For most people, purchasing a home is one of the biggest — if not the biggest — investments that they will ever make in their lifetime. Investing in a new home is not only financially beneficial but also fulfilling to know you have found the right place to call your home. While many people do spend the rest of their lives in the home of their dreams, purchasing your first home doesn’t mean it’ll be your last. Next to purchasing your very first home, selling your first home is an equally significant experience. Not only can there be huge emotional and existential aspects to this process but also a lot of concern over the financial details in your sale.
Did you buy a newly-constructed home or an existing build? There are many factors that can fluctuate the value of your home between your time of purchase and when you decide to sell. Of course, maximizing the resale value is a major concern for all homeowners, but how much can you expect to make on your sale? The average home in the United States appreciates a rate of 3.8% per year, which varies wildly across the wide-ranging regions. On average, however, that means you can expect a modest increase in value the longer you’ve owned your property. But what if you want to increase the resale value of your home even more?
Let’s explore some of the most popular strategies and renovation upgrades that help homeowners increase the resale value of their homes. The goal is to provide you with an overview of the most popular, time-proven options so that you can make an informed decision about what to do when you’re ready to sell your home.
What Affects a Home’s Resale Value?
Resale value is obviously important, but it’s relative to
the initial investment in your home. Many different factors determine the resale value of your home . Some of which are completely out of your control, including the economy, neighborhood, and market conditions. While your home may be the perfect location for you and your family — near your work or kids’ school — your home’s appraisal can suffer a lot if your neighborhood isn’t valued in the market. Factors that determine neighborhood demand include its distance to economic centers such as malls and stores, well-performing schools, and job opportunities.
Understanding the nature of the market is a little complex. Identifying whether you’re in a buyer’s or seller’s market makes all the difference. If you’re selling your home in a seller’s market, it’s likely that you can sell your home quickly and at a price that’s comfortable for you. Selling your home in a buyer’s market means your property has to have a competitive edge over other homes in the area. In this sort of market, buyers have more negotiating power than people than sellers. If there are more homes for sale than potential buyers, you’ll have to compete to sell your home.
There are also significant factors within your control that also have a huge impact on your home’s resale value. Your home’s condition, curb appeal, design style, appliances, floor plan, and so much more affects its value. If you haven’t owned your home for very long, considering these factors are all the more important. If you have owned your home for a long time, the amount of appreciative value is likely to make up for any potential losses due to home condition or outdated features. Each situation is different, so it’s important to consider your unique home and situation when making a plan of action.
What Renovations Will Increase Home Value the Most?
When deciding on what upgrades and renovations, it’s important to take stock of your home’s most prominent features — good and bad. Focusing on your home’s most notable features is an efficient way to upgrade your home rather than a complete overhaul. For example, if your home is older with a Victorian or Colonial design, focus on bringing out the best in those designs rather upgrading it with conflicting modern elements.
Boost Your Home’s Curb Appeal for a Perfect First Impression
Consider your home’s curb appeal when upgrading your home. It’s a huge factor that makes a solid first impression on potential buyers. Focus on painting your home with an exciting new color scheme to really make it stand out. How’s your garden looking? Trim away any unsightly or overgrown bushes to give the impression that your home has been in good, caring hands. If your yard looks neglected, buyers will assume the rest of the home hasn’t fared any better.
Upgrade Your Appliances and Essential Systems with Modern Technology
A good example of this is an upgraded kitchen or bathroom that will show buyers they won’t have to sink tons of money into the property. If your appliances are old and very worn, replacing them with modern replacements is a relatively inexpensive upgrade that can go a long way to boosting your home‘s value. More importantly, take a good look at your heating and cooling system (HVAC), electrics, and plumbing to determine other essential upgrades you may need to make before adding your home to the market.
How Much Do New Doors and Windows Increase Home Value?
Undervaluing the importance of exterior modern windows and doors in your home can cause you to miss out on valuable home-enhancing upgrades. Old and poorly constructed windows and doors are responsible for energy inefficiency and heat loss in many homes. They play an essential role in maintaining a comfortable, energy–efficient home. As one of Southern California’s industry-leading window and door manufacturers, Monumental Windows and Doors prioritizes intelligent, energy-saving design in everything we do.
Inefficient windows account for up to 25% of the average home’s energy bills. You can instantly reduce your cooling and heating costs by investing in high-performance exterior windows. These are a huge selling point when placing your home on the market. Highlighting the savings will make your home stand out on the market. Additionally, you can make sure the home is properly insulated with reliable, aluminum-constructed doors that won’t warp or deteriorate over time. Establishing a proper seal on your home instills confidence in potential buyers that their investment is worthwhile.
There is a lot to consider when putting your home up for sale. If you’re looking to increase the resale value of your home, consider upgrading your windows and doors to get the most out of your investment. Monumental Windows and Doors offers modern, long-lasting products to complement homes of any size and design. Contact us today to learn more about our products and how we can help you finish that next project.