recoup 106.3% of the cost, while exterior stone veneer siding recoups 89.8%.
Don’t Overlook The Exterior
When most of us think about upgrades or renovating, we tend to consider the interior or things that prevent future issues, such as water damage. However, when you look at costs, 9 out of 10 of the most profitable renovations are outdoor renovations like vinyl siding or window replacement, deck additions, or new garage doors. Indoors it’s kitchens and bathrooms, but buyers also judge a book by its cover! Your home’s curb appeal and outdoor amenities like outdoor kitchens or fire features can have a big impact on perceived value and how a buyer will view the rest of your home. If you’re looking for a way to upgrade cost-effectively, tackling projects yourself can offer significant cost savings. Labor is one of the major costs involved in any upgrade, and there are many projects like landscaping, painting, and upgrading light fixtures you can undertake that will add value.
The Bottom Line
The truth is there’s no “one-size-fits-all” solution. Whether or not to upgrade depends on your specific situation and local market conditions. In a sellers market like the last couple of years, you may not need to do many upgrades to get top dollar for your home. However, upgrades can help your home sell faster. And, if you’re planning on selling in a couple of years, investing in a kitchen or bathroom upgrade can return most of your investment when you sell, and you’ll enjoy the benefits in the meantime!