Best renovations for increasing home value

Best renovations for increasing home value

Even though the U.S. real estate market has cooled down somewhat from its red-hot run of the last couple of years, it’s still a good time to sell. You’re probably already familiar with the common lore that ramping up your curb appeal with paint, flowers, and attractive outdoor fixtures, but what about other strategies that may help your property shine above the local competition? Keep in mind that to effectively increase the value and the overall desirability of your home, it’s necessary to appeal to the widest possible audience — and the best way to do that is to add real value. The following five renovations appeal to 21st century homebuyers and will provide you with a good return on your investment.

Minor Kitchen Makeover

The old adage that people make buying decisions based on the kitchen is still true — especially with millennials who have rediscovered the pleasure and convenience of making their home into a personal sanctuary. Minor makeovers could involve some combination of refacing the cabinets, replacing sinks, countertops, hardware, or flooring, and updating appliances and lighting. Other quick and easy improvements include a fresh coat of paint in a neutral, pleasant shade and installing a new backsplash.

ENERGY STAR Rated Windows

Today’s consumers like the idea of saving money on utility costs without sacrificing comfort in the home environment. A recent survey by the National Association of Home Builders found that 83% of buyers are seeking homes with ENERGY STAR windows due to the potential savings that they offer.

Smart Home Technology

Adding smart home technology can increase the value and appeal of your home if you do it right. It’s important to keep it simple — today’s home automation industry is expanding rapidly, and systems can become outdated in a matter of months. Stick with popular home tech systems such as programmable thermostats and security systems and let the new homeowners create a more customized smart household infrastructure suited to their own personal needs and preferences. Ask your real estate professional what’s popular in home technology in your area.

New Siding

Many homeowners have their home exterior painted to give it a fresh, clean appearance, but new siding may actually be a better overall return on investment. Siding lasts far longer than paint as well as adds insulation to the home and helps it retain its structural integrity. If your current siding is dented, scratched, or just plain dingy because it hasn’t been replaced in a long time, installing new siding may be one of the best things you can do to generate interest in your home.

Finish Off Your Basement

If your basement is still in the unfinished stage, this may be a good time to paint the walls, add carpeting, and install a dehumidifier if needed. It will increase the square footage of the livable space in your home, which will appeal to buyers. Additionally, finished basements are less likely to harbor pests or provide habitat for mold and mildew colonies.

Contact the Potempa Team for More Information

Please feel free to reach out to our skilled home lending team for more information on getting your home ready for the market. We can be reached by phone at (855) 421-2753 or by requesting a quote through our convenient online portal.

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