How to Increase the Resale Value of Your Home
If you’re ready to put your house on the market, it’s important to pause and consider what home improvements could help to increase the resale value of your home. The quickest way to increase value is by creating a strategic plan with intentional, well thought out upgrades. Home improvement projects will cost you roughly $0.20-$0.25 on the dollar. The remaining $0.75-$0.80 that you spend goes back into your home as increased resale value. Experts say that once your curb appeal looks good, you should focus on kitchen and bathroom upgrades.
Here are some basic, low-cost must-dos for increasing the resale value of your home.
Paint This is the least expensive change that you can do yourself. A fresh coat of paint makes any room feel clean, updated and welcoming. If you have dark or bold colors in your house, change them to neutrals to appeal to more buyers.
Declutter It feels great to purge all of the “stuff” that we never use. Clean out the closets – you don’t want to have to pay to move all of the things that you’re never going to use in your new home anyway. Clear rooms of knick-knacks and things that don’t belong.
Stage Consult with a local home stager to find out what it would cost to have your home staged, or, whether or not you can pay them to just spend an hour or two with you rearranging the furniture. Having a fresh pair of professional eyes come in and change things up can create an entirely different feeling in your home – one of welcoming, flow, and interest.
Jazz up that Curb Appeal!
When someone pulls up to your home, you have one chance to make a good first impression. Minor, inexpensive landscaping cleanup and updates can make a world of difference and are probably the easiest, and most affordable way to increase the resale value of your home.
Keep lawn and bushes neatly trimmed, weed and freshly mulch your flower beds, and replace your mailbox if it’s old and tattered. Simple cleanup is the best investment. Paint your front door a fresh new color. Big investments like fancy water features, synthetic turf, and repaved walkways are not necessary.
Kitchen & Bathroom Remodels
A well-planned, well-executed kitchen renovation will give you one of the biggest returns on investment and can add up to ten percent to the value of your home. If you spend $20,000 renovating an average $400,000 home you can potentially make upwards of $40,000, doubling the money you invested in renovating.
Don’t go overboard. In fact, it’s critical that you don’t put so much money into your kitchen that it no longer matches the rest of your house, or is too fancy compared to the rest of the neighborhood. Buyers will not pay for that.
Don’t break the bank. Do one or several of these simple, relatively low-cost updates:
Replace old appliances, making sure that they all match.
Replace or reface old, outdated cabinets or, simply update the pulls or handles.
Replace old flooring with newer, affordable options.
The backsplash is like jewelry. Swapping out your backsplash for something more current can change your whole kitchen.
Countertops can be costly, but it is worth looking into, especially if you don’t have a lot of countertop space.
Updating lighting and getting rid of any old fluorescents is a huge game changer in the kitchen.
A complete renovation is not usually necessary in the bathroom. There are inexpensive updates you can do like replacing the vanity, fixtures or toilet without breaking the bank. Updating flooring is usually a reasonably priced option because bathroom square footage is relatively small.
Now in our 32nd year in business, Pacor Mortgage is a small, but strong and tenacious mortgage banking company that has survived the most challenging markets. We are experts at helping our clients maximize the optimum return on investment when selling their homes. Explore our website or give us a call (773) 881-7744 / (800) 791-2107 so we can help you with a profitable resale.
