Standard home pricing relied on staging, cleanliness, curb appeal, and market value, and it still does. However, increasing the home’s value takes a different approach. If sellers are willing to spend extra money beautifying the home, the value will go up. Moreover, not every project is worthy of increasing the value. These projects are worth the time and energy to ask and receive a home value increase.
Kitchen Upgrades
A centerpiece of the home, the kitchen invites everyone to eat and be merry. Buyers care about the kitchen’s appearance, so make it worthwhile. Start by painting kitchens a neutral color. Swap out knobs and handles in the kitchen with bathroom knobs and handles. Add new appliances or upgrade to stainless steel appliances. Include a kitchen island; if the kitchen lacks space, include a portable kitchen island. Lastly, connect the kitchen to the living room. Open space between the living room and kitchen is trending because it’s spacious and inviting. Guests want access to both rooms to remain in the conversation while eating and entertaining.
Sellers contemplating a full-on kitchen remodel must think twice before investing excessive amounts of money in the home. The extra dollars will generate a high home value, but a less chance of higher bids or a closing sale price above asking price. The minor touchups mentioned will upgrade the kitchen inexpensively, increasing return on investment odds while elevating the home’s value.
Bathroom Upgrades
Besides the kitchen, buyers are scoping out the bathroom’s appearance. Like the kitchen, small upgrades make a big difference. Paint bathrooms a natural color to please everyone. Add a beautiful countertop on the bathroom vanity, preferably quartz, granite, or marble. It’s less expensive to add a countertop in the bathroom instead of the kitchen because the countertop space is smaller. Upgrade shower head fixtures and faucets. Swap or purchase new hardware. Drop overhead lighting and add lights around the mirror or recessed lighting in the walls and underneath the vanity.
Today’s buyers are searching for the spa-like experience in bathrooms. It’s possible to turn a standard bathroom into an oasis by incorporating these suggestions into the area. However, a major overhaul is unnecessary. Similar to kitchens, splurging in the bathroom doesn’t equal a home value increase. If the renovation knocks down a wall or the new layout widens space, the renovation may be worth it, although that’s not a guarantee either.
Hardwood Floors
While carpet is cheaper, the hardwood floors appeal to buyers. The demand for hardwood floors raises a home’s value. The cleanest carpet still has dirt, dander, and dust, which triggers allergies. A replacement won’t change a thing. A switch to hardwood floors would because it’s easier to clean than carpet and reduces allergies. Since hardwoods are expensive, purchase the inexpensive engineered wood or bamboo instead.
Finish Attic and Basement
Adding more rooms to the house has separate pros and cons. Avoid the dilemma and repurpose existing rooms. The best rooms to repurpose are the attic and basement. It’s likely the area is unfinished and abandoned. Finish the basement and attic first so the buyer can choose how to use the bonus room. Flexible rooms are lucrative because it gives the buyer freedom to convert the space into anything he or she needs. The possibilities are endless.
If sellers already know what they prefer, convert the basement or attic into a bedroom, craft room, or game room. Basements can also be transformed into a den, a home theater, a second living room, or a separate living space with a kitchenette and bathroom.
In summary, sellers must pay to play. A higher price won’t come otherwise. Sellers who command a higher asking price must prove the home increase is worth it through these suggestions. Include a few changes in the home and expect the home value to skyrocket.
Author: Damien Justus
