How to Add Value to a Home Before Selling
Deciding to add value to a home before selling is a difficult balancing act. On the one hand, you want your home to sell for the highest amount possible. But on the other hand, it’s pointless spending thousands on a home that won’t be yours for much longer.
Adding Value Without Overspending
The trick to adding value to a home before selling is to choose jobs that have a high return on investment (or, ROI). A high ROI means that you’ll make back the money you put in, plus some. Here are some of the best ways to add value to a home while being conscious of money spent.
Fixing Defects
The return on investment for fixing defects in your home can be extraordinary. While it won’t necessarily add value, it’ll save you from losing value during negotiations.
Fixes for you to consider include repairing plumbing (leaky taps, etc.), mold and damp problems, replacing sealant around baths and showers and patching holes.
Anything that makes the house more functional should definitely be addressed.
Landscaping
Curb appeal, curb appeal, curb appeal. Trimming and edging your yard and adding a couple of budget-friendly plants can be an easy way to increase your home’s curb appeal. Experts believe that a nicely manicured lawn can increase the value of your home by 5-12% or more. This translates into upwards of $38,000 in value on a $300,000 house.
Painting
Adding a neutral color to your walls won’t necessarily add monetary value to your home, but it will help with buyer appeal. Time and time again buyers have proven that they prefer to purchase homes that they can picture themselves living in. If their taste doesn’t align with your bold colors, it’s less likely they will place an offer. Since having multiple offers allows you to receive the best purchase price for your house, it’s beneficial to stick with neutral wall colors.
Frequently Asked Questions About Adding Value to a Home
Do solar panels add value to a home?
Solar panels can add up to 4% to a home’s overall value. Solar energy is perceived as a good addition to a home and can increase its salability, too. However, the cost of installation can be high, so don’t install them purely for the home’s resale value.
How much does a new roof add to home value?
The verdict is split on whether a new roof adds value to a home or not. On one hand, a 2019 study discovered “that the average American homeowner spends $22,636 on a new asphalt shingle roof of midrange quality. That new roof will increase the home’s value by $15,427, on average. That works out to 68 percent of the investment.” On the other hand, “The National Association of the Remodeling Industry (NARI) released a remodeling impact report that found new roofs provide a 109 percent return, which means you could make a profit on your new roof.”
Does a shed add value to a home?
Generally, a shed won’t add value to a home, at least not financially. While you might not see a change in your home’s resale value, a shed could make the property more appealing to buyers thanks to the addition of storage space. All in all, we do not recommend putting up a shed for the sake of selling your home. But if you already have a shed in good condition, it could be beneficial to leave it.
Does a whole house generator add value to your home?
A whole house generator can be a great way to add value to a home. Overall, it can add up to 5% and provide an ROI of up to 150%. Also, it makes the property far more appealing from a security perspective.
How much value does an AC add to a home?
An efficient central AC system can add up to 10% value to a home. Of course, it’s not worth installing purely for selling a home, as its ROI is negative. It would improve the home’s appeal more than its resale value.
Do skylights add value to a home?
Skylights could add value to a home, but not financial value. The addition of more natural light in a room certainly adds appeal to potential buyers. Meanwhile, other buyers may look at a skylight as more maintenance required to keep the house inhabitable. As with other potentially pricey projects, install them for you, not future buyers.
Unsure how to get the highest market value of your home?
Our real estate team offers market analysis, in-home walk throughs, and personalized consultations for seniors looking to sell their home. We work to create a plan for your specific residence that ensures you receive the highest market value for your home. Call us today to schedule a complimentary home walk through and see what changes you can make to increase the value of your house.
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