With colder temps approaching and less things to do outside, it’s the perfect time to do some projects around the house that will add value to your home without breaking the bank. Especially if selling in the spring is something you’re considering!
Let’s be honest, it can be overwhelming deciding which home projects are worthwhile, and not to mention deciphering between what you like and what potential buyers will like. Also, it’s a real fear that you’re going to drop lots of money on a project that won’t yield you more money in a few months. So, what kinds of things can you do to your home this winter?
Understand the Value of Your Home
Understanding how home value is determined is an important piece. When it comes down to valuing a home, the appraiser’s opinion is very important because the appraiser gives the bank the OK on what buyers are paying for your house. If it comes in low, that could leave money on the table for you as a seller.
Secondly, buyers determine value based on what they’re willing to pay/offer on a house. So, the more appealing you make your house, the greater chance you have of making the most money on it.
New Doesn’t Have to Mean Expensive
Appraisers and buyers alike give value for new fixtures in a house. Fixtures don’t have to be crazy expensive; they can be budget-friendly, yet still elevate the look. New light fixtures are a great option. I’m not talking about simple “boob lights“; think a bit more stylish, like a flush mounted light or a semi-flush mount that matches the hardware throughout your home.
Plumbing fixtures like a new kitchen faucet or bathroom faucet are also a great option. These can completely update the look of a room for very cheap. Places like Menards have private label brands that offer trendy looks and tones at a discounted price.
New mirrors, a towel bar, toilet paper holders, and cabinet pulls in the bathroom are another inexpensive option to update the space and add value. Other items to consider are new door hardware to carry the hardware theme throughout or new “smart” locks for the exterior doors. Creating a cohesive look throughout will give great results.
Color is Important
Color really packs a punch. Choosing inviting tones in your home is not only proven to yield you more money, but color also invokes a positive or negative psychological response. Certain colors like red are across the board a color that should be avoided when trying to add value to a house.
In general, the more fresh you make the space look, the more value will be perceived by buyers and appraisers. So, when choosing paint colors, pick bright and neutral colors that will be universally appealing.
If You’re Going to Splurge…
If you’re going to splurge, spend it on flooring. Not the most expensive flooring because generally you won’t get dollar for dollar return on this – go with a neutral flooring that is durable. Buyers pay attention to flooring and often shy away from homes that need a lot of new flooring.
A rule of thumb is hard flooring like luxury vinyl planking should be used in main areas, bathrooms, kitchens, and hallways. Carpeting is acceptable in bedrooms, and some buyers prefer this.
Take Care of Deferred Maintenance
Any major repairs you’ve been putting off should be addressed now. This can be costly, but it will add value to your home. These weigh high on buyers’ “must-have” lists. Things like a new roof, new windows, new insulation, new HVAC, and new siding are value buyers consider highly. Just make sure you keep track of the receipts, warranties, and manuals.
The Bottom Line on Home Projects
The bottom line here is that if selling your home in the near future is something you’re considering, you need to put yourself in the shoes of a potential buyer, considering what they prefer. This likely isn’t bold colors or funky design elements – save that for your next home!
By putting your bold preferences aside and sticking to these rules, you’re going to appeal to more buyers, which will likely yield you more money for your home. Buyers prefer a cohesive, neutral, and up-to-date look. It doesn’t need to cost you thousands of dollars to elevate the look of your home to get thousands of dollars in added value.
