7 Upgrades That Maximize Your Home's Resale Value

Housing prices are surging to new heights in our area, so you might be considering selling your house and putting some money in your pocket.  No matter if you want to sell or just build equity, here are some improvements that can boost your home's value and ensure you get the best price for your property.

Extra Space

Having plenty of livable space in your home is one of the main selling features in real estate.  Homes are usually priced and valued according to livable square footage available, so the more you have, the better.  A great idea is to add a teen hangout or a mother-in-law suite.  This upgrade will set you apart from the competition when it's time to list your property.

Mini Kitchen Remodel

While deluxe, professional kitchens might be attractive for luxury home buyers, such an upgrade might be overkill with the average buyer.  Most people don't really need a commercial-grade stove with six burners and an expensive vent, but everyone needs a good layout and plenty of storage space.

You can work on upgrading your kitchen layout...adding modern appliances and finishing your cabinets...these are all very cost-effective remodels you can do yourself with only a tutorial and a few tools.  Don't forget to install some new lighting fixtures.

Energy Efficient Upgrades

Modern buyers are into home features that improve energy and water efficiency.  Efficiency improvement costs need not be extravagant.  Investing in a smart thermostat won't set your budget back and will provide future users with a more effective and practical way to save money and resources.

When you invest in such home tech improvements, you will create a strong selling point while improving your property's comfort, functionality, convenience and eco-friendliness.  Other ways you can improve the efficiency of your home is to replace old windows with new, energy-efficient ones, ditch old appliances for Energy Star models, switch to LED lighting, and boos insulation on your outside walls.

Hardwood Floors

It's easy to see the appeal of hardwood floors.  They last for a long time, add richness to any decor and can withstand the abuse of pets, kids, and aggressive foot traffic.  Plus, they are easy to clean and maintain.  If your current wood flooring has seen better days, it will be worth the time and money you invest to refinish them, as you can recoup 100% of the cost. If you replace carpeting or other type of flooring besides hardwood and install new hardwood, your Return On Investment will be 70%-80%.

Fresh Paint

Paint is magic for many reasons:  It can instantly upgrade both the interior and exterior of your home and do so for a very low price.  Even dated surfaces can look fresh and new with only a coat of paint.

Deck or Patio

Right now, people are willing to spend a lot of money on outdoor features that allow them to spend time outside.  So, make sure to deck or patio area are pristine.

New Front Door

Replacing your front door can also work wonders for your home's value.  If you have an old ugly door, replace it with something like solid mahogany and you'll achieve cost-effective, yet luxurious results.

Want to go a step further?  Tackle your outdated garage doors with something modern for an extra touch of curb appeal.

If you provide buyers with something move-in ready, you'll definitely achieve a good price, so even minor investments will help get a home sold more quickly and result in two satisfied parties.

What Makes a Home a Good Buy?

There is no perfect home, but some homes are more ideal for your household than others.  When you begin looking for your next home, carefully consider these four criteria...price, features, location and condition.  The closer you to get to meeting all four criteria, the better your chances are of making a good buy.

PRICE

In any market, price has to come first.  To determine what you can comfortably afford, take to your Realtor.  She can recommend a lender who will prequalify you for a mortgage loan.  When you know how much you can spend, it will be easier to shop for homes within your price range.

FEATURES

The size of your family and your activities determine the features you will want in your next home.  The number of bedrooms, bathrooms and living areas are a matter of comfort and convenience.  You may want an extra bedroom for guests or a second master suite for parents.

If you work at home, you'll want a private home office or a computer nook.  You may want a playroom for the kids, a separate laundry area, and a fenced yard and covered patio or deck for entertaining.  Perhaps an eat-in kitchen is more important to you than a formal dining room.  You may even desire an outdoor kitchen for entertaining.

Think about your daily life from morning to bedtime and how your next home can make these activities more pleasant.  This should be your "must-have" list and will help you look at homes more objectively.

LOCATION

Some areas will always be more expensive to live in than others.  Neighborhoods that are well-kept tend to maintain higher home values.  Homes that are close to jobs, schools and shopping centers tend to sell for more money than homes without as much infrastructure.

What is the best home you can find in the area where you want to live?  If these homes are out of your price range, you can compromise...buy a smaller home or a home that needs lots of work in the best neighborhood you can afford.

CONDITION

Condition refers to the state of repair.  Does the home curb appeal?  Is it updated and well-maintained or does it need extensive and expensive remodeling.  Don't forget to consider any deferred maintenance, such as a roof that may need to be replaced soon.  Also, consider the design and functionality...is the kitchen too small and would you be able to afford to remodel it?  Look closely at repairs, cleanliness and room layout.

The one advantage of buying a home that needs updates and repairs is that these properties cost less than updated homes in the same neighborhood.



Be prepared to compromise.  Don't frustrate yourself or your family looking for the perfect home.  Sometimes the home of your dreams does not have to have every feature on your checklist, or it may be a bit further away from your favorite neighborhood, but you'll be happy if it has most of the criteria you want at the price you can afford.

FIND YOUR DREAM HOME: 4 WAYS TO MAKE HOUSE SHOPPING EASIER

House shopping can be a stressful experience.  In addition to looking for the perfect home, you need to get your financing in order.  Being prepared is the best way to make sure your house shopping goes easily and smoothly.

Start With Your Criteria
Before beginning your search of homes for sale, make two lists...features that you NEED in a home and then features you WANT in a home.  Your needs should be things that you are absolutely certain you have to have.  This will help you narrow down the housing search.  Your wants will give you guidance as to which properties you will view first.

Get Pre-Qualified
If you don't already have a pre-qualification from a bank or mortgage lender, you'll want to get this in order.  By having this pre-qualification, you will be able to put an offer in for a home quickly.  With the current state of the real estate market and the low inventory of homes for sale, offers happen quickly when a home appears on the market.  You want to be ready...you need that pre-qualification!

Hire a Realtor at the Beginning of Your Search
For a buyer, there is really no reason not to work with a real estate agent.  Most real estate agents charge a fee (around $300) for their services, which is paid at closing.  I'm proud to say that I and my company DO NOT charge any buyer fees.  Your Realtor will be able to assist you in finding a home and educate you on the home values in the areas you prefer.  She will also assist you through the entire process of submitting a contract, negotiate terms and price, inspections, and get you through escrow and closing.

Get In Your Car
When looking for a home, it may be helpful to get in your car and do a drive-around.  In addition to the MLS listings that your Realtor should be sending you, neighborhoods may have For Sale By Owner signs.  Your Realtor can assist you with this type of sale and get you a showing with the owner.


In general, your first step should be to find a real estate agent.  She will be able to guide you through the entire process and give you a realistic picture of your options.

To begin your house hunting process in the St. Louis/St. Charles area, just give me a call or text at (314) 348-4033 or email me at:

Judy.Wrozier@coldwellbanker.com