Should you invest in upgrades to increase home value before listing your home? Does it make sense to spend money improving a home you won’t live in anymore? It could, especially here in Oklahoma City.
Compared to other areas across the nation, the housing market in Oklahoma City is relatively stable. As of June 2023, sellers receive an average of three offers, and homes sell in around 16 days. The median sale price of a home in Oklahoma City was $271K last month, up 2.4% since last year. See the full stats here.
However, stats show that 30% of homes in Oklahoma City drop in price before closing, indicating that buyers have the upper hand with a larger number of homes available. Only 1% of homes sell above the list price.
To ensure your home stands out from the competition and attracts potential buyers, it’s essential to consider strategic upgrades that boost curb appeal and increase home value.
In this blog, we will explore the top ten upgrades that are proven to enhance your home’s desirability, along with their benefits, general costs, and why you should start these projects now.
Landscaping Can Increase Home Value
First impressions matter; a well-maintained landscape can significantly boost your home’s curb appeal and increase home value. Enhancing your landscaping can include tasks such as adding colorful plants, trimming overgrown shrubs, installing outdoor lighting, and creating inviting outdoor living spaces.
The general cost for landscaping improvements can vary based on the scale of the project, ranging from a few hundred to several thousand dollars. According to one expert, a well-designed landscape can increase home value by 10-20%.
Kitchen Remodel
The kitchen is often considered the heart of the home, and a well-designed and updated kitchen can have a substantial impact on buyers’ perceptions. Upgrades may include replacing outdated appliances, installing new countertops, updating cabinetry, or adding a fresh coat of paint.
The average cost for kitchen remodels can range from $10,000 to $50,000, depending on the scope of the project. A modern and functional kitchen can potentially increase home value by up to 10%.
Bathroom Remodel
Like the kitchen, a stylish and functional bathroom attracts buyers. Upgrades may involve replacing old fixtures, updating tile and flooring, enhancing lighting, and improving storage space.
A bathroom remodel can cost between $5,000 to $30,000, depending on the extent of the renovations. A well-appointed bathroom can increase home value and generate a positive return on investment.
Add Livable Square Footage
Expanding your home’s living space by adding an outside deck or patio area can provide a great return on investment. Buyers are often attracted to outdoor spaces where they can relax, entertain, and enjoy the pleasant Oklahoma City weather.
Building a deck can vary widely based on factors such as materials, size, and design, but a well-designed deck can increase home value by up to 80% of its cost.
Reduce Energy Needs
Energy-efficient homes are increasingly sought after by today’s buyers, as they not only help reduce utility bills but also contribute to a greener and more sustainable environment. Consider upgrading your home’s insulation, installing energy-efficient appliances, replacing old HVAC systems, and upgrading to LED lighting.
The cost of energy-saving upgrades will depend on the specific improvements made, but they can yield long-term cost savings and make your home more appealing to potential buyers.
Replacing Home Windows
Replacing old, drafty windows with energy-efficient models can improve your home’s aesthetics, reduce energy consumption, and enhance comfort. The cost of replacement windows varies based on the number of windows, the materials chosen, and the level of customization required. Although prices can range from a few thousand to tens of thousands of dollars, this upgrade can make your home more attractive to buyers. Surveys show that homeowners are able to recoup 85+ or more of the costs to replace home windows at closing.
Replacing Your Garage Door
Often overlooked, the garage door plays a crucial role in a home’s overall curb appeal. You can instantly enhance your home’s appearance by replacing an outdated or worn garage door with a newer model. The cost of a new garage door installation typically ranges between $1,000 to $2,500, depending on the material and design. This upgrade can offer an impressive return on investment, with an average recouped cost of over 90%.
Exterior Door Replacement
Your home’s exterior doors provide security and contribute to its overall aesthetics. Upgrading to energy-efficient and visually appealing front and back doors can make a significant impact on potential buyers. The exterior door replacement cost can vary depending on the materials and styles chosen, ranging from a few hundred to a couple of thousand dollars. This upgrade can offer a high return on investment and improve your home’s marketability.
Increase Safety Features
Buyers prioritize the safety and security of their potential new homes. Enhancing safety features such as installing security systems, smoke detectors, carbon monoxide detectors, and deadbolt locks can provide peace of mind to potential buyers. The cost of implementing safety upgrades can vary depending on the extent of the improvements, but it’s a worthwhile investment that can attract buyers and potentially increase your home’s value.
Replace or Upgrade the Roof
A well-maintained roof protects your home and adds to its overall appeal. In fact, it’s one exterior upgrade that has the highest return on investment. This is because missing shingles, signs of a leak, or other roofing problems can be an immediate turn-off to potential buyers. If your roof is showing signs of wear, it’s recommended to consider replacing it or upgrading to more durable materials.
The cost of roof replacement depends on factors such as the size of your home, chosen materials, and complexity of the project, ranging from a few thousand to tens of thousands of dollars. A new or upgraded roof can provide peace of mind to buyers and contribute to your home’s value.
Not sure what condition your roof is in or if you might have existing storm damage? Request a free storm impact report and find out!
Why Start These Projects Now?
Selling a home is stressful enough – you don’t want to add a home remodeling project to that process! Giving yourself ample time to complete the upgrades allows for better planning, quality workmanship, and potential cost savings. These improvements can help your home stand out among the competition, attract more potential buyers, and potentially command a higher selling price.
Key Takeaways About How To Increase Home Value
As you prepare to sell your home in Oklahoma City, consider these ten upgrades that have a proven track record of maximizing home value. From enhancing your landscaping to replacing windows, upgrading your kitchen, and adding livable square footage, each improvement brings its unique benefits and potential return on investment.
Investing in these upgrades and starting your projects now ensures your home is primed for success in the competitive real estate market.
Interested in learning more or want advice from a local general contractor? Give our team of experts a call! As a general contractor with over a decade of experience helping homeowners, we’ve learned a thing or two when it comes to how to boost home value. Use our expertise to your advantage!
