If you’re planning to sell your home, there are things you can do to increase property value and justify a higher asking price. But while some upgrades give you an excellent ROI, other home improvements aren’t as likely to deliver a good return on your investment. Here are some of the smartest ways to go about adding to your home’s overall value.
Boosting Property Value
When most sellers consider home improvements, they imagine extensive remodeling projects that elevate a property’s aesthetic. While this can pique interest in buyers, it isn’t always enough to justify a higher asking price. To add real monetary value to a property, it’s important to focus on projects that provide both aesthetics and function.
Which Improvements Add Value?
To add real value to your home, focus on projects that provide a double impact. For example, don’t just target upgrades that make your home more beautiful. Instead, look for projects that make your home more functional and/or energy efficient. The following upgrades are great options for boosting your home’s resale value.
- New doors and windows: These can add real value to a home as long as you choose energy-efficient products which bring tax benefits and lower utility bills.
- Attic bedroom: Whenever you turn a useless room into a functional asset, your property will become more valuable.
- Steel security doors: This simple upgrade consistently offers the greatest ROI of any home improvement project in the midrange or upscale category.
- Kitchen: The heart of any home, the kitchen offers all sorts of upgrade possibilities; even small improvements can boost property value.
- Decks: In addition to enhancing a home’s appearance, a deck extends its living space.
- Siding: Attractive and cost-effective, exterior siding improves a home’s durability and curb appeal.
- Basement: You can increase your home’s overall living space by turning your basement into an office, den or spare room.
- Bathroom: New countertops, hardware and low-flow toilets can add to your home’s resale value.
- Additions: These are certain to add property value. That said, they can sometimes price a home above the local market.
Get Your Home Show-ready
According to data from the National Association of Realtors (NAR), sellers can expect a 1% to 5% price increase on offers for well-staged homes. What’s more, these properties tend to sell much faster compared to similar local inventory.
To properly stage a home, however, you have to make it show-ready. Historically, this has meant a lot of work and upfront investment on the part of the homeowner. These days, however, modern innovations have made this much easier. A good example of this is the popular RealVitalize program offered by ERA Real Estate. Once sellers sign up through an ERA-affiliated agent, RealVitalize covers the upfront costs for critical necessities, such as carpet cleaning/removal, handyman services, carpentry, drywall and insulation, electrical upgrades, painting, plumbing and junk hauling. The program even covers appliance purchasing and installation, as well as kitchen and bathroom upgrades, curb appeal enhancements and staging.
When the home closes, funds are paid back from settlement proceeds without interest, markups or fees. RealVitalize is a renovation game-changer, and most homes using the program sell at or above list price*. It also takes the headache out of staging and securing funding for key upgrades and repairs.
With a little advance planning and smart decision making, you can boost your home’s value and increase your chances of getting the price you want.
* Based on program data from June 1, 2020 to May 31, 2021. Not a controlled study; correlation does not equal causation. Results not guaranteed and past performance does not guarantee future results.
Execution of a program agreement is required. RealVitalize is not available in all states and available only at participating offices. Void where prohibited by law. Additional terms and conditions apply. Results not guaranteed. If listing doesn’t sell within 12 months from the first project completion, seller must pay back the full amount of covered services. Not intended as a solicitation if your property is already listed by another broker. Affiliated real estate agents are independent contractor sales associates, not employees.
All property enhancement services are provided by the applicable service providers affiliated with Angi. Neither ERA Franchise Systems LLC nor any of its respective franchisees or affiliated companies is providing any property enhancement product or service in connection with the RealVitalize program.