The housing market is continuing to recover from the devastating crash in 2008. In 2016, mortgage rates fell below 4 percent for the first time in a decade and millennials are started to buy homes, according to Bankrate. Even though 2017 began with slightly higher mortgage rates and it looks like prices will increase slowly, it still is a seller’s market.
If you’re getting ready to sell your home in 2017, you need to make your property stand out. Consider the following cost-effective upgrades to increase your home’s value and help you make the sale:
Work on Your Curb Appeal
It’s important to get people walking through your front door and that means they have to fall in love with the outside. According to Realtor Magazine, upgrades that offer the biggest payback are ones that are immediately obvious to potential buyers, such as new siding and doors. Stone veneer was expected to pay back just over 92 percent of its cost. A new door also was expected to add 96 percent of the amount you spent to your home’s value, according to U.S. News & World Report. Boost your curb appeal with a front door that pops (but still matches your home’s style) with fresh landscaping and a coat of paint.
Install New Flooring
One way to make your home look brand new is to put in new, modern flooring. Rip out your old, grungy carpet and replace it with warm, rich laminate flooring. You don’t need to spend a lot of money on hardwood floors that are difficult to maintain and clean; instead, opt for something that’s a little more reasonable on your budget and attractive to homeowners. Pick out a style and color that complements your countertops, paint color and cabinets so potential buyers can see that they won’t need to do much when they move in.
Improve Your Energy Efficiency
According to Money, making your home more energy efficient could add a 1 to 3 percent increase to your home’s value. It also came in second to “safe community” on things that would influence a purchasing decision.
There are a lot of ways to improve efficiency, including replacing old light bulbs with LEDs or CFLs, installing Energy Star windows, adding insulation and planting shade trees near the house. Windows may cost you $8,000 to $24,000 depending on the size of your house, so make sure the increased value will outweigh the costs. In comparison, replacing light bulbs is one of the easiest and most cost-effective upgrades because they don’t require a large investment.
Add a Fresh Coat of Paint
This is any easy and relatively inexpensive home upgrade. Paint an accent wall in your living room and bedrooms to make a statement. Add a pop of color to your bedrooms and bathrooms to prevent them from looking like white boxes. Or simply make sure all of the paint looks fresh and new to help your home look updated and clean. Focus on high-traffic areas to keep your costs down and make the biggest impact.
You don’t need to spend a lot of money to upgrade your home before putting it on the market. Focus on areas that will give you the biggest bang for your buck and help your home sell quickly.