When you put your home on the market, you want to earn as much as possible from the sale. Several factors affect a home’s value. Some increase it, while others can detract from it. Here are eight ways to increase your net home offer.
1. Paint the Interior and Exterior
In your search for ways to increase your net home offer, you’ll likely come across repainting the interior and exterior spaces in plenty of blogs. In a 2019 National Association of Realtors study, 66% of real estate agents said exterior painting is crucial to a home’s curb appeal and one of the projects you should take on before listing. The quality of the exterior paint job is often the first thing people notice about a home. Instances of peeling or faded paint on walls, doors, and other exterior features will create the impression that you’re behind on maintenance.
You could unintentionally negatively affect the buyer’s impression of your house even before they enter through the front door. ‘Curb appeal’ today refers to more than how your home looks from the street. As with today’s dating scene, you must also make a great impression online.
Considering prospective buyers can now swipe past hundreds of listings in a minute, like how you can find several potential partners on dating sites, your home’s exterior only has seconds to convince leads to click on your listing and get more details about your property. Here’s a unique case where curb appeal really makes a difference. Online views that result in in-person visits can lead to more competitive offers. Enlist the help of exterior painting services to ensure you attract serious buyers.
Generally speaking, you should repaint your home’s interior every seven or eight years. That changes if you have active and playful pets or kids; you’ll have to repaint more often. Before putting your home on the market, you’ll want each room to look its best. Once a buyer walks in, you won’t have another chance to make a great impression.
If in doubt, stick to neutral hues like light gray, off-white, and white. If you’re an adventurous homeowner, use color theory to bring unique shades to different rooms. For instance, lavender is ideal for bedrooms because it’s relaxing and calming.
2. Schedule an HVAC Inspection
While prospective buyers might immediately overlook a newly outfitted HVAC system, they’ll pick up on one that isn’t working properly. Modern buyers view efficient central heating and cooling as a need rather than a luxury, so schedule an inspection with reputable HVAC services. Optimal temperature control may just be what closes the deal.
The US Department of Energy estimates that replacing a central air conditioner of at least ten years old with a new unit with a 15 seasonal energy efficiency rating (SEER) might result in a 40% reduction in cooling energy costs. You can also lower your home’s carbon footprint by 2.5 tonnes annually by having a professional replace your outdated boiler or fuel furnace with a modern one featuring a 90% efficiency rating. This will also translate to significant savings due to reduced heating costs.
The lower emissions and improved energy efficiency will increase your home’s appeal. More prospective buyers understand the importance of the long-term ongoing costs of keeping a property functional and the sustainability of systems. However, if your present HVAC system is in good working order and has great AFUE and SEER ratings, replacing it with a brand-new system won’t significantly increase your net home offer. As long as prospective buyers can see your furnace and air conditioner are under ten years old (of course, the newer, the better), you don’t need a replacement.
3. Consider a Roof Replacement
Whether you’re selling it or having it valued by a local inspector, your roofing system will definitely impact the overall value of your property. While a new roof might raise the value, very few upgrades, if any, will give you a 100% return on investment. A replacement installed by a seasoned roofer can increase your likelihood of getting the full asking price, shorten your home’s time on the market, and give you leverage during negotiations, even if the financial return is significant.
Match the existing roof material for partial repairs, like replacing a few shingles. If you’re completely replacing the roof, you have more options. Asphalt shingles are long-lasting, inexpensive, and simple to install, making them the most common roofing material in the United States. They’re available in a range of colors.
You can also opt for composite or synthetic shingles. These are made to resemble slate or wood but are priced similarly to asphalt. They require little upkeep and can survive for up to 50 years.
Although they have a great aesthetic appeal, wood shingles cost nearly twice as much as asphalt. They can also last for 25 years. Be aware that some cities ban wood shingles because of the fire risk.
While metal roofs are pricey, they’re solid and can last 50 years or longer. They consist of connecting metal roofing pieces custom-cut to fit your property. These roofing systems are common in areas that receive heavy snowfall because the slippery surface shades snow easily.
Clay or cement tiles, frequently spotted on Spanish-style dwellings, have an exceptionally long lifespan of 50 to 100 years. They’re quite costly, almost three times as expensive as asphalt. Slate roofs can last more than 100 years, since the shingles are composed of genuine stone. However, these benefits come with a hefty price tag and may not be ideal if you want a high net home offer.
Consider replacing your gutters as well. In most cases, gutters alone won’t raise your house’s value. They’re considered a standard and not necessarily special, particularly in regions with heavy rainfall. However, getting new gutters can increase your home’s perceived value. If there’s one feature you should pay extra attention to when selling your home, it’s the roof.
4. Remodel Your Kitchen
A kitchen remodel is one of the most effective ways of increasing your net home offer. The value is typically represented as the proportion of the remodel’s cost that the homeowner gets back when the house is sold. According to the Remodeling Cost vs. Value Report for 2023, homeowners can anticipate an ROI of 30.7% and 85.7% for their new kitchen if they decide to sell their house.
