These three upgrades are the key to a top-dollar sale price.
When preparing your house for sale, you may be led to believe that the more upgrades you make, the higher the price you can list for. However, not all home upgrades are created equal; some will have you pouring money down the drain, while others will get you immediate resale value. Understanding which projects to take on can help you make thousands of dollars more. So, what home improvements should you do if you want to get a fantastic return on your investment?
To answer this question, we have to take into consideration the changes that happened in the past few years. Our homes were recently put through a massive re-evaluation. In response to the pandemic, there are now certain features in a home that have become much more attractive to buyers. If you can include them in your upgrades, you can increase the value of your house and turn it into a coveted property in the market. In particular, there are three projects you’ll want to take on:
1. Add more usable square footage. According to a 2020 survey by HomeLight, the need for more space was among the top reasons why people move. Projects such as creating a home office space, building an open floor plan, and finishing your basement can give you that additional space that buyers want nowadays. Keep in mind that working with a licensed general contractor to help you add that square footage is the best way to go. Don’t try to do it yourself as it may only cause complications.
The National Association of Home Builders (NAHB) identifies home offices as one of the new design trend interests in 2022. In addition, the NAHB found that 85% of buyers want an open layout between the kitchen area and the dining room. Lastly, finishing your basement can increase your ROI by 70%.
“There are three key upgrades that maximize your value the most.”
2. Improve your curb appeal. In today’s digital age, photos have become the new curb appeal. Gone are the days of people driving by your home repeatedly. Instead, potential buyers are scouring the internet and clicking through photos of homes in Arizona. That’s why having high-quality, professional photographs of your home is absolutely critical. Make sure your home is photo-ready for the important Picture Day, as it can make all the difference in attracting buyers.
3. Upgrade your outdoor space. Functional outdoor spaces such as a deck, a fireplace, or an outdoor kitchen are now more valued due to the pandemic. If your home has a nice exterior living area, buyers can imagine themselves enjoying the fresh air as they indulge in outdoor activities. If you already have an outdoor oasis, pressure wash or make repairs if necessary for a low-cost way to improve your home’s value.
Home improvements can be expensive, so you want to make sure you’re investing in the right projects. If you’re not sure whether your renovation plans are worth pursuing, feel free to call or email me. I’m happy to give you real estate advice and help you get the best value for your home.
We are a Phoenix husband and wife realtor team: our office in in North Phoenix and we call Fireside at Norterra home.
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