Selling your house can be a complicated and frustrating process. Are you going to get the price your home is worth? How do you make sure that your house’s resale value doesn’t drop after years of living there? One way you increase the resale value of your house is by updating features and adding certain elements that can contribute to the value and appeal of your home. It’s important to choose projects that will give you the highest return on your investment, especially if you’re thinking about selling your house. The hardest part is knowing which home improvements actually increase the resale value of your home and which ones are a waste of time or money. If you are planning on putting your house on the market you should start scheduling any renovations you intend to make. Learn our third secret to boost your home’s value below.
3: Don’t Let Your Home Be an Energy Hog
Lowering your home’s energy costs will save you money for as long as you live there and is expected to be a major selling point down the line. Indeed, “energy-efficient” was second only to “safe community” on the list of attributes that would most influence a purchase decision, according to a 2015 survey by the National Association of Home Builders.
Older homeowners who have felt the sting of escalating energy costs tend to be driving the interest. But there are some early adopters among younger buyers, too, especially in regions of the country with more extreme weather. “My millennial buyers usually ask for two years’ worth of utility payments,” says Joe Rivellino, a real estate professional in the Buffalo, N.Y., area. “They want to know the R-Value on the insulation and whether the windows have low-E coatings,” he says, referring to two important efficiency measures.
And don’t forget about water heating, which accounts for 16 percent of energy costs in the typical home. Spending $1,800 to $2,400 on a new unit is another way to impress efficiency-minded buyers.
High-efficiency windows. Energy Star certified windows can lower your home’s energy bills by 7 to 15 percent.
That will be a selling point with buyers, though replacing every window in a home costs anywhere from $8,000 to $24,000, so you probably won’t recoup the entire investment if you plan to sell right away.
LED lights. Some listings emphasize their “green” credentials by mentioning the presence of LED lighting. Choose the Feit Electric 60 Watt Replacement 9.5W LED, a $7 bulb that delivers superb light quality and has a 23-year life expectancy.
Potential bump: 1 to 3 percent
At Stonebridge Mortgage, our goal is to make sure you find a real estate loan you that allows you to get the property you want while also feeling secure about your ability to make the payments. Click to learn about our Real Estate Loan Integrity.
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