Home’s Resale Value

First time home owners know that buying a home is one of the most important investments that you can make. And while signing the papers on your first home can feel like putting down roots in your perfect pad, the reality is that most millennial homeowners end up moving multiple times, due to changing family and career factors. That’s why your home’s resale value should be a primary focus right from the get-go

1. Landscape Wisely

Like a good haircut, a yard should frame the face of your house in the most flattering way possible. After all, your yard is wholly responsible for your property’s first impressions. While it’s pretty obvious advice to keep your lawn mowed and weed-free, certain outdoor renovation projects are more likely to add value than others.

Forget about add-ons like a pool or hot tub, which can signal to potential buyers more maintenance than enjoyment. Instead, focus on the classics. Making sure your yard has a couple of healthy, thriving trees is a trusty way to boost your home’s resale value more than you may think. .

2. Refresh Your Front Door

If you’ve wowed house hunters with your stellar landscaping, the next place their eye will travel to is the front door. And it plays a big factor in your home’s resale value. In fact, according to a Cost vs. Value report conducted by Remodel, replacing an outdated entryway can have one of the biggest returns of any home improvement you could do yourself. Update the appearance of your whole home with a door that uses modern materials and a new color scheme.

3. Refinish The Floors

Floors are another make or break factor for most buyers. Gone are the days of wall-to-wall carpeting signaling luxury; instead they just signal lots of dust mites and vacuuming. Wood is always a classic choice, with varieties like oak being safe bets amongst house hunters. Replacing floors that have signs of wood rot or termites is another great way to add value to your home. To show your floors some less costly TLC, repair broken tiles or add a well-placed nail to conceal a pesky squeak.

4. Make Your Home More Energy and Cost Efficient

According to an annual survey done by the National Association of Realtors, millennials comprise 35 percent of all first-time homebuyers. This tech-savvy generation is looking for properties with smart home technology upgrades that will offer enhanced security, energy efficiency, and savings. Smart thermostats, lighting, and door locks can be a big draw for millennials, who value the ease of controlling their home by a smartphone app, even when they’re away from home. And smart thermostats can save up to 10 percent annually in home heating costs, proving that connected home apps aren’t just a passing trend.

Energy efficient upgrades can also bring tax credits to homeowners, so be sure to check out which updated homeowner credits are available through the U.S. Department of Energy. A 30 percent tax credit for installing solar energy systems has been extended through 2019, and credits are also available for several other energy efficient home improvement projects.

5. Update The Kitchen

Consider adding some combination of new stainless steel appliances, cabinets, flooring and a modern countertop to refresh your kitchen on a smaller budget, depending on which aspect of your current setup could most use a facelift.

 Factors That Affect Resale Value

  • Location you know rest

Proximity to a busy highway, proximity to a large vacant lot, proximity to not very much at all … poor home placement almost always guarantees a stagnation of value. This is why two identical homes in the same neighborhood can have wildly different listing numbers if one is on a cul-de-sac and the other backs up to a four-way road.

  • Outdated renovations

Does your kitchen celebrate the early 2000s trends, with dark wood cabinets and wall-to-wall carpet? Is your master bath a paean to the wonders of glass-brick walls and sponge paint? Renovations that were in vogue when you bought your home might now cause a buyer to come in and turn up their nose. This is not to say, however, that a major renovation is the best way to increase your net return.

  • Renovations that suit your tastes only

Maybe you put in your dream kitchen a few years ago, indulging your penchant for frosted glass cabinets and an avocado-green refrigerator. The problem in executing your singular vision? You risk finding out no one else shares your taste.

  • Bedroom or bathroom shortages

The second set of stats scrutinized by buyers? Bed and bath counts. There’s no buyer out there who doesn’t dream of having a separate guest bedroom or getting a whole bathroom to themselves. Even the most coveted address won’t be helped by having only one bathroom or a low bedroom tally.