Selling a home will not always guarantee a positive equity. The highest equities are generated when you sell your home with at least one improvement and when you sell your home at the right time. This is why you are always encouraged to take care of it even when you don’t have any plans to sell it yet.
There are plenty of cheap ways to increase your home’s value, but if you want to maximize your equity potential, here are some of the best home improvements that you can do:
Remodel the Kitchen and Bathroom
A lot of people would say that the kitchen is the heart of the home. Likewise, while people can survive without a fully functional kitchen for months (or even years), we obviously cannot do so without a bathroom. The kitchen and bathroom are two of the most crucial sections in a home, and that is why your potential buyers will most likely notice all the little, tiny details in these rooms. Remodeling either of the two can give you a return value between 60%-80% during resale, and you don’t even have to go for upscale renovations!
Attend to Your Landscaping
Landscaping increases value because it improves privacy, neighborhood appeal, and air quality. Potentially, you can receive a return value between 5.5% – 12.7% during resale if your landscaping is admirable. Beyond just mowing and pruning, you can also do the following upgrades:
- Plant more trees and hedges to increase privacy and neutralize heat
- Add a low-maintenance, functional garden that can help keep pests and away
- Illuminate your lawn and backyard to improve evening vibes and increase security
- Add a water feature like fountains and fish ponds
Remember that your landscaping should deliver great design and functionality. This means that if you are going to add in more vegetation, be strategic in placement, consider cost-effective plant species, and use soil-friendly fertilizers.
Check and Fix Your Roof
Roofs can be expensive. When your potential buyer learns that some parts of your roof are wearing out, they might take a step back. The least that you can do is address leaks with sealants, replace shingles, or do partial re-roofing. If you have that extra budget, though, you can also do a full roof replacement. You can generate an ROI between 60%-78% upon resale, depending on the roof material.
Replace the Siding Material
If you are not familiar with what siding is, it is the material placed on your exterior walls to protect your house from intense exposure, regulate temperatures inside the house, and improve your home’s visual appeal. Manufactured stone veneer sidings generate the highest ROI compared to other materials because it’s lighter, affordable, easy to install, and can last up to 50 years.
Update Your Electrical System
Making a home energy efficient means that your electrical bill will be reduced in the future. In Zillow’s 2019 report, they found out that homes with solar panels sold for 4.1% more.
And installing solar panels isn’t the only upgrade that you can do with your electrical systems. You can also:
- Set up charging stations
- Install Ground Fault Circuit Interrupters (GFCIs)
- Change your electrical panel to cater to more appliances and devices
- Change old wiring
- Install smart systems
Install Hardwood Floors
Rooms with wooden products can ignite a positive psychological effect, which can potentially help normalize the heart rate, regulate anxiety, and reduce stress. It also helps improve air quality as compared to carpeted floors, enhances your home’s acoustics, and saves you money on maintenance.
Hardwood floors can increase your selling price from 2.5% – 10%, with a return value of 70%-80% from your upgrade costs and it will make it easier and faster for you to sell your home.
If Your House Has Popcorn Ceilings, Remove Them
Also known as cottage cheese ceilings and stucco ceilings, this type of textured ceiling became popular during the first quarter of the 20th century. While popcorn ceilings are great at absorbing sounds, they are difficult to maintain (because of the rough surface) and are also known to contain asbestos. So if any part of your house has this type of ceiling, it would be best to replace it with a smoother type of material.
Replace Your Garage Door
According to the 2021 cost and value report by Remodeling magazine, garage door replacement recouped an ROI of 93.8% — the highest return among 22 other remodeling projects. Garages provide security for cars which are not cheap valuables. Hence, to avoid potential break-ins, your garage door has to be in tip-top condition.
Expand to More Square Footage
Who doesn’t want more space? If you want to increase the value of your house, expanding the living space will definitely do the job. But do note that if you are adding floor space to your house, make sure to obtain the necessary permits. Without the permits, your additions will not be recognized as new space during an appraisal.
Lastly, paint is what makes a property seem new or old. Moreover, colors can have a significant psychological impact on the residents, which is why interior designers can be relatively expensive ($50-$200 / hr) — they do more than just splashing colors on the walls.
According to Opendoor, painting the exterior can give you an ROI of more than 100%, while painting the interior can give you an ROI of more than 50%.
If you want to know more tips on how to sell your house at a greater value, contact us at HomeSold GA, and let us help you prepare for a more profitable sale!