The precise amount you’ll recover is based on several variables, including your home’s value, the others in your neighborhood, and the project’s quality. The amount you spend on remodeling will also affect how much your home’s value increases. The study found that a major, high-end kitchen redesign yields a 31.7% return on investment. On the other hand, changing the look of your kitchen with mid-range fixtures can give you a 41.8% ROI. A minor kitchen upgrade with such fixtures will attract an 85.7% return.
The fact that a modest kitchen remodel project, like replacing the kitchen cabinets, provides a higher ROI than a big upgrade, such as redesigning the kitchen’s structure and layout, may seem paradoxical. It’s easy to assume that the more money you put in, the more you’ll increase your net home offer. However, when you think about it, it makes sense that you’ll get a higher return when you spend less on a minor improvement while still receiving the intended outcome.
You can’t see the full return value by looking at the numbers. After remodeling the kitchen, consider how long you plan to stay in the house. The return percentage is the biggest consideration if you intend to relocate fast following the makeover. However, if you intend to stay in your home for several years following the remodel, make upgrades that will impact your family the most.
5. Give Your Landscape Some Attention
The same way first impressions can make or break a person’s decision to pursue a romantic relationship further, they’re equally crucial in real estate. People fall in love or hate a home the moment they pull up the driveway. That’s why it’s no surprise that homes with attractive landscapes sell more quickly and for a higher price. Put yourself in the buyer’s shoes; why would you pay for something if you don’t like what you see?
Real estate experts say landscaping your property can significantly raise its resale value, and they’re not lying. In fact, according to this Turf Magazine research, landscaping can increase your home’s value by up to 12%. Several landscaping ideas can give you the results you’re after. You can select colorful plants and arrange them to add color and texture to your landscape while enhancing its natural beauty.
Plant some flowers here and there to add pops of color. Adding trees is a great way of introducing shade to your outdoor spaces to make them more enjoyable, enhance privacy, and improve air quality. Mature trees especially add value, increasing prices by 4% to 20%, according to Take a Bough Tree Care.
Another great landscaping idea to increase your net home offer is adding lighting. Yards with plenty of lights instantly improve the appeal of the property. Use solar- and LED-powered lighting options; they’re great upgrades to conventional hard-wired lights. They’ll illuminate your lawn at night, scaring off robbers, preventing trip hazards, and making the trees pop. Since many purchasers are attracted to LED lighting, it can increase the value of your house by 1% to 3%.
Don’t forget hardscaping elements such as the driveway. Any improvements you make to the front of your property will be overshadowed if the driveway has lots of stains, holes, and cracks. One of the most effective ways of increasing your home’s curb appeal is by laying a new, high-quality driveway.
Consider your home’s and neighboring properties’ values for your driveway budget. The most popular driveway material is asphalt, which is less expensive upfront. However, it won’t be as cost-effective because it would require recurring maintenance, fixes, and replacement. An asphalt driveway typically lasts ten years.
Concrete driveways last longer than asphalt, reaching up to 25 years. However, they also require routine maintenance. Concrete, like asphalt, may be colored and stamped by a professional concrete service to resemble brick and stone.
But if you’re aiming for the aesthetic appeal of stone, interlocked stone driveways may be just what you’re looking for. They’re available in various hues and designs to match any decor. They can also give off a timeless, classic look.
6. Install Hardwood Flooring
A lot can affect your home’s value, and hardwood floors will certainly increase it. They give any living area a cozy and welcoming feel, make a house easier to sell, and even increase resale value. You have some great benefits to consider when determining whether or not to install hardwood flooring to increase the net home offer.
These floors are durable and require little upkeep. This translates to fewer repairs and lower costs over time. For maintenance, occasional sweeping and mopping should keep it looking lovely for years.
Potential buyers will be happy to know this. Hardwood floors also add warmth without losing style or sophistication. They’re available in various hues and textures, making it easy to match them to any decor while bringing personality and charm to your indoor spaces.
7. Invest in a Residential Water Source
A residential water supply and a water pump will increase your home’s appeal to potential buyers. There are valid reasons why this is the case. For one thing, the home won’t be subject to the city’s pumping regulations and potential shutdowns and will always have access to water. As a result, it raises your home’s resale value and net home offer because it’s considered self-sufficient. Due to its advantages and the fact that having one is healthier, more people are looking for homes with a residential water source.
8. Invest in a Smart Home Security System
While some purchasers would probably examine the cost of the alarm system’s hardware and installation fees, other buyers will consider the numerous advantages of a home alarm system. For many people, convenience comes first, along with peace of mind. With home automation features such as video doorbell surveillance with two-way communication, remote door lock, keyless entry, and remote light control, your home will become easier and more enjoyable.
You can’t live without this control once you taste it. Buyers moving from a house with these installed features believe they’re essential aspects to look for in a new home. Start looking for quotes from locksmith companies in your area as part of your efforts to increase your net home offer.
A home is an appreciating asset. However, when you decide to sell your home after years of living there, some things can affect how much profit you can make from the sale. The above upgrades can help you earn a high return on the sale, but the only way to realize this benefit is to enlist the help of seasoned contractors for great results.