Sellers November 12, 2022

How to Increase Your Home Value

How to Increase Your Home Value

Are you thinking about selling your home and what you can do to increase your home value? If you answered yes, there are a few things you can do to increase property value and justify a higher asking price. Some upgrades give you an excellent return on your investment, and other home improvements aren’t as likely to deliver a good ROI. Here are some of the smartest ways to go about adding to your home’s overall value.

Boosting Property Value

When the time comes that someone is considering selling their home, home improvements can seem like too much to take on. An extensive remodeling project that would elevate a property’s aesthetic is what most imagine. However, it does not have to be the case. A remodel like that could certainly appeal to potential buyers, but they may not justify a higher asking price. To add real monetary value to a property, it’s important to focus on projects that provide both aesthetics and function.

Which Improvements Add Value?

To add real value to your home, focus on projects that provide a double impact. For example, don’t just target upgrades that make your home more beautiful. Instead, look for projects that make your home more functional and/or energy efficient. The following upgrades are great options for boosting your home’s resale value.

  • New doors and windows: These can add real value to a home as long as you choose energy-efficient products which bring tax benefits and lower utility bills.
  • Kitchen: The heart of any home, the kitchen offers all sorts of upgrade possibilities; even small improvements can boost property value.
  • Bathroom: New countertops, hardware, and low-flow toilets can add to your home’s resale value.
  • Basement: You can increase your home’s overall living space by turning your basement into an office, den, or spare room.
  • Attic bedroom: Whenever you turn a useless room into a functional asset, your property will become more valuable.
  • Siding: Attractive and cost-effective, exterior siding improves a home’s durability and curb appeal.
  • Steel security doors: This simple upgrade consistently offers the greatest ROI of any home improvement project in the midrange or upscale category.
  • Decks: In addition to enhancing a home’s appearance, a deck extends its living space.
  • Additions: These are certain to add property value. That said, they can sometimes price a home above the local market.

Get Your Home Show-ready

According to data from the National Association of Realtors (NAR), sellers can expect a 1% to 5% price increase on offers for well-staged homes. What’s more, these properties tend to sell much faster compared to the similar local inventory.

To properly stage a home, however, you have to make it show-ready. Historically, this has meant a lot of work and upfront investment on the part of the homeowner. These days, however, modern innovations have made this much easier. A good example of this is the popular RealVitalize program offered by ERA Real Estate. Once sellers sign up through an ERA-affiliated agent, RealVitalize covers the upfront costs for critical necessities, such as carpet cleaning/removal, handyman services, carpentry, drywall and insulation, electrical upgrades, painting, plumbing, and junk hauling. The program even covers appliance purchasing and installation, as well as kitchen and bathroom upgrades, curb appeal enhancements, and staging.

With a little advanced planning and smart decision-making, you can increase your home value and boost your chances of getting the price you want. Whatever the market, these updates will surely support sellers and their real estate agents in a smooth and speedy transaction.