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According to the National Association of Realtors, approximately 5.51 million existing homes were sold in 2017. That staggering number highlights the fact that the large majority of home sales are resales. As such, homeowners must be hyperaware of the current and future value of their residence in relation to efforts like remodeling, home maintenance, and additional value-added features. Shifting the mindset of your home being an investment as opposed to simply a place where you and your family live is the first step in building value.
Homeowners are often misguided into spending thousands of dollars on repairs and renovations that do not translate into dollars when it comes time to sell their home. Features like swimming pools, beautiful landscaping, and high-end appliances certainly make a home look appealing, but do they actually add value? This topic is highly debated and typically dependent on factors like the local market and the size/age of the home. There is serious difficulty in determining where to spend your money. Are the upgrades you’ve chosen based on personal preferences or are they truly valuable improvements in the investment that is your home?
Spending on features that will give you the highest possible return on your investment is tricky. Lucky for you, we’ve spent some time to research the specifics on where the most on the ball, savvy homeowners are putting their cash today.
First and foremost, it is imperative to mention that home maintenance is not an added value, but a true necessity. Home inspectors will be quick to point out aging roofs, poor plumbing, and the like. However, these projects are often referred to as “invisible improvements” because homebuyers have the expectation that these things will be up-to-date. As a result, your home’s value will not shift due to regular maintenance. So, be sure to account for this as it relates to your ability to recover those costs when your home is placed on the market.
Now that the bad news is out of the way, it’s time to focus on creative ways to truly improve the value of your home. While there is no direct roadmap for success, these upgrade ideas have been proven in various markets. The following are some great methods to increase the resale value of your home:
Spend your money in the kitchen. Things like Quartz countertops and stainless steel appliances are extremely marketable and will allow for significant wiggle room in pricing. Spend smart on kitchen upgrades and you’ll see a handsome return on investment.
Make more space. Open floor plans are all the rage right now and sellers who can find creative and inexpensive ways to open up rooms will have a leg up on the competition.
Ignore your personal tastes. Things like neutral wall colors and simple staging will help for buyers to envision the home as their own. Too much personal style hinders a buyer’s ability to project their own style onto the home.
Focus on indoor/outdoor living. One of the most notable design trends this year has been buyers’ desire for outdoor living space. Investing in a dynamic, functional, and aesthetically-pleasing retractable patio and deck awning can do wonders in increasing your home’s value and showing buyers what their new life in your home could be like.
Give your bathrooms some attention. Upgraded bathrooms, especially the master bathroom, are one of the most sought after features in a home. Renovating your bathrooms can directly increase the home’s value.
Be smart about smart devices. Spending thousands of dollars on new home technology is a complete waste, but reasonable upgrades like programmable thermostats are not. Investing in the installation of something like a Nest thermostat is an easy way to make any home feel high-tech without footing a crazy bill.
Keep your home clean! This may seem obvious, but far too many sellers neglect to maintain a clean space. Not only is cleanliness extremely important to buyers, but it is a free way to increase your home’s value.
The real estate market can be pretty cutthroat in this day and age. Keeping a finger on the pulse of smart upgrades is the best way to achieve a high return on investment.
Making the decision to sell your home is not an easy one, but doing so means shifting your mindset from home to investment. Are you considering any home upgrades to increase the resale value of your home? Contact our residential retractable awnings experts in the USA or Canada toll free at 866-438-2964 or outside the USA or Canada at (305) 628-2424 or use the live help chat tool for help in choosing a retractable patio and deck awning that will translate into extra dollars on your home resale!