5 Upgrades That Influence Your Home’s Resale Value
While new builds and historic homes are always in demand, some older houses can have a harder time being sold. A new build means zero renovations, which always goes down well. And while historic homes can require a fair bit of work, they tend to charm buyers into closing an eye (or two).
That said, there are still things you can do to give your older home a fighting chance.
People don’t necessarily want to wait out a new build; and a historic home might just be more work than a buyer is prepared to take on. With this in mind, an older home can make a great compromise. In fact, if you renovate it the right way, it can fetch just as much as a new build and sell just as quickly.
Here are five upgrades you can do to improve your home’s resale value.
1. Hardwood Flooring
When it comes to flooring, older homes usually have one of two problems: they have carpeting, or the hardwood needs refinishing. Either way, this can be an instant turn-off for a prospective buyer.
Carpeting tends to filter dirt, dust and other particles – a no-no for allergy sufferers. More to the point, your carpet might look dated, unappealing or simply be in dire need of deep cleaning or replacement. Ripping out that carpet and replacing it with hardwood floors gives your home’s resale value an instant boost.
And if you already have hardwoods installed, that’s even better. Refinishing existing flooring is often much cheaper than having new flooring installed. What’s more, older wood flooring is more sought after than new flooring, because it adds unique character to the home.
2. Updating Your Kitchen
It’s no secret that the state of your kitchen plays an extremely important part in your home’s resale value. After all, most people consider it the heart of the home. The more modern, fresh and functional your kitchen is, the more desirable your home will be.
Modern cabinetry and stainless steel, energy-efficient appliances will go a long way towards increasing your home’s appeal. You should also consider under-cabinet lighting, as it adds that extra pizazz.
But even if you cannot afford a full-blown renovation, there’s still stuff you can do to your kitchen that will impact the value of your home.
Refinishing existing cabinets and installing new handles costs relatively little, but the change can be night and day. A fresh coat of paint is another cost-effective treatment that can have a surprising impact on the look and feel of the room.
3. Adding A Bathroom
If your kitchen has a crucial impact on your home’s resale value, the bathroom is a close second.
Unsurprisingly, adding a second bathroom to your home can lead to a huge payoff down the line. Underutilized rooms or even dead space are great candidates. You could fit a three-piece suite, including a stand up shower, in as little as 30 square feet – just use glass for the shower to keep the space feeling open.
But if you’re hard pressed to find room for another bathroom (or simply don’t have the budget to do it right), updating your current bathroom can still influence your home’s resale value dramatically.
4. Ceiling Treatment
Many older homes have textured ceilings. While these were all the rage thirty or forty years ago, they’re simply not that appealing these days.
What’s more, ceilings tend to be lower in older homes. This makes your space feel smaller and closed in, which puts it at a disadvantage when compared to more open and airy new builds.
Unfortunately, there may not be much you can do when it comes to ceiling height. However, removing a textured ceiling isn’t that difficult or expensive. When properly done, scraping the ceiling can give an illusion of openness that works just as well as the ceiling in a new build.
5. AC Units
When it comes to feeling comfortable in your own home, AC units are crucial. They allow you to regulate the temperature, keeping you warm in winter and cool in summer.
Sadly, AC units in older homes are often problematic; which scares off many a prospective buyer.
For one, they’re energy inefficient, which means higher utility bills. What’s more, the ducting may need replacement – a hassle and expense many buyers may not be prepared to take on, especially when there are properties on the market with brand-spanking new HVAC systems.
Replacing the AC unit with a modern system overcomes this objection and puts your home on equal footing with other houses on the market.
Bonus Tip: Plan Ahead
If you’re planning to put your home on the market, you should give yourself sufficient time to do the renovations properly. Start as early as possible, as this will save you a lot of stress. As a bonus, you’ll get some time to enjoy the upgrades yourself.
Need help re-selling your older home? Talk to us today.
About the Author | Todd Williams
Buyer & Listing Specialist | Broker / Realtor® NC/SC
Todd considers Real Estate to be his dream job. He gets to help people, work with charities, sell and negotiate with people all over the world, and hopefully has a small impact on the lives of others. When represented by Todd, you can expect sound judgement, unselfishness, dedication and loyalty. Todd always pushes for the best for his clients. Learn More About Todd