For years I have been hearing about how it’s a buyers market. But with rates potentially increasing a full point by the end of this year I think we may see a shift to a sellers market rather quickly. Home values are steadily rising and rates, while still low, will most likely start climbing shortly. The selling season will be underway in a few months and buyers will be scrambling to buy homes before the rise in rates. If you are looking to sell your house then it’s important that you consider how to maximize the value of your home. You only get one shot to show case it to potential buyers, and both the curb appeal and updates within the home will play a major factor in how quickly it gets sold and for how much. The trick is to know how much to invest and where in and outside the house will maximize that investment.
One of the first areas inside of any house that a potential buyer will go is the kitchen. Between cooking and eating a lot of time is spent in this room. Potential buyers are looking for common updates like maple cabinets, granite or quartz countertops, and typically items like newer stainless steel appliances. If your kitchen is severely out of date it might pay off for you to update some of those items before putting your house up for sale.
I think curb appeal is often overlooked by sellers when it comes to making updates to the home. Perhaps it’s winter time and the seller doesn’t see a point in sprucing up the snow covered yard. However, even in the winter some items stand out more than others. For instance, a garden trellis, or a patio and deck can make a big difference in appeal to buyers. I’m not one that relishes the idea of power washing and staining a wood deck each year. This is precisely why Futurewood composite cladding is a nice way to add to the outside of your house. Cladding can have the look and sturdiness of wood without all of the upkeep and hassle that comes along with it. As a potential buyer this would be an important benefit for me.
Knowing what not to update is just important of knowing what to update. Homeowners often make the mistake of spending a lot of money in finishing a basement. While this certainly is nice and can add to the finished square footage, it does very little in adding value to the home. If you plan on living in the house forever then by all means go for it, but don’t invest in a basement remodel as a selling feature.