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Value Added Improvements

A few minor changes may be all your Indianapolis home needs to significantly increase its property value.  Avoid the urge to “over improve” by planning which upgrades deserve the time and money and which ones don’t matter. But how do you decide which projects you should invest in? Ultimately, the answer falls on what the future home buyers will also want and be willing to pay for. Here are three main areas that will help you decide the greatest value added improvements for your home and increase your chances of a sale.

Curb Appeal
Curb appeal has significant impact not only on your home’s property value, but also a major part in how a buyer determines value. Obviously, it’s important to maintain a well-kept yard, but landscaping isn’t the main focus of curb appeal. Flowers and fences may look nice, but can be costly and home buyers won’t add them into their value equation when making an offer. Instead, consider:

  • New Roof/Shingles – Replacing your roof is important to the life of your home, and will often make the money back you spend on it. Indianapolis home buyers won’t like looking up and seeing stains on the ceilings of a pristine home. Depending on whether you’re replacing a few shingles or replacing the whole roof, re-roofing can have a return on investment (ROI) of 60-65%
  • Siding Replacement – Depending on your neighborhood and the size of your house, new siding can add a great amount of value to your home. Vinyl siding is becoming more popular due to its low maintenance and durability. Replacing the siding can have an ROI of 88%, and is one of the best value added improvements.
  • New Front Door – For the money, believe it or not, a new front door is one of the best ways to increase property value. Not only is replacing your entry door one of the cheapest ways to boost your property value, but it is also one of the best ways to drastically enhance curb appeal. Entry door replacement can have an ROI of close to 75%. Also, don’t forget about other entry door features that will increase curb appeal, such as: a new doorknob, kick plate, glass inserts, etc.

Lighting
When deciding which value added improvements to make, be sure to take a look at lighting. Good lighting does more for a house’s property value than anything else. The features in this area range from the actual lights you switch on when entering a room, to the feeling a coat of paint can make in a room.

  • Light Fixtures – New, bright fixtures give your Indianapolis home the personality and coziness it needs to feel new. Installing lighting in dim rooms will make the rooms feel spacious and more open. If your home doesn’t have light fixtures, however, consider installing ceiling fans as an inexpensive way to bring in light – just as long as you never leave a bulb exposed!
  • Window Replacement – Today, more buyers are shopping with energy efficiency in mind. Installing energy efficient windows can be a huge selling point, and do wonders on the look of a room. Replacing windows have an ROI of over 80%. **Make sure, however, your windows do in fact need replacing. New windows can be very expensive. If the current windows are already in good shape, give them a thorough cleaning (vinegar and newspaper) to get them sparkling clean. Be sure to read more about common home seller mistakes.
  • Painting – Nothing makes an Indianapolis home look nicer than a fresh coat of paint. Painting the exterior of your home has the highest ROI of any home improvement project except for a few energy efficient upgrades. Painting the interior of your home is quicker than painting the exterior, and is a faster way to increase the value of your home than a full room remodel. Use lighter colors with small rooms to open them up. Use darker shades with open spaces to make them seem cozier. Read about other staging tips here.

Increase Usable Space
Adding more square footage to your Indianapolis home can be incredibly expensive and can spin out of control. Before you take down any walls, think like a home buyer and come up with ways to use the space. Versatile rooms have greater appeal to Indianapolis home buyers.

  • Finished Basement – Basements frequently work well as second living rooms, or game rooms. Today, home buyers are looking for more space for an older relative or tenant, so finishing the basement may help you sell the property quickly and for more money. By finishing the basement, not only will you add more square footage to your house, you’ll also raise your property value.
  • Deck Addition – Outdoor living space has become more desirable over the recent years. If you make your deck and backyard more appealing, your house will be more appealing to prospective home buyers when you decide to sell.
  • Upgrade Kitchen – Most people consider the kitchen to be the heart of the home, and because of this, updating this room will pay off. While some home buyers are typically willing to repaint of even replace flooring, a home with an outdated kitchen can seem like too much of a project for new home buyers. Aesthetics play a major part in how an Indianapolis home buyer determines a home’s value. You don’t have to completely remodel the kitchen or buy the most expensive sink to make your house look like a million bucks. If you repaint and purchase appliances that look expensive, you can raise your asking price by thousands.
  • Bath Addition – When it comes to finding space in your house for an extra bathroom, take a look at any extra or underutilized rooms. You should also consider closets or area under the stairs. Like any project, the cost of adding a bathroom greatly depends on the accessories and the cost of each item. The good news is that a bathroom addition has an ROI close to 70%.
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