If you’re looking to make a move and have discovered your home isn’t worth what you hoped to sell it for, there are many ways to increase its value and potentially earn a bigger profit. In addition to considering the cost and potential return on investment, you’ll want to think about what buyers are looking for in a home when making your decisions.
These options provide multiple ways for you to increase your home’s value, whether you’re looking to spend a little or a lot.
Add a Laundry Room
According to Kiplinger, the No. 1 feature buyers are looking for is a laundry room. The good news is there’s no need to expand your home if you don’t have one, as there are multiple ways to do this. You can put a laundry room in your basement, with utility lines already there for as little as $1,000, says Paul Sullivan, the president and founder of the Sullivan Company. But any room can be a laundry room if that’s not an option. In fact, you can even use a large extra closet or a pantry. A spacious bedroom walk-in closet can be an ideal place for fashionistas, with fewer trips back and forth when it’s time to put things away.
Make it Bigger
If you can swing it, house additions tend to have the most significant impact on value. While it will cost you more initially, the ROI is typically high. The National Association of Realtors says each additional 1,000 square feet adds about 3.3 percent to the selling price. If you add a bedroom by building out, extending the perimeter, your ROI is typically around 50 percent, with the cost between $150 and $250 per square foot, not including labor.
Even if an appraiser doesn’t officially acknowledge the full value of the additional space added, buyers are likely to notice and be willing to pay more.
Make it Smarter
Buyers today are looking for smart homes to help save money, make life more convenient, and lessen environmental impact. By choosing the right smart devices, even if the appraisal isn’t higher, the appeal it adds is likely to get you better offers. That includes items like a smart security system, smart locks, smart appliances (especially larger appliances like refrigerators, washers, and dryers), smart thermostats, and smart lighting.
Boost Curb Appeal
Curb appeal is an important factor when it comes to home values. If the exterior of the home is attractive, the lawn is well-kept, there are colorful flowers, etc., it’s going to increase the value. If yours needs some work, it doesn’t have to cost a lot of money to spruce it up. Pull any weeds, make sure the lawn is nicely mowed, plant flowers, or add potted plants to the porch. If you need assistance, you can usually hire a landscaping/lawn care expert at a relatively low cost that’s sure to pay off when it comes time to sell. Don’t forget about your front door. If it’s dated, replace it or at least paint it as a worn door will significantly reduce curb appeal. Conveying a sense of welcome that’s noticeable when potential buyers drive by will entice them to come inside.