What can you do to add Value to your property today?

What can you do to add Value to your property today?

Home improvement projects are very popular.  Many homeowners began projects in 2020 since a large number of people were sent home.  We have fielded a number of questions regarding what improvements add value to their property.  While your project may cost $5,000 it doesn’t mean your property value just increased by $5,000.

Be careful with remodels that break up the flow or would not appeal to most buyers.  After all, many of us have said we are “never moving again” only to discover a move is required for a job or family or other reasons.

List of Most popular home projects

Bathroom remodel, Kitchen remodels and flooring are the most popular and the best way to add value.

The above projects will add value to your property if completed correctly.  For example, if during a bathroom remodel a blue garden tub is chosen to be installed–that decision could have a negative affect on your resale value.

It is important to note that your real estate professional can help with these decisions.  Even if you are not selling anytime soon it is wise to give us a call and we are happy to help.  We are able to share with you what the current buyers are looking for in a property.  In 2020-2021 buyers are looking for updates in kitchens and baths along with laminate or wood flooring instead of carpeting or tile.

In this article HGTV has ranked home improvements and show the average return on your resale.  A minor bathroom remodel is #1 on the list with an average return of 102%.

Top Home Updates that will add Value 

#1 Minor Bathroom remodel
#2 Landscaping
#3 Minor Kitchen remodel
#4 Exterior Improvements (paint, siding etc)
#5 Bedroom conversion
#6 Major Bathroom remodel
#7 Major Kitchen remodel
#8 Deck, patio or porch addition
#9 Basement remodel/addition
#10 Window replacement
#11 Family Room addition
#12 Bonus Room updates
#13 Living Room updates
#14 Bedroom updates
#15 Living Room updates (Walls and floors)

One of our goals is to reach out to homeowners thinking of selling, before they begin any home improvement projects.  We have seen too many times, homeowners spending money on projects that are very low on the list of obtaining a return on their investment.  If you are thinking of selling your home then you must think of the next owner not what you may have wanted for the property.

We can actually save a lot of homeowners money, not only in the project cost but increase their net proceeds.  In other words get more bang for their buck.

Updates to rooms can mean as little as changing out the switch plate covers and a change of paint color.  These are low cost items that go a long way.  Ceiling lights and fans updated is another low cost item and especially in a smaller home matching the lights and fans throughout the home creates clean lines and consistency instead of chaos when every room has a different light or fan.

Occasionally, it will work if the seller offers an “allowance” for worn out carpet or painting that just couldn’t happen prior to the sale.  This will attract buyers who prefer to choose the flooring or paint themselves.  But if you can get the job completed prior to putting on the market all buyers will see a clean well maintained property which will add plus signs to their offer.

Here are tips to consider:

1. Consult with your Realtor  — Free!
   2.  Consult with a professional designer or stager
   3.  Pre-Inspection- if you don’t know that it’s broke you can’t fix it!
   4.  Paint-Suggestion-get some tips from your Realtor or Stager on colors and if painting is a challenge for you, get a professional!
   5.  Ceilings-fresh paint and if you have a popcorn ceiling get an estimate to remove
   6.  Clean, Clean, Clean -scrub or hire someone to scrub from floor to ceiling.  Windows, screens, doors and don’t forget the outdoor rooms!
   7.  De-cluttering and removing big furniture creates an impression of a larger space
   8.  Energy efficient fixtures and appliances
   9.  Regular maintenance and repairs
   10.  Curb appeal for first impression

Homeowners sometimes don’t see their Realtor as useful until they decide to sell however, we can be a help to keep you current to the real estate market and the top trends and updates buyers are looking to see in their next home.

Tips 1, 3, 6, and 9 are very important to keep your property in top condition.  If selling is in the near future any interested buyer can easily see that the property has been well maintained and cared for, giving them a feeling of confidence there won’t be any troubles or major issues should they decide to purchase.  Buyers will easily pay more money for a home well maintained and will typically bid less than asking price on properties that have or appear to be neglected.

Most of all, consider your goals in the home improvement project.  Is it to prepare the home for sale in the near future or to build home equity.

There are even more clever ways to “upgrade” your home to make it look like a million bucks!

1. Resurface/paint the existing cabinetry in bathrooms and kitchens.  Change the hardward for a more updated look.  Tuxedo cabinetry is a very popular look buyers are willing to pay more for (darker lower cabinets and a lighter color for top cabinets)
   2.  Power wash your house!
   3.  Outdoor lighting
   4.  Adding smart technology
   5.  Re-do your kitchen counters
   6.  Add under counter lighting in the kitchen
   7.  Update your artwork and furniture.  Creates the feeling of added value.
   8.  Garage organization and cabinetry
   9.  Painting the garage floor
   10. Upgrade your closet storage system

Warning! What are your neighbors doing to upgrade their homes?  Again, this is where your real estate professional can assist you.  You want to be careful not to over do it when it comes to home improvements.  If your home is the only one in the neighborhood that has the top trending improvements you may not get your return on those investments.  If the other homes are simple keep yours simple.  It is far better to be the smaller less updated home in a neighborhood of larger upgraded homes than to be the reverse–a hugely upgraded home in a neighborhood of simple homes.

About the author: The above Real Estate information was provided by Cynthia Yannitelli, of the Yannitelli Group at Better Homes & Gardens Real Estate, BloomTree Realty.  Cynthia has managed real estate brokerages and trained real estate agents for over 20 years and started her real estate career over 30 years ago.  The Yannitelli Group is Cynthia and her sons, Neil and Nicholas, in a family-owned real estate group enjoying what they do and working with each other.  Cynthia and the Yannitelli Group can be reached via email at yannitelligroup@gmail.com or by phone and TEXT at 928-848-3400.

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