Upgrade Your Malvern, PA Home for Maximum ROI
In a volatile housing market, which has existed in many states for the last couple of years, there are few guarantees about how your home will be valued. The market could cause home prices to skyrocket for a time, as it has done recently, or demand could drop and resale values along with it.
One thing that you do have control over concerning the value of your home is its amenities and features. What the property offers to buyers is entirely up to you, and even in an unpredictable market, home improvements can increase resale value.
The question is what renovations should you undertake for the greatest return on investment. Not all projects are created equally, and some have a bigger impact on the potential listing price of your home than others. Let’s talk about some home upgrades that often yield the best ROI for Malvern, PA properties.
One of the most popular types of renovations is a kitchen remodel. As one of the most important rooms in the house, as well as the most used, it is a huge selling point when buyers are on the hunt for new houses. An outdated kitchen with old appliances can quickly drive buyers away, even if the rest of the property is gorgeous.
Kitchen remodels often see great returns, recuperating most if not all of the cost of the renovation. Consider making changes like energy-efficient appliances, new cabinets, new countertops, and a multi-functional sink to increase your home’s resale value.
Get Rid of Old Siding Materials
Many homes were built decades ago, which might mean their siding materials are a little outdated. Not only are the aesthetics a bit behind, but the efficiency of the home is negatively impacted as well. Replacing old materials with new siding that has a fresh look and will insulate your home more effectively can attract more buyers and help you obtain greater returns from the sale.
For example, some older homes embraced the trend of stucco siding years ago. However, this material can lead to water damage in the home, which buyers will not be fans of. Investing in stucco remediation and replacement can dramatically improve resale value while attracting potential buyers.
Invest in Energy Efficiency
Saving money is one of the most attractive characteristics that your home can offer buyers. While they are going to spend big to purchase the property, they want to know that ongoing costs will be manageable. Committing to upgrades and repairs that make the home energy efficient will have a positive impact on property value, helping you recoup the costs of the changes.
Newer window models, kitchen appliances with high energy ratings, smart thermostats, rooftop solar panels, and updated HVAC systems will all create a more efficient home that is appealing to buyers and will fetch a higher price for the homeowner.
Another important room in the house is the bathroom. One of the first things buyers look for in a home is how many bathrooms it has. Then they look at the condition of those bathrooms. A beautifully renovated bathroom can easily attract buyers that are willing to pay more for this amenity.
Water-efficient toilets, modern faucet fixtures, double vanities, large mirrors, versatile showers/tubs, new flooring, and other luxury upgrades could make the difference between a buyer making an offer or looking elsewhere for a home. Plus, you can recuperate a large percentage of the costs for the renovation.
Outdoor Space Addition
Most buyers are excited about the prospect of spending time outdoors on their properties. A nice lawn will certainly be appealing, but an outdoor living space can be even more enticing. Building a deck, porch, or patio is a project that will typically yield great returns at resale, enough to almost cover the cost of the project.
The key to a great outdoor space is in the details. Are there privacy features like lattice walls or pergolas? Does the landscaping blend well with the added build? Is there enough space for outdoor furniture and a grill? Is there a spot for a firepit? These additions will appeal to many buyers on the market and raise the value of your Malvern, PA, property.
Always Start with Research
If your primary goal for renovations is to increase the value of your home for sale and yield a high ROI, then you need to be thorough with your research. Just because the average kitchen remodels can recuperate the cost of the renovation at sale does not guarantee that yours will. Often, homeowners invest a lot of money into upgrades and are disappointed when they do not raise the value as much as they envisioned.
Check out comparable homes in the local market to see what amenities they offer. How can your upgrades offer a better home for buyers than these competitors? What type of buyers tend to look for houses in the Malvern area, and how can you invest in features that will appeal to their lifestyles? Renovating to sell can be a risky business, so gather as much information as you can to access the best ROI for your projects when selling.