Home Improvements/Projects that Have the Largest Impact On Your Home’s Value in Colorado Springs, CO
If you decide to sell your home here in Colorado Springs, CO you probably want to get the best possible price. You'll hear or read lots of advice on preparing the house for a quick, profitable sale, from staging to making necessary repairs. However, you might also consider the potential benefits of other improvements designed to increase a home's beauty, utility, and overall appeal. Since some improvements impact home value more than others, let's examine some of the most and least valuable enhancements.
New Outdoor Space
One of the biggest bangs for the buck in Colorado Springs, CO is a nice place to entertain outside. So if you do not have one or your old one needs a bit of a touch up this is one of the great areas to start, even if it's making sure you clean and repaint it. On several of the fix and flips, we have done we almost always ensure the outdoor space gets built or freshened up. The only time we do not is when even after the area or space still is not useable.
Bathrooms and Kitchens are next
At a bare minimum clean these areas like you never have before, and make them pop! If they need new lights or a coat of paint I would recommend you do it. Additionally, make sure everything works and the shower in the tube does not squeal like a banshee when you use it. This issue will come up on inspection so just call a plumber and have it fixed. While they are there a new coat of chalk in those showers and tubes goes a long way for the buyer to think you take care of your home.
Now what you will see in most other articles on the subject is to go ahead a remodel these areas and what I like to tell sellers is, if you do that you should stay here. You will most likely customize it in a way that most buyers will not like and spend a ton of money doing it. Note: however that if you do, and do not go all crazy, you normally get all that money back and more when you sell. Just remember to keep it neutral. If you need ideas, go see a model home that is being sold near your price point. This will help you to determine what is popular and cheap. Take pictures and do the same things.
A Useful Home Office
COVID-19 encouraged many employers to let their employees work from home, while countless entrepreneurs have always maintained home offices. Research indicates that creating a dedicated home office space can boost your home's resale value by at least $10,000. However, resist the urge to convert your garage into that home office. Buyers expect a home to include a usable garage, even if they don't end up parking their cars inside it. For this reason, garage conversions hurt resale value instead of helping it. Modify your attic or basement instead.
Painting your home's interiors offers a simple way to boost its resale value by over $2,000 while also making the rooms and hallways look more inviting to buyers. Clever home staging techniques invariably include painting a home in strategically neutral colors such as white, ivory, beige, and gray. These neutral colors, combined with a sparse arrangement of equally neutral furniture, help home shoppers imagine their own families and belongings occupying the home. Keep in mind though a bad DIY paint job and or color has the opposite effect and will not only lower the sales price but also increase the time it takes to sell by quite a bit.
New flooring can breathe new life into your home's interior. It can also yield a solid return on your remodeling investment, but only if you select the right flooring material. Clay tile can provide a higher ROI than porcelain tile, for example, because the latter always requires professional installation. Wood flooring commands the highest ROI and can add 2.5 percent to your home's total value.
However, if your flooring is really shot and needs to be replaced or refinished I recommend you do not do it. Instead, get a bid from a flooring company for midlevel replacement/upgrade from what you have and offer that to the buyer as a Buyers Credit. This does two things. First, you do not pick the flooring that someone else hates. If you do they won't even make an offer. No one makes an offer on a house with brand new flooring they hate. Second, It allows the buyer to buy this house and immediately pick out the flooring they want and spend someone else's money. Who doesn't want to do that? Yes, they will be spending your money, but you were going to spend it anyway. This credit is given to the buyer at closing and the check is cut in the name of the company on your bid. So you can be confident the buyer will spend it on flooring and not a new car. ;)
Curb appeal requires more than just fresh-looking exteriors and a beautiful roof. It also includes the visual impact of your lawn and garden on prospective buyers. A beautifully-landscaped property communicates that the owner has tended the home with loving care, implying a durable, good-looking property inside and out. Depending on the baseline value of your property and the specific modifications you make, an investment in professional landscaping could boost your home value by as much as 12.7%.
To gain even more significant benefits from your landscaping efforts, equip your exterior walkway, porch, and driveway with exterior lighting. Buyers will like the safety and security that this lighting promises. They may also enjoy the idea of showing off their luxurious lawn, garden, and other exterior features at any time of day or night.
Of course, that gorgeous lawn will stay gorgeous only if you take proper care of it throughout the home selling process. Try to mow the lawn and trim the hedges regularly (or schedule regular visits from a professional landscaping team) to preserve your property's good looks. Keep the front and back lawns free of toys, trash, and other items that might undercut your efforts.
Let's be honest here, you have lived in this house for a long time and never picked up a brush to touch up the paint... You are not alone. How you go about correcting this can be good, great, or cost you thousands in a repaint. I recommend you do not touch the walls unless it's a big hole you are patching and then make sure you paint that entire wall, not just the patch. Try cleaning it with a magic eraser first.
For smaller touch-ups use as little paint as you can. The less new paint you apply the harder it will be for the buyer to see the difference in color and they will see it! Do not paint base trim unless you do all off that wall and or all of the house. The buyer can see the patch work and patchwork means more work to do it correctly, which lowers the value of your home. You must be very careful here. A little base trim here and a little there, then the whole wall which leads you near a door, so you decided to do the trim around the door so that trim matches, but then the door is a different color than the door trim and down the rabbit hole you go.
Make it Clean!
Last but not least is to make it clean! Like super clean! Inside and out! I have personally seen house values shift by $30K before and after cleaning. Please note this was a very, and I mean a very dirty house but this did happen on one of my listings. If you don't want to do it hire someone to do it and if you go this route also hire someone to clean all your windows too. The total for both of these will be around $500 but it will always get you way more back and a faster sale. Oh, and did I mention you don't have to do the work?
Brilliant Move: Consult Your Trusted Real Estate Professional
Hopefully, these home improvement options give you a clearer idea of how to boost your asking price. Consider taking the most intelligent step to ensure you get top dollar for your home. Contact us to discuss these home improvement tips and other ideas for increasing your home's value.