Real estate markets across the country are booming. According to Business Insider, about half of all homes in the country are worth as much or more than they were in April 2007. Zillow reports that these hot markets are a result of increasing populations, low unemployment rates, steady income growth, and strong job opportunities.
However, some of the cities on the hot market list, like Denver, could soon experience a cool down. The Denver Post reported signs of cooling in the market over the summer, potentially signaling a shift towards a much-welcomed buyer’s market. This combined with the upcoming winter season could make it difficult for sellers to get what they were able to a few short months ago. If you’re thinking about selling your home in the near future, here are four renovations worth considering to help you get the most for your home.
1). Minor bathroom and kitchen remodels
Walking into a house with an outdated kitchen or bathrooms can be an instant turn off for potential buyers. When seeing this, they’ll start adding up costs in their head, leading them to either severely underbid or avoid putting in an offer at all. According to HGTV, minor bathroom and kitchen remodels are the best investment you can make, as they typically result in a 100% return or more at resale. For bathrooms, consider replacing the tile, flooring, sink, vanity, and fixtures to make improvements without breaking the bank. Minor kitchen remodels can be a great option if your kitchen needs a facelift rather than a drastically different floorplan.
Could your yard use a little love? Improve first impressions by making small enhancements to your yard. Time reports that six applications of fertilizer and weed control costs around $330 and returns around $1,000 at sale. If your yard needs more work, consider flagstone walkways or patios and planting some new shrubs, annual flowers, and native trees.
3). Energy efficiency
Improving your home’s efficiency may not be visually appealing like a new bathroom or shrubbery, but it can pay off big time. USA Today reports that homeowners can recoup 116% of the costs of attic insulation, which is likely an improvement you’ll need to make as nine out of 10 U.S. homes are under-insulated. Also, consider installing energy efficient smart home technology like a Nest thermostat. For under $200, Nest gives you energy efficiency while making your home look modern and high-tech.
4). Fresh paint
A fresh coat of paint can go a long way. From painting doors to cover up scratches and scuffs to slapping a new coat of white or neutral paint in highly trafficked areas like the kitchen and living room, paint is a low-cost way to make your house look fresh, clean, and inviting.
Be sure to share these tips with your residents to help improve their overall experience living in the communities you manage. For more tips on delighting your residents, download our free six-step guide!