3 Things You Need to Do to Improve Your Home and Increase Your Resale Value
Homeowners always feel like there are improvements they can make to their property and house. Those feelings increase when you begin to consider selling your home. You want to maximize your profit, but you don’t want to price yourself out of your market by making improvements that take your home’s worth beyond the comparable homes in your area. You also don’t want to make improvements that don’t deliver the return on investment you hope for. Making home improvements can help or hurt your wallet, so it pays to know exactly which will increase the resale value of your home.
1. Keep Your Existing Structure and Systems Sound
While you may think that remodeling a kitchen or adding a bathroom is the best way to spend your home improvement funds, the truth is homebuyers will overlook bathroom and kitchen improvements if your roof leaks, your basement gets water, or your HVAC system is at the end of its life.
Buyers assume that your home’s structure and systems are in working order. They are much more willing to buy if they know that you have maintained your roof, HVAC system, and plumbing systems rather than spending tens of thousands on a kitchen or bathroom update.
Indeed, home experts stress the importance of basic maintenance when determining the home improvements that are most likely to pay off for owners: “Most buyers have a limit on what they can spend for a house. If they know they don’t have to spend money on the upkeep of basic systems, then they’re more likely to buy the house and consider upgrading the kitchen or baths themselves.”
The majority of buyers will lose interest in homes that have water damage, old systems, or a musty basement. They don’t want to spend money to maintain and repair a home that they just purchased.
One home system you need to invest in upgrading, especially if you have an older home, is your electrical system. 200 amps is the standard electrical system today, and many potential homebuyers will skip over homes that do not have at least 200-amp service.
According to HomeAdvisor, the average price for electrical wiring and panel upgrade services in San Diego is $535 - $1,715 and takes two to three days. Electrical wiring and panel upgrades prompt potential home buyers to breathe more easily because they know these home improvements solve possible safety issues.
2. Improve Curb Appeal
One thing remains true in the world of home improvements and real estate: curb appeal is king. Potential home buyers search for homes online and often drive past homes they are interested in before they commit to attending a showing. That’s why strong curb appeal is a must if you want people to get past your front door in their home search process. Spending a portion of your budget to make your home look welcoming increases your pool of potential buyers and betters your chances of getting (or even exceeding) your asking price.
Fortunately, there are a few budget-friendly things you can do to add curb appeal. If your home appears unwelcoming, replace your exterior lights, spruce up your landscaping, and repair or replace front walkways. If you can’t afford to replace your front door, paint it with a bold color that adds interest. Update your mailbox and install new house numbers that match your exterior fixtures.
3. Replace Your Front Door and Siding
Two improvements that positively affect your curb appeal and improve your resale value are replacing your front door and siding. One report shows that new front doors add 96.6% of the amount you spend to the value of your home. Consider adding a low-maintenance, energy-efficient door made of fiberglass or steel to maximize your return on investment.
Similarly, siding replacement makes homes look virtually brand new and adds value by being low maintenance. In fact, replacing siding is a relatively inexpensive way to drastically improve your home’s appearance and appeal to more potential buyers. If you install foam backing to vinyl siding, you will add durability and insulation, which will make homebuyers happy.
Make home improvements that won’t break your budget and will increase the resale value of your home without pricing yourself out of the market. Make sure your existing structure and home systems are sound, improve your curb appeal, and replace your front door and siding to meet or exceed your asking price.