Best Easy Home Upgrades to Boost Real Estate Value
When considering ways to increase the value of your home, you may immediately consider costly and extensive projects such as roof replacement or yard landscaping. However, you can achieve a higher price point when selling by making smaller changes throughout different areas of the house.
These home improvement projects include enhancing aesthetics and architectural elements, increasing energy efficiency, and fostering a inviting atmosphere through the use of color.
Regardless of one’s opinion, open shelves in kitchens continue to be popular. In fact, homes that mention having open shelving sell around five days sooner than anticipated and for 1.5% more in value. Open shelves provide a simple method for showcasing kitchenware or decor, thus offering a way to add character and storage options for interested buyers.
Replacing old light fixtures with modern ones can completely change a space and enhance a buyer’s ability to envision a home’s potential. Additionally, it is recommended to replace all bulbs in the house with LEDs. The US Department of Energy states that LEDs consume at least 75% less energy than incandescent bulbs and have a lifespan up to 25 times longer. Having a house fully equipped with LED bulbs is definitely a favorable aspect for those seeking a wise investment. Furthermore, the simple act of switching to LEDs has the potential to increase your home’s selling price by an additional 1.9%.
Due to their high cost, many sellers choose not to undergo a complete kitchen renovation when moving out of a home. However, there are affordable alternatives such as replacing outdated hardware and cabinet doors with Shaker-style ones. This option may potentially result in a 2% increase in the sale price.
Zillow research discovered that homes with pale blue bathrooms might sell for approximately $4,698 more on a typical US home, which amounts to a 1.6% increase. The calming effect of pale blue could potentially provide buyers with a sense of tranquility, explaining the potential impact on home prices.
According to a survey conducted by the home improvement website Thumbtack, the average cost of interior painting per room is $385 at a national level. However, when considering the increase in the selling price of an average home after applying a pale blue finish to the bathroom, the expense of painting pays off in the long run. If you need ideas or inspiration, we have compiled a list of blue shades that are preferred by designers.
With individuals currently working from home and requiring a place to relax, as well as host socially distant events and unwind after a tiring day, backyards have become increasingly significant. This has resulted in an increased demand for well-illuminated outdoor areas. Consequently, incorporating path lighting, landscape lighting, or deck lighting into homes can enhance their value, leading to a 1.6% higher selling price than anticipated.
Similar to bathrooms, home buyers are seemingly drawn to a particular hue when it concerns the welcoming front doors. The curb appeal can be immediately enhanced by a freshly painted front door, but it is crucial to select the color strategically.
According to Zillow’s latest research in 2018, it was discovered that houses featuring a black front door can be sold for a higher price of 2.9% compared to the anticipated amount. To assist you in selecting the perfect black paint color for your door, we have compiled a list of timeless options from the informative blog post of Studio McGee, an interior design firm famous for their appearances on Netflix.
Even new homes can sell for 0.1% more than expected if they have crown molding mentioned in their listing description, due to the character and grandeur these small details like crown molding, ceiling medallions, and picture frame molding add, which many home buyers appreciate.
Whether you choose to control it with Alexa, Google, or any other service, smart lighting provides a cost-effective solution for enhancing your home with smart capabilities and reducing energy expenses. Additionally, including information about your smart lights in your listing description can expedite the sale of your home by almost four days. Fortunately, we have already curated a selection of the finest smart light bulbs available in the market.
When planning projects for your outdoor space, keep in mind that adding dining and gathering areas can have a positive impact on your overall profits. Therefore, it is worth considering the inclusion of an outdoor dining area or a comfortable seating arrangement. For a touch of extravagance, Pendleton suggests incorporating a pizza oven, as this can contribute an extra 2.3% to the final sale price.
Upgrades that add physical square footage or make the home feel more spacious
The percentage of single-family homes with a patio increased to 63% in 2022, as revealed by a survey conducted by NAHB. This rise reflects a growing preference for both indoor and outdoor usable space.
In a 2020 survey conducted among HomeLight agents, it was discovered that 44% of them identified the “need for additional space” as the primary reason for relocating, while 31% indicated a preference for increased outdoor space as another prominent motivation.
1. Convert or build a home office
According to statistics from Global Workplace Analytics, the number of individuals working from home has increased by 159% since 2009. In a Fall 2021 survey conducted by HomeLight, 60% of the top real estate agents stated that a home office was the most important requirement for buyers in their market, surpassing all other listed features or qualities.
According to our survey, buyers prioritize a home office over factors such as move-in readiness or meeting minimum square footage requirements. The survey also revealed that in certain instances, buyers are actively searching for homes with more than one office space.
If there is a decent number of people who work remotely in your market, it is likely that creating or dedicating space for a home office will be a beneficial investment. According to HomeLight’s mid-2020 data, the addition of a home office increases the resale value by more than $10,000. This value may have further increased as Americans continue to embrace remote work.
There are various creative options to consider for creating a functional office space, such as converting a walk-in closet or building a backyard ADU or extension. The estimated value added to a property by an ADU has increased from $47,600 before the pandemic to $66,000 by the end of 2021.
2. Finish your basement
If you have an unfinished basement, you have storage space, but you’re not utilizing it effectively for potential buyers to utilize as a home office or entertaining area.
According to HomeAdvisor, completing a basement of 400 to 1,500 square feet has the potential to generate a return on investment (ROI) of up to 75%.
By increasing the square footage of your house, you are moving it into a higher price category.
According to Russell, even within the range of $250,000 to $400,000 in Georgia, homes with unfinished basements can see an increase of approximately $15,000 to $20,000 in value. If the basement is finished, the potential increase in value can be even higher, reaching up to $40,000 or $50,000.
On average, the cost of finishing a basement is $18,400, but it can potentially reach $34,000, mainly depending on the size of the area. The tasks involved in this project include flooring installation, drywall placement, and painting. However, it provides potential buyers with a valuable opportunity to customize the space to their liking.
3. Open up the floor plan
Although people still need dedicated space to work, they are still interested in an open layout that allows them to enjoy family time and entertain.
According to the NAHB’s survey, a spacious layout that many buyers desire can be achieved by knocking out the right wall. The survey reveals that 85% of buyers prefer an open layout connecting the kitchen and dining room, while 79% favor an open arrangement between the family room and kitchen. Additionally, 70% of buyers express a preference for an open layout between the family room and dining room.
Before swinging a sledgehammer, it is advisable to consult with a contractor or interior designer even though an open layout allows for welcoming natural light. The NAHB emphasizes that a home still requires structural support and distinction between spaces. Additionally, certain architectural styles, like a two-story or Colonial house, may not be suitable for this alteration.
What adds value to a home?
When considering which updates to make in your home, think about whether the project would make the place more appealing for potential buyers. If certain rooms in the house are outdated from past decades, you may want to prioritize those areas.
Perhaps you do not possess the contemporary features and facilities that are required by a remote professional to effectively manage work, personal life, and leisure. It might be a good idea to consider constructing a patio or transforming a roomy closet into a convenient home office.
If the update adds convenience to daily life or brings joy with the beauty of fresh and modern materials, it is likely a safe decision. However, the recouped cost will vary depending on your market and the selection of suitable styles. If you are unsure, it is advisable to consult a highly regarded local real estate professional who can inform you about the current trends in the area.
