After the financial fallout of the last few years, we’ve been told that it’s tough to get back the money you put into your home when it’s time to sell. It’s a buyer’s market and gone are the days when high-end updates like ustom area rugs and granite countertops could be resold for at least their value or more.
However, that hasn’t meant that we’ve stopped wanting or needing to upgrade our living spaces. Whether you desire a new vanity or silk area rugs, upgrading your home’s features is both a financial and an emotional decision. What hasn’t changed is that when you choose to add certain upgrades to your home, the appraised value will increase. And while potential homeowner’s demands and needs have changed in the last few years, there are a few that still remain high on the list of upgrades buyers want.
Here are six ways you can upgrade the value of your home:
Energy efficient appliances – If we’ve learned anything in the last few years, it’s that money is among one of our most finite resources. A study by Kiplinger’s found that 88 percent of home buyers said energy efficient features were a “must have”. Investing in energy efficient appliances, like a new refrigerator, will not only be appealing to buyers but also save you money in energy costs. In terms of décor, be sure to balance the color of your appliances with the other colors in your kitchen. Stainless steel has been among the most popular appliance color choice in the last few years but black and white look just as good in the right setting.
Crown molding – Crown molding, in any room, is a simple touch that makes a room look finished. It’s got that architectural “wow factor” and it’s still a small detail that home buyers want. It may not add thousands of dollars to your resale price, but if other homes in your neighborhood have it and your home doesn’t, it might be one of those touches that make the difference in a sale. It’s tricky to do on your own, so if you want it, hire a professional carpenter.
Hardwood flooring – Experienced homebuyers never look at carpet. They know that they’ll likely rip it up and replace it within days of closing. Hardwood on the other hand almost always gets a second look. Even scuffed up and worn, it has lasting value that can be stained and refinished to suit the new homeowner’s needs. If you’re concerned about the environmental impact of installing hardwood, consider using bamboo or cork. Both types of hardwood are made from sustainable materials and stand up just as well to wear and tear as traditional hardwood.
Rugs – A great rug is always a good investment. Whether you choose to make that investment in oversized area rugs or smaller round area rugs, you’ll add depth and richness to your décor when potential buyers come to take a look around. It will warm up the look of hardwood, break up spaces, and add visual interest in a large room. In other words, it helps the place look more expensive, thereby adding to the perceived value to buyers. When you prepare to sell your home, you can choose to add the value of the rug to your home’s price or just roll it up and take it with you.
New backsplash – If don’t have the time or money to update your kitchen, a new backsplash is like an inexpensive bandage that will help make the whole room look new and fresh. It’s a great way to swap out one type of décor for another with minimal work. A true grout-and-tile job – which will likely require hiring a pro – will help you get the most for your money out of this update, but peel-and-stick tiles can fake it and still pull off the same look.
New fixtures – From adding a new sink or toilet to just changing out your plumbing fixtures, updating and upgrading faucets and handles will instantly add a modern touch. That modern touch translates to helping your kitchen or bath look like it was recently remodeled (even if it wasn’t). Even more appealing to buyers are low-flow faucet aerators that reduce water usage by up to 30 percent.