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10 Ways to Increase the Value of Your Home - Northwest Ohio
Dated: February 26 2020
You know how those annoying infomercials for the latest weight loss supplements to “get skinny quick”? At the end, they always say “please consult with your health care professional before starting any of these”. Well this article comes with a similar disclaimer! Always consult with a qualified real estate agent (I hope it’s me!) before starting these because some details will differ based on your area and the current market.
I’ve researched high and low and these are the improvements that will add the most value to your home when you sell!
1. Update your kitchen
With open-concept homes becoming the most popular layout, the kitchen has become the ultimate entertaining space and the room we spend the most time in.
Some simple updates are your cabinets and your sink. If your cabinets have seen better days, consider sanding and repainting them. If they’re past the point of repainting, consider replacing the fronts and getting new handles or knobs. Replacing your sink can also make a huge difference. A new, clean sink with an updated faucet makes the kitchen look shiny and new without adding a lot of cost.
Lastly, we need to look at the countertops and appliances. Buyers love granite and quartz countertops, but it may not be the best investment depending on your area. If all the homes selling in your neighborhood have upgraded countertops, then the investment is most likely worth it. If not, you can consider an updated laminate (this would be a great one to consult with a real estate agent on!). For appliances, many buyers love stainless steel. Here’s the trick for getting the look for less: check Craigslist and Facebook Marketplace for “newer” appliances! Your return on investment will be much greater if you buy slightly used rather than new.
2. Update the bathroom
There’s no way around this. House shopping requires buyers to walk into a stranger’s bathroom and look around. Yes, that’s weird, but you have to do it! Work on making the bathroom as clean and welcoming as possible (distract them from the weirdness with pretty updates!).
The bathroom doesn’t necessarily have to be a huge remodel. Simple things like paint, updated fixtures and a new mirror can go a long way. Also, please re-caulk your shower if it needs it! I see this a lot and it is a major turn off for buyers.
3. Install wood flooring
This one is major. Wood floors in the kitchen, living and dining rooms can be a major selling point. Hardwood floors are great and many buyers love them, but they can be costly. Depending on your area and market, you can go with other flooring options that look like wood while still getting a great return on your investment. Many of these flooring alternatives are waterproof and wear really well (great for families with small children!).
4. Knock down walls
Going back the to open-concept craze. If you can create more flow and openness anywhere between your living room, kitchen and dining room, it could be a great return on investment for you! It makes the home feel larger and it also fits what most buyers are looking for. This is something you should talk to a real estate agent (and a qualified contractor) about to see if it is worth your while.
5. Finished Basement
Fun fact: Basements do not count as square footage of a house. Fun opinion: Most buyers want extra living space. If the main floor of your home is on the smaller side (for example, no dining room or family room) and you have a basement, finishing it is a great idea. Depending on your area, you won’t need to do anything super fancy for this. Simply putting up drywall, a drop ceiling and carpet, will add a lot of value to your home.
A finished basement markets to many different types of buyers. If you have a home that is well suited for families, they will see this as a great space for the kids to play. If you have a great home for entertaining, this makes a great bar area or media room. If you work from home, it makes a great office space. The list could go on and on.
6. Spruce up the yard
Curb appeal is EVERYTHING! When Spring rolls around, it’s time to neaten up any unkept areas, take care of yellow patches and keep the grass watered. According the a 2016 National Association of Realtors study, seeding your lawn will cost an average of $120 but can add $500 in value! Nice bushes, flowers and landscaping also help to brighten and beautify a yard. Remember, the exterior of a home is the first impression— make it a good one!
We can’t leave the backyard unforgotten here either. Restraining the deck (or adding one) is a great idea. In Remodeling’s 2020 Cost Vs. Value Report, they found that in Detroit adding a composite wood deck recouped 50.2% of it’s cost and a regular wood deck recouped 55.2% of it’s cost in resale value.
7. Clean up or replace windows
If your windows are not old, simply make sure there is no peeling paint around them and that all your exterior shutters are clean and none are missing.
If your windows are old, you’ll want to get them replaced. Buyers see old windows as a major expense that they will have to cover and they will offer you less for your home because of this. Going back to Remodeling’s study, sellers in Detroit were able to recoup 70.8% of the cost of new vinyl windows at resale. That is amazing!
8. Replace or spruce up exterior doors
I see many garage doors with peeling paint and rotting wood. If it’s just peeling paint and the garage door is in working condition, a fresh coat of paint should do the trick. When your garage door needs more than that, it should be replaced.
Your front door should also be appealing and clean (yes, you need to clean your door and rid it of any creepy crawlers and cobwebs). Consider repainting or replacing the door and make sure the handles and locks work well. I’ve been to many homes where we can’t even get the handle to work and I can’t help but wonder what else doesn’t work in the home.
Again, we’re going back to number 5 above, curb appeal is EVERYTHING!
9. Add manufactured stone veneer to your exterior
Stone is a very popular choice and is seen as “upscale” by buyers. The most common is to replace 1/3 of the siding on the bottom of your house with stone veneer. It really changes everything. This is an investment, but it was shown by Remodeling’s 2020 study to have the largest return on investment out of everything in this list (102.4%)!
10. Roof Replacement
A shingle roof will usually last 20-30 years. Once you’ve accepted an offer on your home, the buyer will get an inspection. This inspection will let the buyer know the approximate age of the roof. If the buyer learns that the roof will need replacing in the next couple of years, you could run into a problem. If your roof is getting close to 20-30 years old, replacing it can be a major selling point. Not only is it a selling point, but it’s good for the overall wellness of your home. Roof leaks can lead to mold and rotting wood (ew!).
I hope this has been helpful to you! If you have questions or want to know where to start, contact me for a complimentary walk-through and assessment (no strings attached).
In the meantime, visit bit.ly/419myhomevalue for an estimate on your home’s value in our current market.
Key Realty - Realtor
Hey there! I'm Kaitlin Keiser. I work with buyers and sellers in Northwest Ohio who are looking to set down some roots in a place that will fit perfectly with their busy lifestyle. I've been a Rea....