Selling Your Home? Get Top Dollar by Tackling These Renovations First
Although it’s a buyer’s market, U.S. News & World Report says all signs point to 2019 being a good time for you to put your house on the market. Real estate experts cite a plethora of new buyers and low interest rates contributing to this year being the right time to get top dollar. And, if you have high equity, selling sooner rather than in a year or two will help you maximize your return on investment.
However, before you put your house on the market, there are a few home renovations you’ll want to make to ensure you maximize your home’s value. Even if you don’t plan on putting your home on the market this year (or even next), you’ll want to consider these five upgrades as you can enjoy them now and see a significant return on investment when you do decide to sell.
1. Add a New Garage Door
According to Remodeling magazine’s 2019 Cost vs. Value Report, you can expect to recuperate more than 97% of your investment in a garage door. A new garage door, adds Bankrate, instantly increases your home’s curb appeal.
2. Refinish an Existing Space
Additions and remodels are expensive. However, refinishing an existing space, such as a basement, is significantly less expensive and can add major value to your home. A refinished basement allows future homeowners to imagine a variety of uses, such as a second living room, game room, or apartment for an aging relative, explains Money Crashers.
3. Update Siding
When it comes to your home, first impressions matter. Old or damaged siding hurts your home’s curb appeal, which also decreases its resale value. By updating your siding, you’ll ensure you get potential buyers to look beyond the exterior.
Moving.com says you can expect to recuperate more than three-fourths of the cost based on 1,250 square feet of siding but reminds homeowners to remember the trim when replacing siding. It’s a critical part of ensuring a cohesive look.
4. Replace Your Roof
Your home’s roof is arguably one of the most important parts of the home. Family Handyman says the average cost is nearly $21,000, but it will offer a resale value of more than $14,000. In the meantime, you’ll benefit from improved energy efficiency and reduced risk of mold.
5. Improve Attic Insulation
Like replacing your roof, improving attic insulation allows you to benefit from better energy efficiency and, therefore, lower utility bills. It’s also attractive to prospective homebuyers and—the best part—it doesn’t cost a lot.
As SuperMoney explains, improving attic insulation means a contractor will air seal your attic floor and add fiberglass loose-fill insulation. Based on Remodeling magazine’s 2017 report, it was the one home improvement that actually had a positive ROI, meaning you stand to make more money than you spent on the upgrade.
Fund Your Home Maintenance Project
If you’re looking to improve your home’s resale value but don’t have the cash on hand for upgrades, you can tap into your home’s equity. A Hometap Investment gives you the cash you need now in exchange for a share of the future value of your home. Without interest or monthly payments, Hometap may be a smart way to benefit from home upgrades now and when you sell.
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The opinions expressed in this post are for informational purposes only. To determine the best financing for your personal circumstances and goals, consult with a licensed advisor.
Hometap is made up of a collaborative team of underwriters, investment managers, financial analysts, and—most importantly—homeowners—in the home financing field that understand the challenges that come with owning a home.