Although home sellers tend to focus on the resale value that a particular home upgrade will make, it is also an important consideration for someone who has just purchased a home. Go for these improvements as a way to maintain your home’s value, or increase it to some degree.
1. Hardwood Flooring
It is hard to quantify the increase in resale value by installing hardwood floors, but it is clear that about four in five home buyers want to see it. Estimates on the resale value boost range from about $2,000 to several percentage points of the home’s fair market value. If you are going to install hardwood flooring with a goal of higher value, you should go for the real thing. Buyers know that laminate is a lot cheaper, and will adjust their offers accordingly. Plus, solid hardwood flooring lasts a lot longer.
2. Energy Star Appliances
Efficiency is the word on almost everyone’s lips. Whether you are just buying a home or planning to sell very shortly, efficient appliances are a great addition. They save money on consumption, lower the home’s carbon footprint and sometimes come with some hefty tax rebates when you buy them. They are more costly than the least-expensive models on the market. If you are planning to get the best appliances you can, however, there might only be a slight difference in price to get ones with the certification.
3. Laundry Room
It may come as a surprise, but the #1 item that many buyers prioritize is often the laundry room. In fact, 50 percent said that a laundry room is essential to any home they might consider. This means that if you do not have one, it is time to invest the money to make it happen. For existing laundry spaces, consider adding custom shelving for storage. A small station next to the washer with a pull-down ironing board and drawers or shelves for cleaning solutions might take your laundry nook or closet to the next level.
4. Bathroom Upgrades
Upgrading your bathroom can be a bit of a financial minefield. If you spend too much, you will not get a proportional increase in resale value. Taking a bathtub out of a bathroom puts your home on the “contains something I don’t want” list for many buyers. If you want the biggest bang for your buck, expand your powder room on the first floor into a full bathroom. Buyers will rank you higher, and you will not have to spend quite as much as you would to add a completely new bathroom. Additionally, don’t underestimate the power of careful staging. It will make your bathrooms more visually pleasing without having to change (or spend) too much.
5. Ceiling Fan
You might wonder why such an inexpensive device makes it to a list of home improvements, and the answer is simple: Home buyers expect to see it. When 86 percent of prospective buyers come into a home looking for a ceiling fan, you have to have it. There is no surprise why this is the case. Ceiling fans make a room feel cooler during the summer, and push the rising heated air back toward the floor in winter. For less than $100, there are few smart upgrades that are simpler or cheaper to make.
6. Smart Home Features
As your home gets older, it may struggle to compete with new construction. Smart technology is the answer. Consider installing a smart doorbell or keyless home entry system to make the home more secure. Adding a smart thermostat will help to decrease energy consumption. These upgrades vary in price, but usually net a fair increase in value.
Home improvements are an investment in your future. With these six smart upgrades, you help to provide a better return when you decide to sell.
