It’s every homeowner’s dream that their house will be quick to sell with a quality offer when putting their house on the market. According to Harvard’s Joint Center for Housing Studies, homeowner repairs and improvements have shown strong growth and are expected to reach $401 billion by 2022 Q3.
However, home improvements don’t always pay off. The key is to understand your house and its needs. That’s why we’re diving into upgrades for budgets big and small that improve your home's appeal and value.
Style Your Indoor Space
You don’t need to have a bold color to stand out. Neutral tones offer a warmth that complements any furniture style, which can help potential homebuyers envision themselves in your home. Think beiges, grays and whites. In fact, PPG 2021 Palette of the Year embraced the nostalgic neutrals entirely. Their “Be Well” palette provides comfort and promotes well-being to someone who may feel overstimulated and weary from the daily hustle.
Hardwood floors provide a variety of benefits to the homeowner. Not only do they provide their own elegant aesthetic, but they are easier to clean, require less maintenance, are cost-effective and go well with many decor themes. According to a study by the National Association of Realtors, 54% of homebuyers were willing to pay more for hardwood floors. According to a 2019 study by National Association of REALTORS® Research Group, homeowners will recover 106% of the cost of replacing their hardwood floors at resale.
Take Proactive Maintenance Measures
Anticipation of the need for a lot of maintenance work can cut down on the number of offers, lengthen the time on the market, and reduce offer prices on a house. For example, while roof replacement or repair might be expensive, it may be worthwhile, as according to the NAR a homeowner will recover 107% of the cost at resale.
If you suspect that your HVAC system is in need of repair or replacement, consider upgrading when searching for ways to incentivize homebuyers. A new or repaired HVAC system could aid in efficiently heating/cooling your home as well as reducing energy bills. The NAR notes that an HVAC replacement could be 85% recovered at resale.
Upgrade Your Home for Efficiency
According to the U.S. Department of Energy, homeowners can save about 30% on their energy bills by making energy-efficient decisions when it comes to appliances and upgrades in factors such as insulation and air sealing. Energy Star, a program run by the U.S. Environmental Protection Agency and the U.S. Department of Energy, promotes making energy efficient choices that both save money and protect the environment. For example, clothes washers certified by Energy Star “use about 25% less energy and 33% less water than regular washers.” Similarly, energy efficient windows save you money and help keep your home at your ideal temperature. Windows certified by Energy Star could save 12% on energy bills.
Plan for Homebuyer Trends
According to the National Association of Home Builders in 2018, the average size of a home fell for the third straight year. This specifically benefits homebuyers who are looking to downsize or just enter the homebuying market. If homebuyers are looking to downsize, accessibility and convenience is a huge plus. Having a bedroom and laundry room on the first floor reduces the need to haul laundry up or down the stairs.
The global smart home market is expected to grow to $138.9 billion by 2026. A smart thermostat is just one of the ways homeowners can incorporate smart technology to enhance the energy efficiency of their home. These thermostats can learn your temperature preferences and adjust heating or cooling not only for your comfort but also for optimal performance.
If you’re searching for your next home, look no further than Brunswick Crossing. Our builders work with you to ensure your house features all the style, space and appliances that fit your needs. Explore our models and take a virtual tour to discover all the opportunities that await you.