Home Upgrades That Increase Value
If you are thinking of selling your Mid-Missouri home, it may be time to make some updates to your space to better appeal to potential buyers. While you may have a long list of things you'd like to do to your home before you sell, your experienced team of real estate agents in Eldon, MO are here to let you know which updates typically pay off. One great way to determine the value of your home is to have a Lake of the Ozarks real estate agent complete a comparative market analysis on your property. But before you do, here are a few of the most common home improvements you can make that typically increase the value of your home.
Paint Interior Walls & TrimOne of the easiest and most cost-effective upgrades you can make to improve your home’s value is to add a fresh coat of paint. For a small out-of-pocket cost, freshen up your interior walls with a coat of paint in a light, neutral color. Neutral colors appeal to the largest amount of people, because buyers can easily imagine their belongings in the space and see the home as their own. Remember that neutral does not necessarily mean beige. Any light tan, off-white, or light grey palette will open up and brighten your space, while also making it more appealing to potential buyers. When painting, don’t overlook the trim. Painting the trim, molding, and windows with a washable and durable satin or gloss finish is a low-cost renovation that produces a dramatic change. Caulk any open seams between the molding and ceiling and between the baseboard and wall. If your style is more focused on bright colors, you do not need to eliminate them entirely; however, keep bright colors and dramatic textures to a minimum and use them only in décor such as throw pillows or a central art piece.
Replace or Upgrade Your FlooringNew floors throughout your home can help to significantly increase your property value. Potential buyers tend to pay A LOT of attention to the flooring in a home. If a buyer does not have to replace the flooring in a home, they are more likely to purchase it. Installing new hardwood floors or refinishing the existing ones will brighten up your home and add a fresh look throughout. The National Association of Realtors says refinishing hardwood floors recovers 100 percent of the cost at resale, and new wood flooring recoups 91 percent of costs. If your home has newer carpeting, consider having the carpeting deep-cleaned before putting your home on the market. If you have pets, or if your carpet has seen better days, it is best to replace it. Kitchens and bathrooms are very important to potential buyers, so something as simple as re-doing the tile can make a world of difference in the overall appearance of that room. The takeaway: new floors give your space a fresh, new feel which is a big factor for buyers and can increase your chances of selling your home.
The first thing you need to decide when updating your home is how much can you spend, or how much do you need to spend, on full room remodels. Below are three rooms that when remodeled can often bring in more resale value for your home. The key with room remodels is to keep costs down and avoid total overhauls that don’t have to be done. When planning to remodel, think functional and updated, rather than breathtaking and luxurious.
Update the Bathroom:
Minor Bathroom RemodelBathrooms are a key selling point for potential buyers. When shopping for a new home, buyers want to see bathrooms that they do not have to completely remodel themselves. They also want a space that looks clean and appeals to them as a personal and private space.
Easily update your bathroom by swapping out old fixtures with new ones. Choose matching drawer knobs, pulls, and faucets. Go for popular finishes like satin or brushed nickel that pair well with most tile. Creating a cohesive, modern look, in this inexpensive way, can have a big impact on buyers. Use eye-fooling tricks to make a small bath look larger. A new pedestal sink is a smart replacement for an old cabinet. This will give the illusion of more space. Add a fresh coat of paint, and re-glaze your tub, and this minor remodel has your bathroom looking sparkling new for potential buyers.
Major Bathroom RemodelIf you are looking to spend more money up front for a bigger return on investment, consider a major bathroom remodel. This can be especially powerful to potential buyers if done in a master bathroom.
Adding square footage, and relocating the tub, toilet, and sinks, can add value to your home, while making the master bath a much more personal space for your potential buyers. For shared bathrooms, especially a master bath, installing an extra sink can make the idea of sharing a bathroom a lot more realistic for buyers.
