It’s a seller’s market right now, but that doesn’t mean you shouldn’t consider making a few updates before putting your home on the market. While your home may sell either way, performing a few strategic updates could earn you a higher sale price. The key is to know which updates are worth the investment. Some buyers will put certain features on their wish list, but won’t actually be willing to pay for them when push comes to shove. The following updates will put sellers in the position to reach a higher final sale price.
For many buyers, the kitchen is often the first room they want to see, and the room most likely to be a deal breaker. Some buyers won’t even bother to look at a house that has outdated appliances or no granite countertops.
A complete kitchen remodel can cause a serious hit to your bank account, but there are smaller updates you can do to modernize your kitchen without breaking the bank. A fresh coat of paint on the walls, re-staining the cabinetry, and installing new plumbing fixtures are all low-cost ways to give your kitchen a facelift.
Like the kitchen, modern bathrooms are highly appealing to today’s buyers, but a complete remodel is a big financial commitment. To make your bathrooms appear more modern, first of all make sure they are very clean. Giving your bathrooms a serious scrub down can work wonders all on its own.
Other low-cost updates include: new mirrors, a new medicine cabinet, a lively shower curtain, a fresh coat of paint in a bright color to make the room feel airy and inviting, and new plumbing fixtures on the sink and shower.
Many newly built homes are bringing laundry rooms up from the basement and turning them into multipurpose rooms that homeowners might use as a dual mud room or a clean place to fold clothes. You’ll also see laundry rooms on the second floor or in the basement, but first-floor laundries are by far the most popular, probably due to their proximity to the (also increasingly popular) first-floor master bedroom.
If installing a first-floor laundry room is not an option for you financially or due to the layout of your house, look for ways to spruce up the current location of your laundry machines. Put down rugs, install warm lighting, or paint the walls. Small touches can make the space seem much more inviting. It also may be worth the investment to replace your machines, especially if they’re more than 5 years old.
Your home’s outdoor space is almost as important as your interior—and believe it or not, there are many upgrades to be made outside. You want your home to feel as welcoming as possible to potential buyers, and staging your outdoor space as a place for recreation, relaxation, and entertaining is a crucial factor!
Some outdoor features to consider when choosing your home updates: installing landscape lighting, fire pits, garden beds, and creating a patio area if you have none.
Of course, it may be time for a full HVAC system upgrade. The average lifetime for your core HVAC equipment (furnace, air conditioner, and water heater) is about 15-20 years. Water heaters sometimes last as few as 8.
If your HVAC units are approaching a decade old, you’ll have to decide whether the price bump you’ll get with newer units is enough to offset the cost of upgrading. Some buyers will be wary of buying a home where the HVAC system is reaching the limits of its lifetime, worried that it will break down soon after they move in and saddle them with costly replacement fees.
Weighing the relative costs and benefits of performing various home updates is a conversation you should be having with your realtor and a trusted HVAC professional. If you want an expert consultation before making any updates to your HVAC equipment, contact Bonfe today.