Make These 5 Home Improvements Before You Sell
Considering selling your Denver home?
Selling your home is often a must before finding a new one, and getting top dollar for your current home is what Denver Realtors and homeowners strive for. Even if you are just planning on moving down the road, adding certain upgrades to your home can drastically improve its value. When the upgrade will net you more money in sales than it cost you to do, that’s a positive return on your investment (ROI). Certain upgrades will give you a great ROI, while others are necessary to sell your home in the first place. Here’s a list of some of the improvements that will give you the most bang for your buck:
Basic Maintenance & Replacements: New roofs, siding, cocking, and windows may not seem like flashy upgrades but they are among the most profitable when it comes to increasing resale value. Buyers look for move-in-ready homes that they aren’t going to have to spend a lot of extra money on. When these basic maintenance projects aren’t done, buyers tick dollars off of what they are willing to pay for the home. Knowing that a house has been cared for well and is in good shape is a great selling point. These projects also increase the efficiency of your home, so you can tell your buyers to look forward to lower utility bills. Getting these projects out of the way will provide peace of mind for both you and your buyer.
Curb Appeal: As cliché as it is, first impressions are absolutely critical. When buyers are searching for a new home, the exterior is their first impression, and it will either get them in the door or send them elsewhere. In the competitive Denver Real Estate market, sellers want to attract every person that drives by and sees the home. As such, you want your home to look as nice on the outside as it does on the inside. You may not be able to change your neighbor’s lime green shutters but you can give your home a fresh coat of paint. Ask your painter to help you coordinate a pleasing color scheme, and if you live in an area with an HOA make sure that you have your colors approved. Equally important is landscaping. You don’t need an elaborate water feature in your front yard to sell your home, but a green lawn free of weeds and maybe even a home to a garden will go a long way. You can even consider “xeriscaping” which is landscaping that does not require water. It will maximize curb appeal, and the buyers will appreciate being able to save on their utility bills.
Kitchen & Bath Remodel: Updating your kitchen and bathrooms are a great way to add value to your Denver home. New flooring, cabinets (or a fresh coat of paint), fixtures, and appliances can transform any space. Simply re-glazing bathtubs and tile is a cost-effective method to make them look brand new. The few hundred dollars invested on this will add much more value to your home—and also attract more buyers. Remember to keep the decorating neutral though. Not all buyers are fond of brightly colored accent walls or faux painting. Make decorating easy for the buyer by keeping your color schemes neutral. Refurnishing and depersonalizing your home will ultimately make it much more attractive to buyers looking to make it their own.
Square Footage: Adding square footage will almost always add value to your Denver home, and make it stick out in the real estate market. But make sure you have a good handle on building codes or else hire a contractor. A well-done addition can add major value to your home, but a poorly done one will only detract. Before you start adding on, make sure to consult experts to ensure that the time and money you spend in the expansion will reflect on your home’s ‘sold price.’ A finished basement or attic is one way to increase finished square footage—although they are both quite pricey. A typical finished basement costs upwards of thirty thousand dollars, but it is also a major draw for buyers with children. Don’t expect to recoup 100% of the cost on your home sale, but if it’s done right, you should recoup over 90% of your initial investment. In fact, in the western United States, sellers recoup 108% on average of their initial investment on a finished basement. So in the Colorado real estate market, adding on a finished basement will usually profit you in the long run, while making your home more desirable to buyers.
Staging: Although it’s not traditionally thought of as an upgrade, staging is the cheapest and among the most important ways to improve your home’s value. Heavily investing in furniture and rugs can turn your home into a stage house for buyers to fall in love with. Instead of simply selling a bare house, proper furnishing gives buyers a picture of the style and decadence they can have if they buy your home. Buying modern, neutral, and beautiful furniture and using it with the best pieces of furniture you already will help buyers visualize just what a great home you are selling. Spacing is of utmost importance, as the placement of couches, rugs, and dressers, can make your home look much larger and more open. By removing all unnecessary clutter and turning your home into a spacious and sophisticated living area, you are selling not just a home, but also a lifestyle. In the ultra-competitive Denver real estate market, it’s important that sellers pull out all of the tricks to make their home more appealing, and more profitable.