Top 5 Features That Can Sell Your Home Over Asking Price
Maximize your home's value with our comprehensive guide. Discover the top 5 features that make a home sell above asking price.
When it comes to selling your home, getting the best possible price is the ultimate goal. To achieve this, it's crucial to understand which features and renovations can significantly impact a home's value and attract potential buyers. While the home's location is a significant factor, some things inside your home also matter to potential buyers.
Even if you're not looking to sell your home right now, knowing which home projects carry the most value can save you money down the road. As not all renovations carry the same return on investment, we've compiled a list of the top five that can make your home sell above the asking price. Read this post before you start any new projects to ensure you don't make any costly mistakes.
Updated kitchens
The kitchen is often considered the heart of a home, and an impressive kitchen can make a remarkable difference in the sale price. Invest in high-quality materials like granite or quartz countertops, modern cabinetry, and energy-efficient appliances. Adding a kitchen island with seating is also a popular feature that adds functionality and aesthetic appeal. According to Remodeling Magazine's 2021 Cost vs. Value Report, a minor kitchen remodel can recoup up to 78.5% of its cost, while a major kitchen remodel can recoup around 59.7%.
From the pros: Upgrade your kitchen with sleek white cabinets, quartz countertops, and stainless steel appliances. This modern transformation can elevate your home's value by creating an inviting space for cooking, entertaining, and family gatherings.
Luxurious bathrooms
Bathrooms are another critical area that can significantly influence a home's value. To create a luxurious and spa-like atmosphere, consider upgrading fixtures, such as faucets, showerheads and lighting. Install a double vanity if space permits, and opt for high-quality materials like porcelain or marble tiles. Remodeling Magazine's report indicates that a mid-range bathroom remodel can recoup around 60% of its cost, making it a worthwhile investment.
From the pros: Install a rainfall showerhead, elegant porcelain tiles, and a freestanding bathtub to transform a dull and outdated bathroom into a luxurious oasis. The spa-like experience will captivate potential buyers and add significant value to your home.
Curb appeal
First impressions matter. Enhancing your home's curb appeal can be a game-changer when selling over the asking price. Invest in landscaping, including well-maintained gardens, colorful plants, and a neatly trimmed lawn. Update the exterior with fresh paint, modern light fixtures, and an inviting entryway. According to a study by the National Association of Realtors, a well-executed landscape design can increase a home's value by up to 10%.
From the pros: Spruce up your home with a vibrant front yard, blooming flowers, neatly pruned hedges, and a charming pathway leading to an inviting front door. This eye-catching curb appeal will draw buyers in and set your home apart from the competition.
Smart home technology
In today's digital age, incorporating smart home technology can give your home a competitive edge. Installing features like smart thermostats, lighting systems, and security features will make your home appeal to potential buyers. These upgrades enhance convenience and showcase the home's modernity and energy efficiency. According to Consumer Reports, smart home technologies can add value to a home, particularly among tech-savvy buyers.
From the pros: Install energy-efficient appliances and gadgets like thermostats and LED lighting to make your home more efficient. Potential buyers will also appreciate updated HVAC systems, smart controls and energy-saving windows and doors.
Functional living spaces
Flexibility and functionality are highly desirable features in today's real estate market. Adding functional living spaces can increase a home's overall square footage and appeal to a broader range of buyers. Consider converting underutilized spaces into practical areas that meet the needs of modern living. This could involve transforming an attic into a home office or creating a versatile room that can serve as a guest bedroom or home gym.
From the pros: Create a multi-functional space in your basement, complete with an entertainment area, a media center, a wet bar, and comfortable seating, to appeal to potential buyers seeking both recreation and relaxation.
Conclusion
Knowing which home renovations and improvement projects to invest in can maximize your home's value. By focusing on the areas that appeal most to buyers, you can create a home that stands out from the others on the market.
Remember to conduct thorough research and consult with contractors and real estate professionals in your area. They can help you prioritize projects that align with your budget and are sought-after by buyers. That way, when you're ready to sell, you'll be better positioned to get top value for your home and an offer above the asking price.
FAQ
What is the average return on investment for kitchen renovations?
The return on investment for kitchen renovations can vary depending on their extent. On average, a kitchen remodel can recoup between 59.7% and 78.5% of its cost.
How can I improve my home's curb appeal?
Focus on landscaping to enhance your home's curb appeal. Additionally, consider freshening the exterior with a new coat of paint, updating light fixtures, and adding decorative elements.
What are the benefits of incorporating smart home technology?
Smart home technology increases convenience, energy efficiency, and security. By installing these features, you can showcase your home's modernity, appeal to tech-savvy buyers and increase its value.
How can I create functional living spaces in my home?
Creating functional living spaces involves utilizing underutilized areas and adapting them to meet specific needs. These projects can add square footage to your home and appeal to buyers seeking flexible living spaces.
Are bathroom renovations worth the investment?
Yes, bathroom renovations are worth the investment. They can significantly impact a home's value, and like kitchens, updated and renovated bathrooms greatly appeal to potential buyers.
