As a homeowner, you see your property as a future investment. And you want to ensure you’re doing everything in your power to help maximize its resale value.
Keeping your home well maintained and updated is one of the best, most simplest ways to ensure you can easily maintain your home’s value and potentially increase it, too.
To help you get started, here are 3 important considerations about updating your home to ensure you receive the best return on your property investments.
Looking to Sell Your Home? Try These 3 Upgrades
1) Invest in the Right Updates
When it comes to updating your home, it’s important to think strategically about where to spend your money first. Though luxurious features like a master ensuite soaker tub and radiant floor heating are nice to have, they don’t always directly translate into increased value in the eyes of future buyers.
Furthermore, some upgrades like turning two bedrooms into one can actually decrease property value.
If you want to update your home in order to increase property value, stick with the areas that are proven to payoff. Focus on the home’s interior, these types of rooms include kitchens and bathrooms as such living spaces make a home more livable. In terms of your exterior, you’ll want to upgrade building envelope elements like the roof and windows.
2) Give Your Place a Facelift
If you’ve decided that updating your kitchen, bathroom, or other living spaces will help improve your home’s value, consider the costs and how much you’re willing to pay. Full tear-downs and complete overhauls, for instance, are not always the best solution for maximizing your investment.
These are expensive projects that can quickly run over budget if you aren’t careful.
Opt instead for cosmetic enhancements. New flooring, fixtures, or paint colors can freshen a home and bring it back to life, without investing heavily in full renovations. Many of these “facelift” projects can be completed in one weekend for only a few hundred dollars.
3) Make Your Home Move-In Ready
When considering how updating your home improves its property value, always think from the buyer’s perspective. If you can eliminate the hassle of upgrades, maintenance, or repairs for the next homeowner then you’ve already created more incentive for them to buy.
Today, many homebuyers are busy with families and careers, so they don’t want to invest their free time into home upgrades. When buyers view your property, they want to be able to picture themselves living there. Therefore, your property needs to appeal to buyers as a “move-in ready” home.
Want to Sell Your House?
If you’re getting ready to sell your home but are unsure which updates need to happen first, consult the real estate professionals at The Realty Medics for advice on where to best spend your time and money. Located in Central Florida, we have the experience and real estate investment and market knowledge you need to maximize your home’s value.