Who wouldn’t like to increase the value of their home before they sell it? Some projects that boost a home’s value can be a bit daunting, but others can be knocked out relatively quickly and can add quite a bit to the asking value of your home.
Here are four upgrades that can help justify a higher asking price when you put your home on the market:
1. Finishing Your Basement
One of the primary factors that people look at when considering purchase a home is total square footage. More importantly: finished square footage. If your home has a basement, does it have a concrete floor? If so, it might be worth spending some money to have carpeting installed. By adding carpeting and lighting fixtures, you have essentially added an extra room that can be used as a gym, an office, a playroom, etc. This can really boost your home’s value.
2. Upgrading Your Roof
Upgrading your roof might be a bit of an expensive project, but potential new owners should feel relieved knowing that they don’t have to worry about repairing it shortly after purchasing your home.
3. Adding a Fireplace
According to a survey from a few years ago, fireplaces are one of three most desired amenities that buyers would like in a house. While home appraisers don’t account for fireplaces, they do add value to home. According to a National Association of Realtors survey (2007), almost 46% of home buyers would pay more for a home with a fireplace. And according the NAR 2013 report, 57% of buyers purchased a house with a fireplace. to It can add anywhere from $1000 to $10,000+ to the value, depending on location–fireplaces add more value to homes in areas that have colder climates.
Be sure to get a quote to determine how much a new fireplace will cost to purchase and have installed, and be sure you get someone who is familiar with your area’s building codes and gets the proper permits.
4. Hardwood Floors
Many potential buyers (over half, at 57%) are willing to pay a bit extra for hardwood floors according to the same 2007 NAR report. The median amount is almost $2,000 more, so be sure to get an accurate quote before diving into this upgrade, because quality hardwood floors typically cost about $8-$12 to purchase and have installed. Other factors determine location and other amenities your home has to offer.
There are plenty of other upgrades you can make to your home to help boost their market value, we’ve just touched on a few popular projects. We’ll be continuing this article with a part two soon, so stay tuned! As always, if you need assistance buying or selling a home in the area, be sure to give The Damron Group a call!