Older homes can have a lot of charm and character that appeals to buyers. Unfortunately, buyers are also nervous that purchasing an older home means that there will potentially be a lot of costly repairs that go along with it. Make your older home more valuable by strategically updating certain elements. Here are 5 tips for how to increase the value of an older home.
Update the Kitchen
Kitchens very often make or break the sale of a home. No matter how nice the rest of your home may be, people always seem to gather in the kitchen, so make it shine. Updating your kitchen will definitely give you the biggest bang for your buck in terms of value. In 2016, homeowners who did a minor kitchen renovation recouped 83% of their investment, meaning if someone spent $10,000 on a kitchen renovation, the value of their home increased by $8,300. Most renovations don’t affect your home’s value that directly, so the kitchen is definitely your best bet when you want to increase your home’s value. Not to mention having a beautiful kitchen makes buyers much more likely to buy your home, should you choose to sell. Updating your kitchen doesn’t mean you need to rip out the cabinets and replace everything from the ground up. Change out old faucets and fixtures, give your cabinets a facelift with a fresh coat of paint, or consider retiling your floor. Minor changes can make a drastic difference.
Don’t forget the landscaping! Landscaping is something that can sometimes be forgotten when it comes to renovations and improvements. But a well-thought-out yard can add a lot of value to your home. If you’re starting from scratch, consider getting a landscape plan from a local nursery or big box store. This will help give your efforts a direction and help you achieve your desired end result. Don’t feel like you have to landscape your yard all at once. Having a landscaping plan will help you be able to do what you can, when you can.
Repair the Roof
As a home ages, the most critical elements of the home age as well, which ultimately brings down the home’s value. The roof is one of these elements. Worn out roofs can be a huge red flag to buyers who don’t want to deal with the cost and hassle of replacing the roof, or deal with any water damage that may have occurred inside the home as a result of a bad roof. A new roof won’t increase your home’s value dollar for dollar, but it will give you a good return. Most homeowners in 2016 saw a 71% return on their roof investment. When getting a new roof, it is a good idea to get a home warranty as well, to make sure your investment is long lived.
Update the Flooring
Flooring is one of those improvements that can have a drastic impact on the look and feel of a space. If your home is looking tired and run down and you don’t have the time or patience to renovate everything, opt to get new flooring instead. It’s sure to please buyers, and it can instantly bring your home into the twenty-first century.
Improve Your Home’s Energy Efficiency
Improving your home’s energy efficiency is a great way to increase its value. Replacing leaky windows and increasing the amount of insulation in your attic make your home much more energy efficient and can save a lot in utility bills. This will also be viewed as a plus to future buyers.
Updating an older home doesn’t have to require a ton of money. Make strategic updates in the key areas that will bring the most value. The bottom line is buyers want a home that they can live in without things constantly breaking down. If you can alleviate some of these concerns by replacing important elements in your home, you’ll help take some of the anxiety out of purchasing an older home. Follow these tips and let your home’s charm and character outshine its age.