Due to continually rising prices, the housing market in the United States is currently favoring sellers. The precise market scenario might, however, fluctuate between different areas. For example, Louisville, Kentucky, recently featured at 3rd on the list of top 10 real estate markets in the country. The city is predicted to show incredible combined growth in sales and listing prices during 2023.
If you’re a seller in Louisville, you need more than simply favorable market circumstances to ensure you obtain a good offer for your house. There are some upgrades that might significantly raise the resale value of your house. The market for home improvements is also flourishing. American households invested close to $377 billion in renovations in 2021.
According to recent statistics, the second most popular reason for investing in a home is to increase the property’s value. The five most popular renovations also included:
- Putting in new wooden flooring
- Improving the energy efficiency
- Creating living spaces in basements
The average length of time a home spends on the market in Louisville is currently 21 days, indicating that houses are selling quickly. However, if you hope to receive the best rates, you must do specific remodeling work. This can include either complete or partial renovations or adding usable square footage of your home. Kitchen and bathroom renovations generally yield high returns when selling a property Look for contractors specializing in kitchen and bathroom remodeling in Louisville to get the job done.
With all these facts in mind, here’s how you can improve the value of your home generally:
- Add more usable areas to the home
Buyers appreciate a home that optimizes the real estate area on which it is situated. Of course, adding a front and back garden is a terrific idea, but other improvements like guest rooms, extra bathrooms, or sheds can boost a home’s resale value. Most real estate agents advise building an additional mother-in-law bedroom because it is uncommon for homes to already have one.
You have a variety of alternatives for increasing the home’s usable square footage. Depending on the function, pricing might range from as little as $8,000 for a laundry area to upwards of $100,000 for a contemporary suite with a bathroom attached. Discuss the ideas with your property manager before making substantial investments.
- Clean up the space before listing it for sale
A tidy house will sell for more money when put on the market. Whether you plan on selling the house with furniture or not, organizing, cleaning, and clearing out the clutter will increase the property’s appeal to potential purchasers.
Hiring a cleaning service is the best option if you need help moving larger pieces of furniture. Cleaning services also have the right tools to handle the job that you sometimes may not have handy. On the other hand, if you have help at home, take the DIY approach.
- Focus on improving the energy efficiency of the house
American homeowners are shifting towards tech-savvy and environmentally-friendly buildings. This trend is particularly relevant to residential buildings, where owners increasingly favor energy-efficient power sources like solar panels. A straightforward improvement, like a smart thermostat, can increase the value of a home to potential buyers. Although tech-savvy and eco-friendly home upgrades can be expensive, you can expect to get your money’s worth back in the long run.
Smart appliances for homes are a convenient option for less expensive energy-efficient renovations. These electronic devices can change temperatures in accordance with the demands at any given moment, consuming less electricity and resulting in lower related expenses. You can also add more insulation to the house for increased energy efficiency.
- Uplift the curb appeal
Naturally, a home’s attractive façade instantly piques a prospective buyer’s interest. First impressions really are the final impression, as the saying goes. No matter how carefully you’ve prepared the area, if prospective buyers turn into the house’s driveway and the first thing they see is an unkempt exterior, they won’t even want to go inside.
So, whether you perform major or minor renovations, ensure that you invest in improving the home’s curb appeal. Even a relatively modest but fresh coat of paint can influence customers’ opinions in your favor. You can hire someone to pressure wash the driveway, trim the hedges, and add ornamental plants or decorative lights to the exterior.
If it’s not too difficult, add more glass balconies or bigger windows to the building to make more significant modifications. In this case, be sure to get in touch with your property manager once more.
- Refinish the walls with a new coat of paint
Arguably the most popular home improvement projects, painting or adding wallpaper, add significant value to the house. A fresh coat of paint can make even vintage exteriors and interiors look new and contemporary, and it’s not particularly costly, either. A simple painting makeover can quickly increase the home’s value by enough to recoup the costs of improvements.
While you’re about it, here’s a pro tip that, while it may seem strange, has plenty of possibilities to increase the listing price. Refinish any space first with a bright color. Go with shades like yellow, pink, or even red. If that is not to your taste, try using more subtle shades like mauve, maroon, teal, or navy blue just to put a few ideas out there.
Although increasing your home’s resale value may seem like a difficult endeavor, several strategies are not just inexpensive but also quite effective in achieving this goal. Even if you can obtain all the necessary information online, consulting a professional, such as a real estate agent or estate manager, can help you narrow your options and make a more beneficial and effective decision.