When thinking about selling their home, many homeowners recognize that, in the pursuit of getting a bigger offer on their property, certain updates may need to happen before they list. With millennial buyers entering the market, it’s important to be aware of changing trends in what buyers are looking for in a place to settle down.
When buying their first home, most people know sacrifices need to be made. A starter home is generally the building block to later affording a dream home, and since most people stay in their first home for about a decade, there are features they aren’t willing to compromise on. Features that most people consider must-haves in their first home are central air conditioning, according to 62.7% of a Clover survey, followed by a private backyard and storage.
This is closely in line with a Porch.com study that showed home remodeling projects like outdoor home improvements offered homeowners the biggest bang for their buck this year. The study found that the biggest wanted feature for all age groups was a back porch or deck with 33.9% of responses. Other popular features across generations include a newly renovated kitchen, hardwood flooring, and an updated master suite. So what does this mean for the humble homeowner? Well, despite an ever-growing interest among buyers for totally remodeled housing, they are still comfortable making concessions to move into a place of their own. Our suggestion would be to remodel smart, not hard; pick a couple of key updates with a high return on investment (ROI).
The highest ROI updates to your home may not be what you expect. According to Remodeling magazine’s 33rd annual Cost vs. Value Report, nine of the top 10 best investments for projects were exterior ones, with a minor kitchen remodel being the sole interior project offering a strong return on investment. In the mid-Atlantic region, the best ROI’s this past year included garage door replacement (106.3% ROI), Minor kitchen remodel (79.7% ROI), and a deck addition (77.4% ROI). The worst included upscale kitchen remodels (52.3% ROI)
In the end, it is always possible to sell your home as-is, even if it’s not the most updated home on the block. However, updating your home while you live in it has the bonus of improving your time there before selling it. If you’re interested in talking with someone about your home’s possible future updates and the ROI you could be seeing down the line, The Dallas-Fincham Team is a quick call away!