When it comes time to sell your home, you want to get as much out of it as possible, right?
However, when buyers start looking at homes and consider laying down an offer, they’re also looking for the best deal possible. This means they’re going to look for a way to negotiate your home’s value down or talk you out of your asking price.
To combat this and come out on top, you need to figure out what adds value to a home appraisal, so you can start with the highest asking price possible.
What Adds Value to a Home Appraisal?
The question, then, is what changes and updates can you make to your home that will give you a high ROI or return on investment? The last thing you want to do is spend $10,000 on updates for a $5,000 return.
If you want to know what adds value to a home appraisal so you can get the most money out of your home, you’ve come to the right place. Keep reading to find out more.
1. A Fresh Coat of Paint Inside and Out
A brand new coat of paint is a huge selling point most buyers don’t know appeals to them. Let’s face it, a fresh coat of paint is a very superficial fix. However, because it has such a dramatic, if not potent effect, it is still one of the biggest home value-boosters (compared to the cost).
Now, if you’re capable, the best bang for your buck will come if you do the painting yourself. Hiring professional painters to do it for you is quite costly.
Focus on high-traffic areas where the paint is faded, worn, chipping, peeling, etc. This includes the outside of the home, which could amount to a big project, but a necessary one. Make sure you touch up damaged areas such as scuffs, pet scratches, stains, etc.
2. An Updated Kitchen
Next, it may be well worth the investment to spend some time and money updating your kitchen.
To most families, the kitchen represents the central part, or heart, of the home. It needs to feel warm, inviting, and modern. Stainless steel appliances pack a powerful punch when it comes to attracting buyers. Few buyers are excited to see a cream-colored fridge from the early 90s.
While you’re at it, consider adding a modern look to your cupboards with a new color and draw/cabinet pulls.
3. New or Refinished Flooring
In our homes, it’s not unreasonable to want to walk around barefoot. However, if you’re selling a home with old, dirty, stained carpet, no buyer will dare take their shoes off.
Depending on the quality and condition of your floors, it may be in your best interest to install some new carpet, linoleum, or laminate flooring. You may also consider refinishing wood floors to save money and add value to your home.
Make sure you consider the costs, however, as well as the current condition of the floors, as you don’t want to invest more than you’ll get back.
4. A Deck or Patio
No matter what climate people live in, they adore outdoor living spaces. A deck or patio can be an excellent (and fairly inexpensive) answer to what adds value to a home appraisal.
This can also be a huge selling point for potential buyers who appreciate entertaining guests, barbeques, and spending time outside. However, make sure you check the city coding laws to ensure you’re not going to run into any problems later. A deck, patio, or any other home update that violate city coding can prevent you from selling your house or result in a fine.
5. Flexible Living Space
People hate being tied down to things. We all have jobs, bills, and debts that all seem to tether us down, yet they are an inescapable part of life.
In our homes, however, we can operate more freely, especially with flexible living spaces. Rooms that aren’t necessarily assigned a function or purpose other than the one we give it. Finishing a basement, converting an attic to a living space, and adding a separate room for a laundry room are just some examples.
Ultimately, you want to have a home where the buyer can make the floor plan work for their individual needs. It helps if you have an open floor plan. If you don’t, however, you can always do a little demolition and take down some walls.
Just make sure you know what you’re doing and avoid tearing down any load-bearing walls!
6. Energy-Efficiency
Energy-efficiency is another answer to what adds value to a home appraisal. The costs of owning a home aren’t as simple or straight forward as they seem. Buyers know this and are therefore looking for ways to cut down on future costs.
Older homes are quite expensive in terms of climate control due to poor insulation, single-pane windows, and outdated HVAC systems. Updating these features can be a sure-fire way to add value to your home.
Additionally, you can look into updating your home’s major appliances with Energy Star certified options that use fewer resources. For example, an energy-efficient dishwasher and clothes washer will use less water and electricity.
These updates appeal to most buyers because it will save them money in the long run as well as aid in the world’s energy consumption problems.
7. Extra Storage Space
Finally, if you want to appeal the current buyers in the market for a new home, make sure your house offers plenty of storage space and/or storage solutions. Most of us prefer to have more space than we need, whether we plan on acquiring more stuff or building a larger family.
Regardless, a home that offers little in the way of storage space can be a huge turn off to potential buyers.
Need Help Selling Your Home?
Just because you know what adds value to a home appraisal, it doesn’t mean you can make it happen. We understand that not everyone has the time, money, or ability to make their home ideal for potential buyers.
But don’t worry, you still have options. Regardless of what condition your home is in, where it’s at, or why you need to sell it, we can help. Contact us today to see what we can do for you!
