4 Home Upgrades That May Increase Resale Value

Written by Posted On Wednesday, 22 August 2018 10:13

If you are ready to sell your home, you may be facing a market slowdown. One recent report noted that individuals who have their homes up for sale have been forced to either lower their asking price or wait longer for them to sell. This can be a troubling issue; however, if you want to increase your home’s resale value and improve your chances of catching a buyer’s eye, there are a few upgrades that may well be worth your time and investment.

1.    Replace Your Front Door

The look of your home’s exterior can have a great deal to do with how potential buyers view it. An old, dented, or outdated door can draw the eye, but not in the way you might hope. This is a relatively inexpensive upgrade, costing anywhere from $700-$1,000. As you browse different door choices, consider those with attractive glass paneling, steel construction, and that can be paired with a sturdy locking mechanism. This can help make the home look more welcoming and secure, two factors that many home buyers look for.

2.    Upgrade the Siding

A home’s color and exterior texture often catch a buyer’s attention, so you may want to consider an upgrade if your siding is more than 10 years old. Stone veneer is a popular choice, and you can choose between natural and manufactured material. Depending on the install company you use, the cost can run anywhere from $5,000 to $8,000, so it is a good idea to take your time and compare different contractors or siding companies to get the best return on your investment.

3.    Give the Kitchen a Modern Remodel

A modern kitchen can be a major point of sale in the real estate market, and you can make a few upgrades that are more affordable than a hard remodel. For example, replacing your kitchen sink with an undermount stainless-steel double model can add style and convenience. Add an extendable spray hose and dish soap pump, and then upgrade the faucet to match the sink. You can also modernize the cabinets with a fresh coat of stain and some new drawer pulls. This type of remodel can cost about $500-$700.

4.    Add an Attic Bedroom

Adding bedroom space to your home can be a major remodeling job, but it might be worth the cost when it comes to increasing the resale value of your home. Consider building a room with a half bath, a closet, and upgrade any insulation. It is also a good idea to get your AC or heat pump checked to ensure the unit can properly heat or cool the new bedroom. Energy-efficient windows and a ceiling fan may help the future owners of your home offset the cost of keeping an attic room comfortable.

Depending on the size of the bedroom you add, you might be looking at a remodel that costs well over $30,000. While budget can be a major factor in this decision, it is important to remember your goals as a seller and how this type of upgrade may affect how quickly your home sells.

Selling your home in today’s market can be daunting. However, taking the time to make a few upgrades can attract a wider set of potential buyers and get you closer to your asking price.

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