Updating your home is a great way to invest in your future. For now, you will be able to enjoy your home more and when you decide to sell, your investment will pay off. The first thing you should consider when you are ready to invest in updating your home is your customer. In 2014, 32 percent of home buyers were millennials. This means that the investments you make now towards your property should appeal to a customer in that age range, as it will only increase in the following years. Appealing to these young, tech-savvy buyers doesn’t have to be difficult or expensive. The following tips will appeal to this demographic and drive your property values skyward.
1. Paint and Trim
Whether you choose to do-it-yourself or hire a professional, painting is a quick, inexpensive way to quickly increase your property value. As a bonus, homes that are painted neutral colors will also sell more quickly. Buyers want a home that is move-in ready and are willing to pay for that convenience. Nothing will improve your property value more quickly or inexpensively as a fresh coat of paint.
2. Remodel the Kitchen
Kitchens are one of the rooms that will make-or-break a real estate deal. Kitchens with plenty of cabinets and counter space are one of the first things a buyer is looking for. Colors of cabinetry and kitchens go in and out of favor, so updating a backsplash, refinishing or replacing cabinets, and upgrading to granite or quartz counters will pay off big in the future.
3. Update Appliances
The average appliance has a life expectancy from 9 to 19 years. In less than a decade, the colors of and technology in major appliances changes drastically. Investing in new appliances will update the kitchen and make your kitchen much more appealing to buyers and will drive up your property value.
4. Add a Luxurious Bath
The master bathroom is another room of a house that can really sell a home. Updating the tile, flooring, and counters in a bathroom will appeal to buyers and significantly increase your home’s value. Luxury features such as a large separate bath and walk-in shower with lighting are other features that will impress buyers.
5. Think Smart
Smart homes are extremely popular for millennial buyers. Making simple changes, such as updating to a smart thermostat, can make a great impression. If a smart thermostat is prominently displayed, it will leave the impression that the home is modern and may have other smart features.
6. Energy Efficiency
Energy efficiency in your home appeals to nearly every buyer. Some buyers will enjoy the costs savings and others will enjoy the environmental factors. Simply including energy efficient windows and other green features on your listing will boost interest and increase your property value.
7. A Great First Impression
Your curb appeal can substantially affect how a potential buyer views your home. Simple updates like painting your front door and shutters can make your house pop on the street. Landscaping is another great way to create a good first impression. Fresh mulch, trimmed grass, and a neat landscape will put extra money in your pocket.
If you have carpeting, consider upgrading to hardwood or laminate flooring. Carpet can look dated very quickly and is not family or pet-friendly. Most buyers will see carpeting as an added expense or a challenge to keep clean. Updating to easy care flooring can significantly increase your property value.
Lighting and plumbing fixtures change more than you may realize. Over the past 30 years, fixture preferences have changed from gold to brushed nickel, then to bronze and matte black. You may not realize it, but your fixtures really date your home. Updated fixtures can help improve your property value by attracting younger home buyers.
It doesn’t matter if you have a small budget for your next home improvement project or you plan on taking out a loan to get the job done. You are guaranteed to find a project on this list that will increase your property value fast.