Property Payoff: Tips to Increase Resale Value

Table of Contents

Any time you embark on a home improvement project, you should think about property value. Truthfully, some renovations are heavily influenced by trends while others can actually increase the resale value in the long term. What makes the difference? How do you know which upgrades are worth implementing and which aren’t? Here are a few tips to keep in mind.

1. Focus on renovations that grab attention

To maximize the return on investment, it’s usually best to start with changes that people can see. Why? Prospective homebuyers tend to shop with their eyes first, so improvements that boost the visual aesthetics are sure to make a good impression. For instance, you could consider new garage doors, entry doors or beautifully renovated kitchens and baths. If you’re looking for something simple, fresh paint can go a long way.

2. Update the plumbing or electrical work

For an impactful improvement that isn’t strictly visual, think about your home’s most important functions. The electrical and plumbing systems, for example, are on almost every realtor’s checklist. You can bet prospective buyers will find out if the house has fundamental problems. If they’re torn between your property and another, having upgraded infrastructure can go a long way toward swaying them in your direction.

3. Add outdoor functionality

Revamping your property with a deck, new landscaping or some other outdoor feature is typically a smart choice. Here’s why: Buyers see outdoor living areas as an extension of your home. Suddenly the square footage expands with additional space to entertain and relax. That’s instant value. If you’re thinking about making the backyard more usable or the front yard more beautiful, you’re on the right track.

For more information on how different home renovations can help raise resale value, take a look at the accompanying resource. In it, you’ll find 10 of the best ways to make your home more attractive to buyers, giving you specific, strategic ideas for enhancements worth making.