An update for the list in 2023, there are several renovations that homeowners can undertake to increase their home resale value. With the current housing market being highly competitive, it’s more important than ever to make your home stand out from the crowd. By improving and updating the things that buyers look for the most, you can maximize your profit and sell your home quickly.
Here are some of the most effective renovations to consider for increasing your home resale value in 2023:
A kitchen remodel continues to be one of the most effective ways to increase your home resale value. In 2023, homeowners are looking for modern, functional kitchens that can accommodate their busy lifestyles. This means updating your appliances, cabinets, countertops, and lighting to create a space that is both stylish and practical.
Smart Home Technology
As technology continues to advance, homebuyers are increasingly interested in homes that are equipped with smart home features. These can include things like smart thermostats, security systems, lighting, and home entertainment systems. By investing in these features, you can increase your home’s desirability and appeal to tech-savvy buyers.
Outdoor Living Spaces
In 2023, homeowners are also looking for outdoor living spaces that can serve as an extension of their home. This means creating a functional and inviting space for entertaining, relaxing, and enjoying the outdoors. Adding a deck, patio, or outdoor kitchen can significantly increase your home’s resale value and appeal to buyers.
In today’s environmentally conscious world, energy efficiency is a top priority for many homebuyers. Upgrading to energy-efficient appliances, windows, and insulation can significantly reduce your home’s energy costs and appeal to buyers who are looking for eco-friendly homes.
With remote work becoming more prevalent, having a dedicated home office is more important than ever. By converting an unused room or space into a functional home office, you can increase your home’s appeal to buyers who are looking for a home that can accommodate their work-from-home needs.
In addition to the kitchen, updating your bathrooms is another effective way to increase your home resale value in 2023. This can include replacing old fixtures, updating the flooring, and adding new lighting. A modern and functional bathroom can significantly increase your home’s desirability and appeal to buyers.
By focusing on these key renovations, you can significantly increase your home resale value in 2023. Whether you’re looking to sell your home now or in the future, investing in these upgrades can pay off in terms of a higher sale price and a faster sale.
Below you will find our past top 7 renovations from 2022:
Increase Your Home Resale Value
There are 7 renovations that will help increase your home resale value. You want to make the most money possible when it comes time to sell your home. The way to do that is by improving and updating the things in your home that buyers look for the most.
We compiled this list for those looking to boost their resale value. It’s important to focus on the renovation projects that will net you the highest ROI (Return On Investment.) All of the projects on this list were chosen for their ability to produce high ROI as well as create a more desirable home. Remember – it’s important to make money. But it’s also important your house doesn’t sit on the market for a year.
Make these updates and you should fetch a high sale price, quicker than you would otherwise.
1) Increase Your Home Resale Value: Remodel the Kitchen
The decision among real estate experts about where you get the highest ROI renovating your home is unanimous.
The answer is in the kitchen. For some reason people just want nice kitchens and care about it more than the rest of the house… Maybe it’s because that’s where people like to entertain guests.
Your main priority when renovating a kitchen should be layout. Creating a structure (or bones) that is functional and can easily be updated is super important. It’s one thing to replace a counter-top and cabinet doors. It’s a different story to completely renovate the whole kitchen.
Once you get the structure out of the way, search for materials that have a high quality look without a big price tag. You can make a space look modern and luxurious without having to use marble and granite.
“Nicole Curtis of DIY Network” type=”center”]I have seen so many people put in expensive goodies and never fix the bad flow. Spend the money on the layout — it never goes out of style. If you have a great layout, plugging in new appliances, hardware and cabinets can be quick and easy.”
2) Increase Your Home Resale Value: Update Bathrooms
Bathrooms are the second place buyers typically place the most value in a home. The good news is that making updates to a bathroom doesn’t have to cost a fortune. En-suite/master bathrooms are the most important. As they say, it’s where the magic happens. Cast a spell on potential buyers with a beautiful en-suite.
3) Increase Your Home Resale Value: Re-do Plumbing
Can we say
This is the #1 worry of all potential buyers. No one wants to move into a beautiful new house and have a disaster occur two or three months down the road. Re-doing your old piping and updating it to a newer plastic solution is a huge selling point. This removes some of the potential fear that comes with buying a home.
4) Increase Your Home Resale Value: Remove Paneling and Stucco
Wood paneling and Stucco are common in older homes. Mainly because when it was popular, we didn’t have walls without imperfections like we do now. Not only are these two things ugly, they also show potential buyers that you lack the ability to update your home. “If you can’t update this, what is is lurking?”
Spend the time and money to update your paneling walls and get rid of the Stucco.
5)Increase Your Home Resale Value: Attic Renovation
Attic renovations are a popular choice among DIY projects as expenses can be minimized. In many houses you will have the bones for a room. All that is required of you is putting up walls and handling the cosmetics. Updated attics can sometimes be a stronger selling point than updated basements.
6) Increase Your Home Resale Value: Replace Siding
Since curb appeal is so important, it makes sense to focus on the biggest factor. The outside of the house. Everyone knows the dingy, yellow siding that used to be white 60 years ago look. If your house looks like that – sorry. It’s time to update.
For those on a budget you can also try power washing. Power washing sometimes brings better results than you could imagine. And it barely costs anything.
7) Increase Your Home Resale Value: New Garage Door
In addition to replacing/refreshing your siding and
landscaping well, your garage door can play a big part in selling your house. It’s another element of curb appeal that can draw in or turn-off potential buyers.
Luckily, new garage doors re-coup on average 80% of their investment in the long term. Basically, it will help you break even (or make money) while making your house more desirable.
You want to sell your home in the least amount of time and for the most amount of money possible. The way to do this is by performing renovations with a high ROI. In addition, you want to focus on the most desirable updates. Doing so will ensure you attract more interest on your property.
Each of these on the list may not be necessary or feasible with your budget. Remember that curb appeal, kitchens and bathrooms are important. If you can focus on nothing else, focus on those things. These projects will reduce your risk of losing money in the renovation process and also help you sell quicker.
Need more information on selling your home in the area? Give me a call! 727-262-7920