Stress-Free Home Upgrades to Boost Resale Value of Your Home

Here’s how to avoid costly and stressful remodeling mistakes

When you’re planning on listing your home, getting the best price possible is no doubt your top priority. And if you want to raise the resale value of the property, then you need to consider a few smart home upgrades.

But not all home remodeling projects will raise your home value in proportion to the investment they require. And some upgrades like structural changes are time-consuming and could result in even more costly renovations. This could significantly extend the project completion deadlines, leaving you with many lost opportunities.

So before you rush into a home remodeling project, there are four important factors to consider. Keeping these in mind when planning your home upgrades will help you avoid costly and stressful remodeling mistakes and significantly increase the resale value of your home.

1. Take your buyer’s perspective

Homebuyers have many different expectations when it comes to their dream home. And whether they’ll make an offer and how much they’re willing to pay will depend on how well your property meets these expectations.

So first, identify who is most likely to purchase your home. Are you targeting families with two to three kids? Or will your property better fit a young couple just starting their lives together? Then get into their shoes and consider their expectations.

Remember, many homebuyers start searching for a home when they want to upgrade their current living conditions. For them, moving into a new home is almost like starting a new life. So, plan your upgrades to meet their aspirations. This is why many real estate agents recommend investing in curb appeal. After all, first impressions really do matter. Upgrading the front door, repainting the exterior, and adding some stylish outdoor planters can go a long way in boosting your home’s resale value.

Functionality is another important factor. Consider what your average home buyer would need to add convenience and ease to their lives. Energy-saving equipment and plenty of storage space can all help increase a home’s appeal. Adding extra usable square footage with a finished basement or an additional bathroom can also raise the property value.

2. Spend only where there’s a return

One of the biggest mistakes made by home sellers is investing time and money in remodeling projects that will yield little to no return. Many homeowners assume that adding a swimming pool, an extra bedroom, or a garage extension can boost their property’s appeal. But these will hardly boost your home’s resale value for you to recover the cost. This is why the potential return on your investment should be a top priority when selecting home remodeling projects.

According to one study, 9 out of 10 best investments involve exterior upgrades. Stone veneers, decks, and a fresh coat of paint are excellent options that could boost your home’s curb appeal.

And kitchen and bathroom upgrades can usually provide a return of more than 100% of the investment. This means remodeling bathrooms, for example, with new fixtures can significantly add value to your home in the eyes of the buyer. So would minor or moderate kitchen remodeling projects like repainting, adding new lighting fixtures, replacing the countertop and backsplash, and updating cabinet knobs and hardware. Major upgrades with luxury features, on the other hand, can be a significant drain on your budget that will be hard to recover.

3. Show the potential

Attracting offers is easier if you can show your home’s potential. House buyers are more likely to get excited if you could help them imagine what they can do with the space and how they could make it their own.

And the easiest way to achieve this is by creating a neutral canvass with your home’s design aesthetics. This will help potential buyers to picture the many possibilities of decorating and rearranging the space with their belongings.

So, whether you are repainting the interior or replacing the kitchen backsplash, choose neutral shades and designs. Leave out bold patterns and loud colors. Make sure you declutter and depersonalize the decor. For example, take down eccentric artwork that could distract attention and remove custom drapes so that the windows are properly visible. Spaces with minimum clutter and neutral design elements will appear larger and more inviting. More importantly, they will appeal to a larger audience, increasing the chances of attracting more buyers.

4. Timing is everything

If you want to aim for a higher resale value, you need to ensure that you list your property when there’s a seller’s market. So, when the time is right, you need to act fast.

This is why avoiding complex upgrades such as structural changes is important. They can pave the way to unexpected issues that could delay your project completion. Choose home upgrades that could be completed seamlessly within a pre-determined time frame.

And if you plan ahead, timing your upgrades with the holiday season could help bring down your expenses. Plan to purchase the required fixtures and equipment when the sales are on. Seasonal discounts could help significantly cut down material costs.

Also, schedule indoor upgrades during fall if possible. It’s when the demand is lowest for contractors and, therefore, you could end up paying much less for their services.

To sum up

When the housing market is on a promising upward trend, acting fast to list your property could help you make a sizable profit. And a few savvy home upgrades could go a long way towards increasing your property’s resale value. On the other hand, investing in the wrong remodeling projects could end up eroding your profits.

This is why selecting the best upgrades that could increase your home value demands planning. Spend time to understand your potential buyers’ expectations and aspirations. Choose upgrades that could provide a significant return on your investment. Take a neutral approach when it comes to design aesthetics and focus on highlighting your property’s potential. Avoid complex and time-consuming projects. And aim for upgrades that take a shorter time to complete so you can list your property as quickly as possible before the buying wave dies down.