Here in Northern Kentucky, I’ve heard from several realtors that there’s a shortage of good homes available for the hundreds of young professionals in the area in the market for a new home. So what are some ways you can make your home more attractive or boost its value in this seller’s market? Below, we’ve shared six tips from Consumer Reports to improve your house and its value taken from an article by Krystal Steinmetz for MoneyTalksNews.com. Good luck!
Updated kitchen: Consumer Reports says that a modern and updated kitchen was at the top of the list of ideal features among millennial homebuyers. Kitchen remodels can be pricey, but Consumer Reports says that even with as little as $5,000 you can add new appliances, as well as a new countertop and flooring. These changes can boost your home’s sale price by 3 to 7 percent.
Open floor plan: Consumer Reports notes that you can increase the value of your home by 4 to 6 percent if you can “strategically increase the amount of usable living space your home provides.
Energy efficiency: Taking the steps to improve energy efficiency in the home can boost a sale price by 1 to 3 percent. Consider updated HVAC systems, high-efficiency windows and high R-values on insulation.
Stress-free: Millenial homebuyers aren’t looking for extra work, so updated plumbing, electric and heating and cooling systems are important selling features. A newer roof and durable flooring are also a plus. These “stress-free” improvements could boost the home’s value by 3 to 5 percent.
Clean, neutral paint: Consumer Reports recommends focusing on high traffic areas like the bathroom and kitchen before you put your home on the market. DIY painting is a cheap way to update your home. Be sure to choose neutral colors of high-quality paints, however, to get the biggest boost to your value.
Outdoor living: Updating the outdoor living space by creating a water-smart yard and improving the home’s curb appeal is a good way to bump the value of your home by 3 to 5 percent.