Increase the Value of Your Home!
Spring is almost here and our thoughts turn to outside and making our homes brighter and more inviting. Thinking of where to start with home improvements? It's always wise to consider what will improve your home's value with the greatest bang for your buck especially if selling your house is in your future. Consumer Reports did a survey of nearly 1,600 millennials nationwide (currently the leading group of buyers being 75 million strong) and came up with a list of improvements that may guide you to make an informed decision for improving your home. Here's a summary of their findings.
A "modern/updated kitchen" topped the list (most important to more than a third of respondents.) Even a smaller investment can make a serious impact. A new counter top and flooring with new appliances can result in a new look that could lead to a 3 to 7 percent increase in your sales price.
An "open floor plan with flexible living space" are the buzzwords for the second highest rated desired feature. This doesn't necessarily mean it has to be big but taking down a wall or finishing a basement or attic are the most common ways to add usable space. Many buyers like to envision a playroom or an office if they work from home. An upstairs dedicated laundry room is another feature that younger (and older) buyers are looking for. These can potentially increase the value by 4 to 6 percent.
Lowering energy costs will not only save you money but may impress potential buyers. Heating water accounts for 16 percent of energy's costs in the typical home. Installing high efficiency windows can lower your monthly energy costs by 7 to 15 percent. This is an investment that may take some time to recoup. Having an "energy efficient" home may potentially add 1 to 3 percent to its value.
Hardwood floors, stain-proof countertops, a new roof, all contribute to easier upkeep. Anything to make your house more move-in ready is a high priority to most buyers. According to Better Homes and Gardens Real Estate Tech Valley President Miguel Berger "The younger generation in particular which much rather spend their time entertaining at home than fussing over it." Improvement in this area may lead to a 3 to 5 percent increase in the value of your house.
The easiest way to give your house a boost is a new coat of paint. A neutral color scheme of whites and off-whites will appeal to most home buyers regardless of age. Painting keeps your house looking its best and adds protection especially in high traffic areas. The potential bump is 1 to 2 percent.
Don't forget the outside of your home. Trimming shrubs, painting (especially the front door) and adding a deck or patio will make your house more attractive to buyers. Once again, keep it simple with easy maintenance to have the greatest appeal. You can add 3 to 5 percent to the value of your home by enhancing your curb appeal.
Some smart devices may add value but be weary that they evolve quickly and can easily become outdated. Devises like a programmable thermostat and security systems are generally considered wise investments. A professionally installed whole house generator can be a hit. In general there's a potential 3 to 5 percent increase available in this area.
To read the whole Consumer Report article check out the March issue of Consumer reports magazine. Contract Greg (401-230-9004) at QSPS Housing Solutions for all of your home improvement projects.
A "modern/updated kitchen" topped the list (most important to more than a third of respondents.) Even a smaller investment can make a serious impact. A new counter top and flooring with new appliances can result in a new look that could lead to a 3 to 7 percent increase in your sales price.
An "open floor plan with flexible living space" are the buzzwords for the second highest rated desired feature. This doesn't necessarily mean it has to be big but taking down a wall or finishing a basement or attic are the most common ways to add usable space. Many buyers like to envision a playroom or an office if they work from home. An upstairs dedicated laundry room is another feature that younger (and older) buyers are looking for. These can potentially increase the value by 4 to 6 percent.
Lowering energy costs will not only save you money but may impress potential buyers. Heating water accounts for 16 percent of energy's costs in the typical home. Installing high efficiency windows can lower your monthly energy costs by 7 to 15 percent. This is an investment that may take some time to recoup. Having an "energy efficient" home may potentially add 1 to 3 percent to its value.
Hardwood floors, stain-proof countertops, a new roof, all contribute to easier upkeep. Anything to make your house more move-in ready is a high priority to most buyers. According to Better Homes and Gardens Real Estate Tech Valley President Miguel Berger "The younger generation in particular which much rather spend their time entertaining at home than fussing over it." Improvement in this area may lead to a 3 to 5 percent increase in the value of your house.
The easiest way to give your house a boost is a new coat of paint. A neutral color scheme of whites and off-whites will appeal to most home buyers regardless of age. Painting keeps your house looking its best and adds protection especially in high traffic areas. The potential bump is 1 to 2 percent.
Don't forget the outside of your home. Trimming shrubs, painting (especially the front door) and adding a deck or patio will make your house more attractive to buyers. Once again, keep it simple with easy maintenance to have the greatest appeal. You can add 3 to 5 percent to the value of your home by enhancing your curb appeal.
Some smart devices may add value but be weary that they evolve quickly and can easily become outdated. Devises like a programmable thermostat and security systems are generally considered wise investments. A professionally installed whole house generator can be a hit. In general there's a potential 3 to 5 percent increase available in this area.
To read the whole Consumer Report article check out the March issue of Consumer reports magazine. Contract Greg (401-230-9004) at QSPS Housing Solutions for all of your home improvement projects.
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