With ever-waning levels of inventory, surging homebuyer demand and bidding wars on the rise, it’s clear that sellers have the upper hand this season. And while that certainly bodes well for homeowners (hello, more profits!) that doesn’t mean every property will sell in record time or for top dollar. Are you considering putting your home on the market? Making these four renovations can help you do it successfully.
1. Curb appeal improvements
A lot of buyers are shopping virtually these days, so any renovations that can make your home look better in photos is a good thing. Think new paint on the shutters, a freshly planted garden or even something simple like upgraded hardware on the front door. You might also consider updating your garage door or mailbox if they’re looking a bit run down.
2. Obviously needed repairs and fixes.
If you know there’s something broken or needs renovation, then get it fixed before putting your home on the market. For one, there’s a good chance buyers will spot the issue when touring your property. This could make them less apt to make an offer—or maybe offer less if they do.
You can also bet it will show up on the inspection report. This could mean losing out on valuable profits or the entire sale altogether.
3. A few high-ROI updates.
Want to really up those sale proceeds? Then look to Remodeling Magazine’s list of highest-ROI home upgrades for guidance on renovations. Updating your home’s siding can add as much as $13,000 to your resale value, and replacing the windows and doors can provide a sizable boost, too.
Adding a wood deck, doing a minor kitchen remodel or redoing your roof are also great options, according to the annual report.
4. Energy-efficient upgrades.
Improving your home’s energy efficiency is another great way to make your home more marketable. Not only does it reduce the home’s environmental footprint, but it also means future savings for the buyer—something many will pay a premium for.
Installing a smart thermostat is a good, low-cost option (your electric company may even help you pay for it), as is adding some extra insulation, sealing up leaks around the doors and windows or upgrading to Energy Star appliances.
The bottom line
Redoing your entire house isn’t necessary—especially in today’s market. But making a few choice upgrades and renovations could mean a more marketable property, a faster sale and, most importantly, more in profits.