A major remodel also includes adding storage. Storage space is a key factor in any room in the home. By adding a linen closet, or expanding the bathroom to include a walk-in master closet, you can increase the value of your home. Replacing the flooring and re-painting is a must if you are going all-out on the bathroom. Consider new countertops for a fresh, clean look that potential buyers will love.
Update the Kitchen:
Minor Kitchen RemodelJust like bathrooms, kitchens are another room that potential buyers are looking closely at when deciding whether or not to put an offer on your home. Buyers want a functional kitchen they will not have to alter dramatically, and one that looks and feels clean and fresh.
Consider a minor kitchen remodel when your kitchen needs more of a cosmetic update and does not need a drastically different floor plan. A great money saver in a minor kitchen remodel is to replace cabinet fronts with an updated style, and leave the cabinet boxes in place. Or consider just sanding and painting existing cabinets. It is much less expensive than buying new ones, but can still have the desired effect of an updated kitchen. And just as in a bathroom, installing new drawer knobs, pulls, and faucets in a matching style can have a big impact on buyers.
Major Kitchen RemodelIf you feel you need to do a major kitchen remodel, consider this: major kitchen remodels tend to be needed if your home’s value rises but your kitchen is still very outdated.
A major kitchen remodel usually consists of replacing all cabinets, updating or adding an island, replacing countertops, and adding new appliances (stainless steel is an attractive option for buyers).
Kitchens feel bigger when there are fewer obstacles. Create the appearance of added square-footage by removing over-the-counter cabinets and making countertops truly useful by creating an eating bar. If you plan to replace your countertops, stick to a neutral granite or similar material that will match the neutral palette you have painted throughout your home. Sometimes, local granite dealers sell (or even give away) remnants then charge for cuts and installation, which can be a bargain option if you need 8 feet or less of countertop. Adding light to your kitchen will continue the look of a clean, fresh space. Consider sheer blinds on the windows to allow natural light in. If you are planning a major kitchen remodel, consider opening up the space by taking out any unnecessary walls that make the room feel dark and crowded.
Finish Spaces:Upgrades that add physical square footage or make the home feel more spacious, are appealing to high-income buyers.
By finishing areas of your home like the basement or attic, you are adding heated square-footage to your home. By turning unfinished spaces into livable areas, you can add value to your home.
Basement RemodelIf you have an unfinished basement, you can up the value of your home by finishing this space. Consider putting drywall, texture, and paint to cover up the studs of your basement walls. Cover concrete floors with an easy-to-install modular subfloor so floors won’t be cold. Add carpet squares with a traction backing for an amazing, but fairly easy, transformation. With this done, you are well on your way to a finished, livable space in your basement.
Attic ConversionThe average attic bedroom in a two- or three-bedroom house costs can return quite a bit in resale value. Again, you are turning unused space into a livable area that you did not have before in your home. This is also a unique feature in a home, and unique features can appeal to potential buyers.
If you plan to remodel your attic space, realize that the majority of costs will probably go toward the heating and cooling of the space. Can your existing HVAC system handle the load of another room? If not, factor in the cost of a second unit. Add insulation in the attic to lower your utility bills.
Plan on putting up drywall, texture, and paint to cover the studs and insulation in your attic space. A few decorations and some furniture pieces, and you are well on your way to a finished attic space. If you already have a window in your attic, you are in luck! In most states, a room must have a window to be considered a legitimate bedroom; check the building codes in your area to see if you can list your home as having another bedroom after your attic remodel – this could add considerable value to your home. If so, make sure to stage the room as another bedroom. You do not have to spend a lot of money on this, but make sure the room feels cozy and inviting for potential buyers!
Now that you know some of the ways to increase the value of your home through updating your space, you can begin the process of making your home everything buyers are looking for! There are a number of eager buyers on the market waiting for the perfect home to be listed. If you would like that home to be yours, now is the time to start making changes in order to get your home ready to be listed for sale in the near future. When you are ready to sell your Mid-Missouri home, contact Devine & Associates. We can help you get your home ready and list it for sale!