Home Upgrades that May Add Value to Your Home

Even if you don’t plan to sell your home anytime soon, thinking about upgrades now can help you. You can enjoy new amenities ahead of selling and increase marketability in the future. Realtors recommend you consider home upgrades that add value to your home ahead of listing. But how do you know which upgrades will give you the most bang for your buck? Some home upgrades to make before selling may come with higher upfront price tags, but nearly pay for themselves. Below cover a few things to consider.

 

Upgrade Science

Home improvements should increase the overall value of the home and its attractiveness to potential buyers. Just throwing in a few shrubs and random flower beds out front before putting on the market won’t cut it. Whole industries have cropped up on ranking the upgrades to make ahead of selling. Experts use data to advise on everything from trendy colors to paint your front door to the size of planters. 

 

Every year, Remodeling Magazine releases their Cost vs. Value list of home improvements. They look at total project cost, resale value and calculate percentages of cost recouped in a home’s sale. The list averages out and ranks ROIs nationally and regionally. In 2020, manufactured stone veneer took first prize in national and garage door replacements took first prize in the Mid-Atlantic region. They even provide recommendations just for the Pittsburgh area.

 

Head of the Upgrade Class

Other high-ranking upgrades include:

  • Roofing: Possibly one of the most expensive exterior upgrades, replacing a roof comes with one of the highest returns on investment. In fact, the age of a roof can serve as a major factor to getting your listing price.
  • Minor Kitchen Remodel: Rather than ripping out an entire kitchen and starting from scratch, minor remodels can give you more ROI. Simply replacing cabinet doors and hardware or replacing freestanding or slide in appliances can make a room sparkle.
  • Deck addition: This category may surprise you a bit, but outdoor living spaces add immense value to potential buyers. A wood deck large enough to entertain company becomes an important feature.
  • Vinyl windows: Replacing older wood or aluminum windows adds an updated contemporary feel and can improve home insulation. However, unless the current windows clearly show their age, this upgrade may not take precedence over other less costly improvements.

 

 

Updates to Proceed with Caution

Certain circumstances can justify specific exterior improvements. For example, curb appeal means more in certain neighborhoods than others. 

  • Fresh paint: Painting or staining porches, trim and railings may not equate to instant dollars added to sale price. But if they make the place more attractive to buyers, you’re still winning.
  • Garage doors: The importance of replacing or upgrading existing garage doors depends on whether they sit at the front or back of the house. Street-facing garage doors should not draw attention (good or bad) to themselves.
  • Lighting: Nothing adds to a home’s curb appeal at night like some well-placed up-lighting or inviting porch lights. Asking an expert to recommend placement can make all the difference in the overall effect.

    Flagstaff walkways: Having an inviting path to the home or comfortable outdoor spaces (see above) can really bring a yard together. This works better for a home with a more expansive yard. But even a small yard can benefit from a well-maintained front walkway. 

 

Increasing the joy your home brings you and adding value to your property helps more than just listing prices. Even if you don’t plan to move, a home equity loan can help you tackle these projects all at once. To learn more, speak with an expert at your local office or call our main line at 1-888-BANK (2265).