As you start to look for a new home, it’s important to also think about selling your current house. Homes depreciate at about 3.6% a year and don’t increase in value without renovations and updates that are appealing to new homebuyers.
While plenty of homeowners will go to great lengths to make sure their home sells fast, here are a few key updates that don’t break the bank and still get you a return on your investment.
1. Revamp the Exterior
First impressions don’t just apply to people; making sure the exterior of your home is just as appealing as the inside can go a long way when selling your home. A freshly painted door, mulch around garden beds, and potted flowers at the doorstep can all increase a home’s value by 1-2%.
This is probably the most cost-efficient option, as it takes the least amount of work. Don’t forget to do a last minute power washing on the siding to keep things looking crisp. Remember, this is an additive with other things too; if your interior isn’t also prepped, the home may spend more time on the market.
2. Create Small Changes to the Kitchen
While you may want to update your kitchen to fit your current needs, if you plan on selling, take a pause on this. A huge kitchen renovation won’t necessarily yield a higher selling price, whereas small updates will. This is due to the fact kitchens are more personal, and will most likely be updated by the homebuyers later on anyway.
Consider updating cabinet fixtures, like drawer pulls and cabinet knobs, along with putting up a new backsplash. These are easy and fast updates that can revamp an existing design without doing too much work.
Another quick change is refreshing your grout. This is something homebuyers will look at, though it can feel nitty-gritty. Revitalizing the grout in kitchen backsplash along with bathrooms and other tiling can be a refreshing touch that goes a long way.
3. Update Bathroom Elements
Updating your bathrooms to luxury-level can be more work than it’s worth, so be sure to choose wisely what pieces you swap in here.
If you have multiple bathrooms, updating these with similar style bathroom vanities can help tie the rooms together, creating a cohesive look throughout the house. Usually, you can find single and double sink options that work well together.
Of all places in the home, a bathroom upgrade will give you the most return on investment (ROI). Even something minor as replacing the mirrors and small fixtures can go a long way.
4. Lighten up the Rooms
This doesn’t have to be done with just lights. Homebuyers will like to envision how their own living set up would be. Keep things simple by repainting the walls a neutral tone to make the rooms seem brighter without having to do much else.
If you were already thinking about replacing the windows, now might be a good opportunity to do so. Add in weatherstripping to help with heat control as an added bonus for those new homebuyers. Skylights and clerestory windows will bring in the most light without messing with your current home interior.
5. Make Sure the Home is Energy Efficient
Believe it or not, making your home more energy efficient will not only help your current costs while you’re getting ready to move, but will make the home more appealing. As stated before, updating old windows is an easy fix and gives you a large ROI.
Update your attic insulation to get the highest ROI. This is one of the easier home updates to make, and will give you a 107% (give or take) return. If you are just starting the process of getting ready to sell, do this first in order to save you money along the way.
Final Thoughts
While these updates range in expenses, each one brings in a different set of positives to selling your home. After all, new homebuyers are generally looking for something move-in ready, or something they can completely gut out. Take the time to make these small changes to sell your home fast, and for an increase in price.
