How to Increase the Value of Your Property in Virginia
One of the reasons people buy houses is to make it their own. Being a homeowner comes with the responsibility to maintain the buildings, systems, appliances, and grounds. That along with some smart remodels can increase its value and net you a nice profit when you sell.
Keep an Eye on the Regional Real Estate MarketIf you know you will be selling your house in a few years, it may be helpful to keep track of the local real estate market and trends. Zillow states that Virginia home values rose 2.6% the past year and will rise 1% over the next year. Currently the median Virginia home value is $246,200 and the median price of currently listed homes is $289,000.
Plan Your ImprovementsMake strategic choices about what to do when. When planning your value-boosting improvements, consider:
- Making a list of the improvements, including standard maintenance and upgrades and some dream projects; be realistic.
- Writing down how much each upgrade will cost in time and money.
- Noting whether you can do some things yourself and which will require professionals
- Laying out the timing for projects, especially those that may need to be done in the summer
- Mapping out long-term plans based on how long you plan on staying in the house. Plan to sell in a few years? Focus on the high return on investment upgrades.
- Carefully budgeting high-dollar projects, spacing them out over a few years.
Smart ChoicesYou can’t do everything, so you need to focus on those improvement with a higher return on investment. Prioritize the most cost-effective upgrades because you may not have the time or money to complete everything on your list. More money doesn’t always mean more value. Extravagant additions like swimming pools and wine cellars may be bad investments, depending on the neighborhood. A $50,000 major kitchen remodel may get only 65% payoff, but a new $1,500 garage door has a payback of 92%. Try planning on one upgrade a month and make small changes like new light fixtures or paint as well.
Stick to the ScheduleYou don’t have to get everything done right away, but you need to keep up with your schedule. Consider focusing on one room at a time. Where to start? The kitchen and the bathrooms are often influential in buyers’ perceptions and get a lot of attention. Smart improvements there can have a great return on investment. Kitchen As the focal point of a house, the kitchen has a large impact on buyers’ consideration. Upgrades to the kitchen will have bigger return on investment than other rooms. When upgrading the kitchen, consider:
- New paint
- New cabinets or drawers
- Backsplash tiles
- Island for more counterspace
- Stainless steel appliances
- Granite countertops
- New flooring
- New light fixtures
- Under-mount sinks
- New faucets
- Wall-mount lighting
- New floor tiles and toilet seats
- Shower upgrades like stone tile
- Heated floors
- New window or skylight
Curb Appeal ImprovementsThe view from the street is usually the first one buyers see online and in person. First impression improvements can inspire more visitors and offers and higher prices. Look at your house from across the street and think of ways to emphasize the property’s strengths and draw attention away from the weaknesses. A few things you can do to boost the curb appeal include:
- Painting the front door a bright color
- Planting bright accent flowers around the porch
- Removing the lower branches of large trees
- Installing a sprinkler system
- Planting new flowers, plants, or bushes along driveways or sidewalks
- Fixing and replacing old and damaged doors, windows, siding, and shingles
- Cleaning the gutters and the roof
- Pressure washing the house exterior, walkways, and driveway
- Placing new a door mat and small table and chairs on the porch