Whether you’re about to list your house for sale on the market or you’ve just moved in and plan to stay a while, you want to make the most of the money you invest into your home. This could take the form of upgrades, repairs and remodels. To be sure you see a return on these types of investments, you must spend your money wisely.
Make upgrades that you would enjoy having in your home, and also those that will increase your home’s value from the perspective of potential buyers and future appraisers. Before you decide which upgrades to make —consider the tips below. You may find that some can wait for the next owner’s wallet!
1. Listen to Popular Demand
The top three things millennials say they prioritize when looking for a home to buy are kitchens, bathrooms and floor plans. Maximize your return on investment with minor updates, rather than complete remodels. Spring for new, stainless steel appliances, quartz counter tops, a fresh coat of paint and low-maintenance flooring. Update the bathroom with a modern look. Make minor upgrades, if possible, to achieve an open floor plan with flexible, multi-use living space.
2. Get and Stay Organized
Keeping up with your list of chores might not seem like an investment because you don’t actually have to spend any money, but creating a calm and inviting space will make your house look like a million bucks. A home that appears pretty automatically gains value in the eyes of potential buyers. If you struggle with organization and styling your home, pay a professional home stager or organizer to help you cut the clutter and create a welcoming space that will be attractive to buyers.
3. Make Easy Choices
While remodeling your home, you will encounter a seemingly endless parade of decisions to make. When in doubt, choose high quality and low maintenance. This means avoiding wall to wall carpeting, ornate and detailed (i.e. dusty) cabinets, countertops that stain easily and exotic landscaping. Today’s homebuyers prefer minimal upkeep. So, go with hardwood flooring and minimalistic styles.
4. Focus on Energy Savings
Making your home energy efficient will save you money, if you stick around. Energy efficiency will also pay off when you sell. Update your windows and bulbs. Hire a professional to come in and inspect your home’s duct work to ensure the indoors stay in and the outdoors stay out. You might also consider investing in a smart energy system for your home, in addition to selecting smart, energy efficient appliances when upgrading your kitchen. And the Credit Union can help with the cost with our low interest loan options.
5. Choose Clever Curb Appeal
First impressions are important, and a home’s first impression is its curb appeal. Make sure the outside of the home is neat, tidy and attractive. Scrape off flaking paint and add a fresh coat in an attractive color. Pull weeds and repair cracks in pavement. When selecting vegetation, choose wisely to limit yard work and upkeep. Look for native plant species that will thrive naturally in your yard with minimal care and minimal watering. If you can, do the yard work yourself to minimize costs and maximize return.
Pro Tip!
Spending more doesn’t always generate a bigger return. Homeowners often make the mistake of assuming the more money they put into their homes, the more they will get out. Large investments, however, don’t always generate big returns. For example, big ticket items with high maintenance demands like swimming pools, outdoor water features or even solar panels can often hurt your home’s value.
Before installing that backyard waterfall you’ve had your eye on or another expensive item, check with a local real estate agent or property appraiser to find out whether or not the expense can be considered an investment. If the investment makes sense, be sure to explore the best financing options. Your Credit Union has low-cost options including Home Equity Loans and Home Equity Line of Credits.
This article was developed in partnership with FI Grow Solutions.
