If you're considering selling your house in the future, it’s essential to understand the best home improvements for resale value. In order to get the most money for your house, your home must be in top-notch shape to attract buyers and get the highest offer possible — perhaps even a bidding war! Don't underestimate the value that even minor improvements to your home could add to your bottom line.
Here’s a list of some home improvements that tend to get the most return when selling your home.
1. Outdoor Spaces
As many people are preparing to spend more time long-term at home either because of changing remote work circumstances or extended social distancing, outdoor space, landscaping, and curb appeal are more important than ever.
The top features potential buyers are looking for during times like these are a quiet neighborhood and property, followed by more outdoor space, such as a patio and a yard.
Whether you're working with a couple of hundred square feet of balcony space or several acres of land, sprucing up your outdoor living space can make a substantial difference for potential buyers.
Some examples might include improving railings on the front porch, updating light fixtures, and installing an outdoor fireplace or pit in your backyard. New porches, home additions, and fence installations are popular bigger renovation choices that typically hold their value.
2. Kitchen Updates
Prospective homebuyers love an updated and modern kitchen when they're shopping for a new home. Even minor updates to your kitchen can go a long way to increase the price and appeal of your home for sale. Think about:
- Updating old appliances
- Updating window trim and curtains
- Sanding and painting cabinets to give them a fresh look
3. Garage Door Replacement
You can add to the functionality and aesthetic appeal of your home with a new garage door. No buyer is going to want to struggle with garage doors that are outdated and have failing mechanisms. This is a relatively easy fix that can really boost the appeal of your home.
New-age features, such as whisper (silent) garage doors, remote access via a smart device, and automatic locks are sought after by homebuyers – especially those with young children.
4. Vinyl Window Replacement
Installing new windows can work wonders for your home. They not only add to the aesthetic value but can also help by improving the energy efficiency of your home, thereby lowering your (and your potential buyer’s) cooling and heating costs.
5. Bathroom Upgrades
Upgrades to the bathrooms in your home are typically a solid investment when it comes to resale value. This is especially true with the master bathroom. Still, recouping value can be particularly dependent on how much of your potential buyer’s interests you take into consideration in your bathroom renovation design choices.
There are definitely design trends that appeal largely to a whole range of homeowners. However, because of the vast aesthetic taste differences, one individual's elegant new bath could be seen as outdated and tacky to a range of potential buyers and may be in desperate need of updating.
You should consider neutral colors like light gray or white, popular trends like subway tiles, and updated fixtures to appeal to the broadest range of potential buyers when upgrading bathrooms.
We're Here to Help!
Home upgrades are a great way to enjoy your home more and increase the resale value should you decide to sell your house. If you are considering smaller home renovations, a Personal Loan may be the perfect solution. For more extensive remodels or improvements, a Home Equity Loan or Home Equity Line of Credit (HELOC) allows you to borrow against the equity in your home at even lower rates and with more flexibility.
If you have questions about what financing options will work best for your home improvement projects, please give us a call at 202-479-2270 or email us at members@agfed.org.
Your Turn
Are you planning any home renovations this year? Tell us about it in the comments!