How to Increase the Resale Value of Your Home

Nobody told us that when buying a property, you should consider its resale value. I learned this on the job. Since we buy homes for cash, the resale value is critical to us. Years ago, my mentor explained that, “When you buy an investment property, you should be able to flip it for a profit.” That was an easy example of resale value.

Home improvements go a long way in shaping its resale value. Investigating which renovations add value to your property’s resale value is essential. It ensures that you make the most out of the sale.

When I was in the process of purchasing my first home, Jon had already been a homeowner for a year. So, I had his guidance when it came to the resale value of my potential home. He sat me down and explained that some things needed more attention than others

Add Scale Without Adding Size

“Alex, you don’t have to knock down walls to make rooms feel bigger.” This is one of the first things Jon explained.

One of the best ways to increase the resale value of your home is to make it feel bigger than it actually is. This doesn’t always have to be done at a great expense. A great way to make a house feel bigger is with a fresh coat of white paint on the ceiling.

Adding appropriate windows to rooms can also make a difference to how the size feels. New flooring that faces the direction of natural light adds an elongated appearance. These minimal changes positively impact the resale value of your home.

HomeLight suggests that adding a new window can cost between $100 – $2,500, which is a small price to pay for a potential big return on investment. Similarly, Modernize advises that changing the flooring in a room can cost as little as $1,000, sometimes less if you DIY.

Don’t Modernize Everything

Many people have fallen into the trap in the modern era that everything has to be brand new or else it isn’t worth anything. The housing market is far from the truth.

Just because your home is older than most, that doesn’t mean the character it has isn’t valuable when it comes to added resale value. Keeping the features that make your home unique is important if you want to maintain a high resale value.

When Jon purchased his home in Philly, it had gilded cornices. They were old, but had their charm. He incorporated them into his design, which served as part of his living room bookshelf. And it looks gorgeous.

Refresh the Kitchen

My wife and I spend a ton of time in the kitchen. She is a baker, so the kitchen is her bread and butter. After purchasing our home, we invested in high-quality kitchen appliances (top-of-the-line ovens, clear marble countertops, and a centralized kitchen island). Today, that investment has borne the results.

If your kitchen is outdated, it should be one of the first rooms you spruce up. If a complete kitchen remodel is not financially feasible for you, look for simple ways to revamp the space.

– Adding a splash of new paint to the cabinets.
– A new backsplash for the oven.
– A new light fixture.
– Updated hardware can make a kitchen look newer.

Replace the Windows

Another great way to increase a home’s resale value is to replace the windows in the property. This is especially important to do if the windows are old, decrepit, and/or leaky. According to Forbes, most Americans spend between $200 – $500 per new window in a property. This can make replacing the windows on your property even more worthwhile.

Invest in Energy Efficiency

It’s no secret that the world is actively attempting to ‘go green‘. There’s no reason why you can’t follow suit at home. Even budget-friendly activities such as adding recycling facilities or installing a vegetable garden can go a long way.

Energy-efficient light bulbs are another cheap investment that can make your home more efficient. However, if you do want to spend the money, you might consider better, more energy-efficient appliances that’ll save the new owners money on electricity.

The realtors at NV Home Pro state that on-demand water heaters and solar panels are another huge drawcard for prospective buyers. The alternative source of power saves new homeowners money and the environment. This is particularly preferable with millennial buyers.

Is Resale Value Real?

Selling your home is all about making it appealing and inviting to the prospective buyer. A little effort today can result in a positive resale value 10 years from now. Jon’s advice to me seven years ago offered great benefits for my home in the present and for the future.