It won’t be long before we start seeing pumpkin spice lattes show up on our local coffee shop menu, and the backdrop of our city will offer the warm cozy colors of fall. We will see the evidence of summer dwindling, and fall will show up by way of cooler nights and shorter days. The freshness of a new season is highly evident in the real estate market too. Houses get listed, and the busyness of the season yields more open houses, buyers looking for deals, and sellers ready to negotiate. The one question I get most often from buyers and sellers is what upgrades should I invest in to increase the value of my home? Here are 3 simple upgrades that I believe will increase the value of your home immediately.
CURB APPEAL
Simple, and easy to maintain landscaping goes a long way and offers a fresh feeling as a buyer walks up to your front door. Something as simple as adding outdoor lighting, potted annuals, and cleaning up overgrown perennials and bushes can change the way a person feels as they pull up for a visit or walk through. Strategically planting a tree native to the area not only helps to bring up the value of neighboring houses, but can also reduce your energy costs by keeping the area cooler. Planting low maintenance shrubs along with a freshly trimmed lawn will go a long way. Stay away from gravel scape or turf. It may be low maintenance, but it isn’t very energy efficient and can degrade environmental resistance.
KITCHEN
The place where everyone gathers and where memories are made! Once you have decided on your budget, start by replacing your old appliances with a new matching set (if they don’t already match). You can stretch your budget by analyzing what actually needs replacing, and deciding what can be refurbished. For example, kitchen cabinets can often be refaced and painted at a fraction of the cost it is to replace and reinstall. Update flooring and forgo the fluorescents! Replace lighting with modern rail lighting, pendant lights or pot lights. The Return On Investment (ROI) on a minor kitchen reno is 81%! Put your designer glasses on and find the things already there in your kitchen that you can salvage or spruce up and spend your budget on replacing countertops and finishings.
BATHROOM
Your second highest high traffic area is the bathroom. Focus on paint, vanities, toilets and fixtures, and that will be enough to usher in a new feeling. According to a report cost vs value report published in Remodelling magazine a mid range bathroom reno recoups 70.1%.
GOAL: MAKE IT LOOK GOOD
From the curb to the kitchen and bathrooms. These 3 areas leave the biggest impressions on buyers, whether they are buying for themselves, or looking for a ‘project’ house. Its true, a fresh coat of paint, tearing down walls to make a space more open, and adding square footage still make the list of adding value to your home, but if you were going to chip away at any annual projects, make these 3 your top priority for shifting the value of your home almost immediately.
CONNECT WITH A REALTOR
Here is some food for thought I came across as I asked myself what will homeowners actually budget and spend on renovating their home.
“A 2018 Homeowner Protection Survey by Chubb, which queried more than 1,200 U.S. homeowners about their approach to property, found that 58% of homeowners will ‘definitely’ or ‘probably’ undergo a home renovation or improvement project over the next 12 months. Of those who plan to do so, 65% plan to spend at least $10,000, with 20% budgeting between $10,000-40,000 and 15% spending more than that.” (will quote article here)
Not all renovation projects are created equal and you will want to connect with a realtor to help you decide if investing in a renovation more than $10,000 will be recouped in your specific market. You want to avoid spending more than you will actually earn back if your end goal is to sell your house. I can certainly help you identify which area of your home, your investment will be better invested.