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The world of real estate can feel overwhelming, especially if you’re a seller hoping to compete in a crowded market. Some houses can command hefty price tags for their curb appeal and cutting-edge features, and you may feel like your home lacks some of those unique qualities that attract buyers. That’s why it’s so important to spruce up your property before it hits the market, as everything from simple cosmetic upgrades to more complex renovations can produce a significant return on investment.
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Energy-Efficient Doors and Windows
If a buyer notices drafty doors or windows, they may be deterred from buying your home, knowing they’ll eventually have to replace those features. While replacing doors and windows is expensive, homeowners can expect around a 70% return on their investment. Plus, installing energy-efficient doors and windows will save money on your energy bill while you still live at the property.
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A Home Office
Working from home is highly popular, with one study estimating that 22% of Americans will be working from home by 2025. Because of this change in how Americans do business, a new home office can boost the value of your property in a huge way to the tune of $10,000, and perhaps all the way up to $30,000. Consider converting a walk-in closet or rarely-used spare bedroom into an office space, showing potential buyers that a quiet office space is already there and ready for them to use.
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Smart Home Technology
The world is becoming increasingly reliant on smart technology, and buyers will pay a premium for homes that come preinstalled with sleek features such as smart thermostats and security systems. While a smart home system costs several thousand dollars to install, 81% of potential buyers say they’d be more likely to purchase a home with built-in smart technology.
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A Fresh Coat of Paint
Applying a fresh coat of paint to a home’s walls yields a 107% return on investment. Furthermore, a new coat of exterior paint will generate a 55% return on investment and create major curb appeal. In fact, potential buyers will pay as much as $6,000 for a front door that pops, with black being the most popular option.
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Custom Cabinets
Old kitchen cabinets are unattractive and often don’t provide enough storage space for modern kitchen needs. Refitting the kitchen with custom cabinets is a pricey renovation but one that buyers will take note of. This upgrade can lead to a 10% to 15% increase in your home’s value.
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A Finished Basement
While some buyers may be attracted to the idea of unfinished spaces as blank canvases, others don’t want the hassle of dealing with future projects. Consider adding some drywall and carpeting to transform your basement into a room worth spending time in. Finished basements can lead to a 70% ROI.
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A New Garage Door
Some estimates suggest that old garage door of yours will run you an average of $4,513. This may seem like a prohibitive cost at first, but you’d be delighted to know just how fruitful this type of investment can be. According to those same metrics, the average cost recovered for installing a new garage door is around 194%, which means more than $4k back in your pocket. It all has to do with the fact that many new buyers don’t want to deal with the headaches of updating the home, and prefer to pay a premium if someone else takes care of it for them.
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An Open-Floor Concept
Open floor concepts add up to 15% to a home’s overall value, which is a huge payoff considering the comparatively low cost of knocking out a few walls. While some walls are load-bearing and must stay in place, removing unnecessary barriers to connect your living space with your kitchen will be deeply attractive to curious buyers.
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A Stovetop Pot Filler
Dedicated pot fillers are an inexpensive way to add value to your home. These features are installed right above the stove and allow you to fill a pot conveniently without having to carry it across the kitchen. Little things like this cost a few hundred dollars to install yet can produce as much as a 3.2% increase in a home’s value.
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Bennett Kleinman Staff Writer
Bennett Kleinman is a New York City-based staff writer for Optimism Media. He is also a freelance comedy writer, devoted New York Yankees and New Jersey Devils fan, and thinks plain seltzer is the best drink ever invented.
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