In today’s economy, sellers are at a disadvantage. With more homes on the market than there are buyers, those looking to purchase have an abundance of options and can be more selective in their choices. Selling in this type of buyer’s market can be challenging, often resulting in longer listing times and the possibility of accepting a lower price than anticipated.
To stand out in a buyer’s market, sellers must make their home irresistible by investing in professional marketing photography, ensuring the home is move-in ready, and boosting overall curb appeal. Whether you’re looking to sell immediately or just trying to slowly increase your property’s overall value, here are five home upgrades to consider this year.
1. Security System
A professional security system is a tech-savvy way to increase your home’s value, while also protecting you and your family. While there are many DIY security systems available, having one that is professionally installed has several advantages. Besides being installed by experts who know the optimal spots for maximum effectiveness, these systems also include 24/7 professional monitoring. If an emergency occurs, a monitoring center is alerted and dispatched on your behalf.
Today’s buyers are attracted to professional systems that control door locks, lights, thermostats, and cameras from their mobile devices. Real-time alerts and access to live feeds give homeowners peace of mind, whether they’re at the office or across the country on a family vacation. Smart locks and keyless entry can also be beneficial in allowing certain people access to your home without giving them a key. For instance, you may not necessarily want to give a new dogwalker a key until you’ve established a good relationship with them. These types of features can be compelling to homebuyers, allowing your home to stand out within a competitive market.
2. Kitchen Upgrades
The kitchen is the heart of the home, regardless of how much cooking actually happens in the space! A beautiful, modern, updated kitchen can attract more buyers, and once again, help your home stand out in a competitive market. Kitchens are often the first room that potential homebuyers scrutinize. They want to see updated appliances, minimalist functional design, clean lines, flat-panel cabinets, and neutral palettes.
In terms of function and layout, kitchens should work well for families of all sizes. The three-point layout, or work triangle, that connects the sink, refrigerator, and stove can prove to be efficient and lead to organized workspaces. A kitchen island can be an attractive showpiece, one that is also versatile and allows for extra prep space, storage, and serves as a social hub for family and guests. Even if you don’t do a full kitchen remodel, a few upgrades can make all the difference in the value of your home.
3. Energy Efficiency
If you’re noticing that your energy bill is increasing just as quickly as your grocery bill, it may be time to start looking at your home’s energy efficiency. Small investments such as sealing air leaks, improving insulation, and adjusting washing habits can save you money now, but they don’t necessarily translate to sellable features within a home. That’s why switching to LED lights, installing smart thermostats, and getting new windows can be a major upgrade that pays out in the end.
To take it a step further, you may also consider installing solar panels for renewable energy. There is a high demand for green homes, so solar panels can significantly boost a home’s value and also lead to less time on the market. Of course, solar panels have a higher upfront cost, so it’s a good idea to weigh the pros and cons before making this switch.
4. Outdoor Living Spaces
Extending the living space to the backyard is yet another way to add extra value to your home because it effectively expands the usable square footage. Decks, patios, pergolas, or other functional outdoor areas can enhance the livability of a property. These additions can also enhance a home’s curb appeal and homebuyers’ overall first impression.
When designing these spaces, think about adding some high-value features such as a built-in grill station, fire pit, or even a full outdoor kitchen. A space that blends seamlessly from indoor to outdoor living can be versatile for entertaining purposes. Strategic lighting can truly enhance the area, as can thoughtfully designed landscaping with water features and native plants.
5. Modernized Lighting
Speaking of lighting, lighting can improve a home’s overall appeal and signal that a property is move-in ready. Replacing outdated light fixtures doesn’t necessarily cost all that much, but it can lead to a great return on investment. Focus on updating any out-of-style fixtures, such as fluorescent box lights or dim fixtures. Look for modernized styles, like recessed lights or stylish pendants.
Another option to consider is adding dimmer switches strategically throughout the house. A dimmer can add ambiance to a kitchen or create mood lighting in a master bedroom or bathroom. To really make a room pop, install an eye-catching statement piece like a chandelier or pendant light.
Final Takeaways
Increasing your home’s value doesn’t necessarily mean a total remodel. A few smart and strategic upgrades can take your home from a run-of-the-mill showing to an irresistible home that’s appealing to multiple buyers. Think about what small tweaks you can make that will generate the biggest payback for you.