Here’s a few home remodeling tips you can use to boost the value of your property
Anyone that has been following the news recently is probably aware of the fact that over the past couple of years, homes have been selling at all time high prices, and there haven’t been many indicators that the market will swing to the buyer’s favor in the foreseeable future.
As homelight notes in their Top Agent Insights for New Year 2022 report, 94% of agents are reporting seller’s market conditions in their territory during Q4 2021, which is unchanged from Q3. Even with looming interest hikes and a slight home buying slowdown over the coming months, agents remain optimistic that home pieces will remain steady.
Here’s a few tips you can use to help make your home stand out in today’s competitive market.
Know your home’s worth
Before putting your home on the market you should get a free home appraisal to establish a baseline of your home’s value. Free home appraisal tools use automated valuation models (AVMs) to determine the value of properties by considering information from sources such as comparable MLS listings, property tax records, and user submitted information (e.g. upgrades that were recently made to the property).
While AVM’s are not a complete replacement for in-person appraisals, they’re still useful in getting a general idea of a home’s worth.
Know which changes provide the most value
Now that many employers are allowing employees to work from home, if your property doesn’t have a home office already, now is a great time to add one to your space. Since many buyers care more about having a home office, over whether the property is move-in ready or at a minimum square footage, even a modest home office can add $10,000 to a home’s resale value.
If you’re looking for changes that are easier to implement, relatively small improvements such as replacing your garage door, updating mailbox or house numbers, and adding a stone veneer to the font of your home can easily add hundreds or thousands to your home’s value.
In addition to the renovation suggestions above, you may also want to ask the real estate agent that you work with about major home buying trends in your area. For example, most buyers nearing retirement are looking for a full bath on the main level, doorways that are at least three feet wide, and non-slip floors.
Ultimately, in the real estate space, every home is different which is why you need to determine what works best for your needs.