If you were thinking of selling your house, we suggest that you make as many cheap repairs and improvements as possible. Almost any alteration that you make will significantly increase its market value.
But this doesn’t mean that every home upgrade will pay for itself. Some of them can be a major money sink, which is why it’s so important to choose the ones that will have a positive impact.
In this article, we’ll talk about 7 fixes and improvements that will increase the value of your home. If you get the right price, or if you do them yourself, you can make major profits later on.
Table of Contents
1. Painting
Painting your house should be the first thing on your list as it will have a significant impact on home aesthetics with minimal investment. In fact, it’s considered one of the cheapest upgrades.
For an average American house, you would have to pay between $3,000 and $6,000 for painting the interior and $5,000 for the exterior. The price varies based on your location.
Architects suggest that you go with yellow paint. It’s an optimistic color, and this choice alone can help you sell the house at a slightly higher cost.
2. Veneer and Siding
Sidings are an excellent way to protect your home. Depending on the material, they can recoup the majority of their cost. For example, experts estimate that a fiber-cement siding can recuperate almost 80% of its initial cost during its lifetime. Buyers can also appreciate this small alteration, and it will definitely drive the price up.
Veneers are even better, as you can get almost 100% of your investment back. This is especially true for more robust materials such as stone veneer. Adding veneer and siding can significantly reduce utility costs while protecting your home against termites.
3. HVAC
Whether you’re looking to sell the house or use it yourself, HVAC is one of those systems that keep on giving. “A usual HVAC Repair and Replacement will cost you several thousand dollars, but it will also increase home value from 10% to 20%” according to Fox Family Heating & Air, a company near Sacramento, California.
This makes it one of the most profitable upgrades for large homes. The reason for this is that centralized air-conditioning is much more efficient. Compared to single-window models, it increases EER, or energy-efficient rating, from 8.5 to 11.5.
4. Decks
Decks are sneaky awesome upgrades. Most Americans prefer houses with decks, as they see them as areas where they can relax with the whole family. Although their actual value might not be as high as HVAC upgrades, it has a major sentimental value for potential buyers.
According to recent data, a wooden deck can recuperate 72% of its investment. Americans spend $14,000 on this upgrade and get back more than $10,000.
5. Kitchen
Kitchen remodeling can be a fantastic solution or an absolute nightmare. It’s one of the most efficient home upgrades, especially if you have enough time to use it. However, there’s always a chance that the new owners won’t like how it looks. This can affect your negotiating power and significantly drive the price down.
If you wish to do your kitchen the right way, experts suggest that you choose only the highest quality fixtures. Things such as granite counters and stainless steel appliances are more likely to have a positive impact on potential buyers.
If you’re unsure how to approach this issue, you can simply do a minor refurbishment. Fix the existing kitchen, and try to present it in a positive light. This is also a great strategy if you’re short on money.
6. Windows
When buying new properties, windows are one of the first things that potential buyers check. Everybody knows how important they are for energy efficiency and yet, how expensive they can be.
In terms of potential return on investment, windows can recuperate up to 72% of the initial cost. Average vinyl fixtures cost approximately $17,600, and they can save $12,700 during their lifetime. Keep in mind that wooden windows provide lower value but can have a better impact on a house’s market price.
7. Bathroom
This is another area that potential buyers focus on. When they move into a new house, the last thing they want is to spend lots of time and money on a new bathroom. However, like kitchens, bathrooms can be risky.
Experts suggest that you go with classic “evergreen” features. There’s no need to install a Jacuzzi and other fancy elements as it won’t have such a significant impact on the price. If homeowners need something like that, they can install it themselves.