Thinking of selling your home, but uncertain how to increase its market value? Most homes require simple upgrading before they go on the market, such as replacing dated wallpaper with fresh paint or refinishing worn hardwood floors. However, occasionally it means large scale renovations. Updating your home is likely to make it more appealing to a wider range of buyers and therefore make it easier to sell. By creating quality aesthetic features throughout the home, buyers perceive that you have provided great care toward maintaining your home.
Most sellers would much rather put their money into a new house instead of spending it to upgrade a home in which their time is limited. However, studies indicate that most renovation projects do increase the price of the home at resale. It is important to note that not every update is a cost effective improvement. In many cases, extensive projects such as remodeling the entire kitchen or replacing all the windows in the house may simply not pay off. With major renovations, you take the risk of not recouping all the money you invest. The good news is more modest updates often get you more bang for your buck and help to expedite the sale of your home.
Take a look at some low-cost updates that yield a high return.
- Make things sizzle in a dated kitchen by either refacing or painting kitchen cabinets and adding brand new hardware. You’ll have cabinets that look new for a fraction of the cost. If your kitchen appliances don’t match, you can order new doors or face panels from the manufacturer. Hint: sometimes dishwasher panels are white on one side and black on the other. Simply unscrew it and flip it to show the side that matches your other appliances.
- Switch out old lighting fixtures with brighter, energy-efficient lights that create aesthetic value. Attractive pendant lights over a kitchen island add instant appeal. Brushed nickel sconces that flank a bathroom mirror, or an eye-catching chandelier in the dining room is sure to light the way to a top-dollar sale.
- Step in the right direction with fabulous flooring. In living rooms and dining rooms, replace worn wall-to-wall carpeting with hardwood to increase your home’s value by up to 10 percent. Dull kitchen floors can economically be replaced with a variety of choices in either sheet vinyl or linoleum. These popular floor options are durable, easy to maintain, and some even resemble marble.
- Buyers demand spacious master bedrooms. If possible, bump up a ceiling to add height and airiness to the room.
- Dark wood paneling dates your home. An easy fix is to prime and paint the paneling a light color, or sheet rock right over it.
Remember, you never get a second chance to make a good first impression. So impress buyers the first time around with these cost-effective, high-return updates.