In recent years, Americans have embraced the healing benefits and relative safety of being outdoors, impacting housing preferences. If your home is between 10 and 15 years old, some expensive items that buyers may need to repair or replace in the coming years could cause them to look elsewhere. Finishing a 400 to 1500 square foot basement has a potential return on investment (ROI) of up to 75%, according to HomeAdvisor. Statistics show that replacing an existing front door with a steel one has recovered between 65% and 91% in resale over the past four years.
Buyers appreciate the energy efficiency, low maintenance and cold blocking power of metal. Millennials still represent the largest group of homebuyers at 37%, according to the National Association of Realtors. Some of their top wishes include smart home technology, such as keyless entry and high-end Wi-Fi access. Do some repairs now to help get the best selling price.
Toilet technology has improved since 1994, when federal law restricted toilet cisterns to 1.6 gallons per flush (GPF). You don't have to spend a lot of money to make your home more attractive to buyers. Consider these lower-cost projects that still offer a lot of benefit for your money. There is no need to tear off tiles or add all the new accessories to give your bathroom a facial touch.
In fact, 27% of sellers make bathroom improvements before selling them, and they can be simple solutions. Fixing floors is another common task, taken on by 24% of sellers. Kitchen upgrades pay off. Many prospective homebuyers are looking for modern, renovated kitchens. Bathroom renovations will recover 87.7 to 93.5 percent of their investment, according to Cost vs.
Like the kitchen, don't go crazy. Install new fixtures, brighten the room with paint, and re-grout the bathtub. A new mirror and lighting fixtures can easily transform the look of a bathroom. Replacing old lighting fixtures, countertops, cabinets, toilets, and floors can also increase the appeal of your home. Painting, re-grouting tiles, and pressure washing the outside of your home won't cost a lot of money, but these do-it-yourself home improvements can add real value to your home.
A Home Equity Line of Credit (HELOC) works like a revolving line of credit, secured by the net worth of your home. You borrow what you need on the go, but you borrow it at a variable interest rate, so costs can go up (or down) over time. Whole-home renovations can add value to your home, but there are ways to improve it without going into debt or plundering your savings. Building a deck is another great way to add value to your home without breaking the bank. Remodeling recommends adhering to a 16 ft x 20 ft wooden deck, though the correct size for your home will depend on the size of your home and patio.
You'll also want to add a railing system for added functionality and stability. Depending on how old your property is, there are likely to be some home improvement projects that can be done to update it in terms of residential building codes. Buy the molding from a home improvement store, cut it to the size that fits your room (or ask the store to cut it for you) and attach it to the top of the wall with a nail gun. Overall, you can expect home improvements to deliver a 70 percent return on investment, according to home improvement loan platform RenoFi. Not every home improvement project is guaranteed to attract more buyers or give you a good ROI, even if it's something you enjoy while you're still living in the house. Homeowners considering major home improvements should first think about their own comfort and needs, and second about the value of the home. Making the most of those unused rooms will increase your living space and make your home attractive to potential homebuyers. Another exterior home improvement that offers a strong return on your investment is to upgrade the exterior of your home with manufactured stone veneer.
Your home is a huge financial investment, and any money you invest in it should not only increase your enjoyment of the home now, but also add value that you will recover when you sell.