While demand to purchase homes continues to outstrip supply, potential sellers are seeking the most cost-efficient ways of staging their homes to attract the best price. The annual owner improvement and repair spending is estimated to reach $430 billion by the second half of 2022.
While the renovation industry booms, homeowners looking to get the best price are looking for modest ways to increase home values. The areas that might make the most sense to improve are bathrooms, basements, exteriors and outdoor areas, home offices, kitchens.
Bathrooms: Clean, up-to-date bathrooms are attention-grabbers for potential buyers. Though replacing everything in the bathroom translates into thousands of dollars, possible replacement of the toilet or a vanity will go a long way to increase the eye-appeal of a home.
Basements: One of the things that has changed over the years is the perceived value of a basement in a home. But today, basements are being turned into physical fitness areas, storage and even mini playrooms.
Exteriors & Outdoor Areas: Starting with the curb appeal, first impression of a home will become the lens through which every buyer will analyze the property. Trim and prune outside vegetation. Lots of mulch, clean pathway to the front door, and especially, a front door that makes a statement visually: Welcome Home! The Outdoor Areas can include a deck or patio, but what has become a real trendsetter is the fire pit. Also, give some attention to lighting design, landscaping and the right kind of table and chairs.
Home Office: The hybrid economy is now a reality. According to a survey from the National Association of Home Builders, 63% of today’s buyers want a home office. According to Money Magazine, homes with offices sell for about 3.4% more than those that don’t have a home office. The home office needs to be set-apart and soundproof with great wifi.
Kitchen: The heart of every home, the kitchen today needs to have great lighting. The demand for a center island is strong but having great counter space with access to living spaces, such as an open concept living room, is ideal.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.