The housing sector is booming right now. The recent trends may have prompted you to consider selling your house to take advantage of the times. Many home experts say that spring is the best time to sell your home. With summer reaching its conclusion and the tame, fall weather around the corner, now is the perfect time to take on short-term renovations and projects to increase your property value before the sale.
Before we get these renovations, we need to make a case for why these next few years is the prime time to sell your home. To start, all politics on who is responsible aside, the current economy has been a bull for years now. Unfortunately what goes up must come down, or at least slow. While the next downturn is nearly impossible for most experts to predict, it’s inevitable. Plus, the current housing supply in the U.S. is at it’s lowest since 1999.
The large majority of Blackstone Exterior customers are from Iowa, Nebraska, Minnesota, Illinois and Missouri. The unique trait most of these states carry is they tend to be recession-proof—or feel the bear the lightest burdens of it—when compared to the rest of the country. In fact, according to an article published in The Atlantic, Nebraska and Iowa experienced some of the fastest growth in average earnings per job from 2007-2011 in the U.S. In addition, the economies of these states are doing very well, with the region hosting 17 of the top 100 economies with the lowest unemployment rates in the country, according to the Bureau of Labor Statistics. Business Insider even ranked Iowa’s economy 25th, Minnesota 19th and Nebraska 8th in the country. These combined traits should make this region a sought out destination before and during an economic downturn.
With this context in mind, here are some quick renovations you can do to increase your home’s property value.
Have Your Home Inspected
While this pretty standard before placing your house on the market, consider hiring an inspector before renovations. Not only will this give you a before price to rate your future renovations, but the inspector can give you tips on specific pain-points so that you can renovate to maximize your property value.
Take a Look at the Kitchen
Renovating the kitchen is practically required before any sale. The kitchen is unavoidable and one of the places in the home where owners will spend a lot of time in.
Consider Upgrading Your Roof
If your roof is nearing the point where it needs new roofing, definitely upgrade it. The boost in property value will likely be higher than the cost of professional roofing. Even if there are still a few years left on it, consider ripping off the band-aid. Potential buyers will appreciate knowing they will not have to reroof for the next decade or two could be the catalyst that gets the sale.
Wide-open floor plans are still “in” right now – in fact, they’re practically the norm. Maximizing your home’s living space looks appealing and gets more out of your home’s square footage. This is a good idea if your home is on the smaller side, especially since bigger is not always better in today’s market.
Finish Your Basement
An unfinished basement is a lot of unlivable space that still contributes to energy costs. Referring to the previous section, finishing the basement is the best way to create ample amounts of living space in your home.
Make Your Home More Energy Efficient
This can be done in multiple ways. You can create more green energy such as solar panels or shingles (these will greatly increase your property value), upgrade or fix insulation, or find ways to increase the natural lighting. This list goes on and on.
Remove Question Marks
If there are areas in the home that you hate or think need fixing, potential buyers will most likely think the same. Any maintenance areas or pain points you have always wanted to address should be of the utmost importance before selling your property. Plus, the increase in property value almost always outweighs maintenance costs.
And, finally, be patient! It’s always a bad idea to rush anything, especially when you’re dealing with a big decision like renovating – or selling – your home. Know from the get-go that you’re not going to please everyone who views your home; everyone has different tastes and expectations. One buyer might see a needed renovation, while another finds paradise. With that in mind, also know that the current market puts the ball in your court, so utilize your leverage.
Remember – whether it’s to sprucing up your exterior (replacing siding and gutters), putting a new roof on your house, or replacing windows and/or doors, Blackstone Exteriors is here to help!