What improvements should you make to help with the resale value, especially in a slumping real estate market like we currently have?
The NAR (National Association of Realtors) releases a report every year on what the top projects are for home values by analyzing a complicated formula of how much things cost and how much of a return the person saw on the value of their home. I read through the list and thought even if you can not afford to do these larger projects they are great guidelines for showing you what things are important to a buyer.
The top 5 projects to boost a homes resale value are:
1. Upscale siding replacement: This project gives a full return dollar for dollar on your investment. The problem here is that it is very costly to replace your homes siding. Unless you really need this done, I would suggest working with what you have and concentrating heavily on theside that is visible from the street. Scrape, paint, hang some new shutters.
Stand back from your home and asses how your home looks. I am talking about your home now, not your landscaping. Remember that this is what a potential buyer will see first. This is what will determine if they even set foot in your home. You want them to want to come inside.
2. Midrange bathroom remodel : Yes, you might like those fancy imported faucets, but if you are looking to turn your house over in the short term, don’t buy them. Go into your bathroom and see what you think looks out of date. What will tunr buyers off? If it is an old vanity top with a harvest gold sink, well you should definitely replace those. Is the floor an old ugly vinyl? Tear that up and put down some simple tile.
If all of the big things in your bathroom look good, then maybe it is time to break out the paint and maybe replace some fixtures. If you have a wallpaper border up, please take it down. Even thought you love it it screams 1980’s and most people don’t like them.
3. Minor kitchen remodel: Kitchens, along with bathrooms, are the smartest places to invest your home improvement dollars. A minor kitchen remodel is one in which you take a functional, but dated kitchen, and give it new life. Look at the countertops? Are they dated or worn? What about the sink and faucet? The hardware on your cabinets? Your lighting?
I like to think of the faucets, light fixtures, and cabinet hardware as jewelry for the kitchen. Step back and give your kitchen a critical eye. ANd then scrub it clean like you have never scrubbed it clean before.
4. Midrange siding replacement: I think the same advice I laid outfor the upscale siding replacement follows here. If you don’t need new siding, you don’t need it. But you can make sure that the siding on your house looks the very best that it can look.
5. Attic bedroom remodel: Adding on an extra bedroom is always going to increase the value of your home. Especially now that so many people are working from home and trying to carve out some extra space for an office. This is not always a possibility, for many reasons, among them maybe you don’t need another room or want to spend the money for another room.
But what does this really say about the home buyer? It says that they are looking for additional space. Make sure that your home is not cluttered. Peoplecan not see past the clutter. I have heard a good rule of thumb is to remove half of what is in your home.
I would add a sixth project here: paint. Honestly nothing makes your house look fresh and clean like some new paint. It is inexpensive and sets the tone for your home. If you painted one of your rooms a really bold color, go over it with a neutral. Even though you might love the shocking yellow walls in your dining room, or the bright purple in the living room, other people will not.