It’s no secret that across most of the US, now is a great time to sell your home. According to a recent quarterly report released August 12 by the National Association of Realtors, the average sales price in Q2 of 2021 of existing single-family homes rose by 22.9% to $357,900. With more people staying home due to the recent pandemic, it’s not a surprise that the home renovation market is booming. Whether you are ready to sell, or just want to add extra value to your home, here are a few upgrades that can increase the value of your property and yield a high return on investment.
Minor Kitchen Remodel
Families spend a lot of time in the kitchen, so buyers will typically look here first to determine whether a home is worth the asking price. Most buyers will not want to spend extra money renovating a kitchen after purchasing a home, especially when the market has homes going for top dollar. Instead of going all in with a major kitchen renovation, a few targeted projects can go a long way. You can start by replacing old appliances with high-efficiency models that will also allow energy savings as well. Fresh paint and new hardware on outdated cabinets can brighten up your kitchen without spending too much extra money replacing them. Upgraded countertops can also help complete the look and allow your kitchen to have a more modern feel. Each of these simple upgrades can greatly increase value without breaking the bank or spending months in a deep kitchen renovation.
New Flooring
Another great, affordable upgrade that can improve value is new flooring. Having a consistent look in your home will be more attractive to buyers and show that you are serious about the way your home looks. It also creates a neutral palette where potential buyers can envision their own furniture after they move in. Today there are so many options that you can choose from, depending on your budget, from hardwood on the higher end, to luxury vinyl plank or laminate. When it comes down to deciding what is the best flooring to increase your home’s value, it all comes down to the market. Hardwood will most likely give you the highest return, but luxury vinyl plank and laminate also offer great perks for buyers. The only flooring we recommend you not go ahead and update is carpet, unless it is in really poor condition, as many buyers would rather update themselves upon moving in to ensure it’s completely fresh and free of any existing dust, pet hair, etc.
Exterior Upgrades
Curb appeal is essential when selling your home. There are several exterior upgrade options that can immediately increase value to your home. A surprising upgrade that can easily be overlooked is replacing your garage door. The average garage door lasts 15-30 years, so if you live in an older home, it might be time to consider replacing it. According to a recent cost vs. value report, homeowners can recoup 94% of the cost of a new garage door. Choosing to upgrade to vinyl windows can be another eye-catching investment, while also allowing for low maintenance and durability. Another easy and affordable option is upgrading your landscaping. A few new shrubs, some in season flowers, and outdoor seating can boost that curb appeal and also offer additional outdoor living space. Lastly, upgrading your front door to a steel entry door can create a better sense of durability and security for potential buyers, while also creating a fresh look to your home.
These are just a few of the many upgrades to consider when choosing to invest in your home. One of the best perks of home renovations is that everything is negotiable! And if you do decide to sell, our team at Marsh Landing Realty will be more than happy to answer any questions and help you get the most value out of your home. Contact us to get started!
