Home remodeling isn’t cheap. To replace an entry door alone would cost an average of $1,826, and you’ll spend more than double that amount for a new garage door. If you had the budget and were inclined to, a midrange kitchen remodel would cost more than $60,000. Of course, with each remodel, you may recoup what you’ve spent.
Would enhancing your exterior property allow you to do the same?
An Inviting Exterior
The answer would be “yes.” According to a study published in the Journal of Real Estate Finance and Economics, homes with high curb appeal sell at 7 percent more than houses of the same type but with poor exteriors.
Realtors find curb appeal to be crucial because it establishes that all-important first impression. When you’re reselling your property, you’ll want potential buyers to have a good opinion of your home right as they drive up. Buyers tend to be more inclined to see the rest of your home if it looks smashing from the outside.
But what makes up your home’s curb appeal? Every aspect of your exterior property creates an attraction from the street:
- The landscaping of your lawn
- The entrance door
- Outdoor lighting
- The exterior paint
- The siding
Every element in your exterior property could be spruced up to boost curb appeal and add to your property’s value. For example, a new vinyl siding installation may add a resale value of over $12,000. But if your budget doesn’t have room for something as significant as new siding, you could simply keep your yard clean and trim overgrown plants and bushes.
Other Than Curb Side Appeal
The impact you’ve managed to pull off with a stand out exterior may fall to nothing if your interior space isn’t appealing. As crucial as curb appeal is, it’s not the primary focus of any buyer.
So what should you improve indoors to boost property value?
An open floor plan
Most buyers could be looking for more space. And knocking down a wall between your living room and kitchen helps accomplish that need. It also lets in more natural light, making your home inviting.
Upgrade fixtures in the kitchen and bathroom
If knocking down a wall is impossible because it’s structural support, you could spend less with minor upgrades. Find stylish, durable fixtures for your kitchen and bathrooms. It’s simple, affordable, and you could even do it yourself.
Install hardwood floors
Refinishing hardwood floors help you recoup 100 percent of your investment. It also lends an elegant, classic appeal to your home. But if you don’t have hardwood, install wood flooring. You’ll still be able to add to the resale value of your home.
Replace old HVAC
Buyers are more inclined to make an offer when they know the cost of ownership will be manageable. An old, inefficient HVAC system will not be a selling point. So get a cooling and heating system that’s going to help future owners spend less on upkeep and energy cost.
A home remodel can get expensive. But the money you spend on key enhancements or changes may help increase your property’s resale value. Don’t just boost curb appeal; make sure the interiors encourage an offer as well.