Thanks to the robust housing market, your home value may be more than you think. Due to continued demand and limited inventory, housing prices are predicted to rise 6.6% in 2021. This is great news for sellers!
If you're considering selling, you're probably asking yourself, "How much is my house worth?" "Do I have to remodel to sell?" or "Should I replace my roof before I sell?"
It might seem counterintuitive to invest money into a home you plan to sell—especially in a seller's market—but move-in-ready homes attract higher offers. Through strategic home improvement projects, you can garner greater returns on your home sale. In addition to interior updates, you can greatly increase your home value through curb appeal and a well-maintained home exterior. In fact, 99% of National Association of REALTORS® members believe curb appeal is important in attracting a buyer. With that in mind, consider these steps to ready your house for the market.
1. Install a New Roof
One surefire way to increase the value of your home before selling is to take a critical look at your roof. Does your house need a new roof, or can you find a residential contractor to make repairs?
Reliability Pays Off
A reliable roof is important to homebuyers. In fact, new roofing holds the highest appeal among exterior home upgrades for prospective buyers and lists as number one on REALTORS® rank of projects likely to add value to a home, according to the Remodeling Impact Report.
So, you know a trustworthy roof is a priority for buyers, but does a new roof really increase home value? According to a GAF survey of 380 real estate agents and certified appraisers of single-family residential homes, it does! This survey found that upgrading a roof with GAF Timberline® roofing shingles can increase the value of a home by an average of 10%.
What's more, by upgrading with shingles such as GAF Timberline®, you can offer prospective buyers a transferable limited lifetime warranty. A warranty further enhances your home's appeal and adds value—both of which can result in a higher selling price.
Repair If Needed
Don't forget that while a new roof can help your home sale, a distressed roof can hurt your home sale. Buyers don't want the added expense of repairing or replacing the roof on a house they just purchased. Most buyers expect a move-in ready home with a roof they can rely on to protect their family. Learn more about what signs to look for that indicate you may need a roof repair or replacement.
Most real estate transactions include a home inspection report, which will reveal if there's damage on your roof or evidence of roof leaks in the home's interior. If so, this can negatively affect your home's sale potential. A new or well-maintained roof is an important factor in a successful home sale.
2. Update Landscaping
Curb appeal is real. The more attractive your lawn or garden is, the more likely homebuyers will be willing to pay a premium price for your house.
As an example, REALTORS® state that completing a standard lawn service is the most appealing outdoor upgrade to buyers and the most likely to add value to your home. Standard lawn service in this case includes six applications of fertilizer and weed control on 2,835 sq. ft. of lawn. Landscape professionals estimate costs at $375, and REALTORS® estimate costs recovered at $1,000, making for a 267% return on this curb appeal investment.
Trees, bushes, and flowering plants in your front and/or backyard also add major appeal. Find plants that are native to your area and will thrive in your local climate with this free plant finder tool from the National Wildlife Federation.
3. Install a New Garage Door
A garage door update is a great choice when it comes to increasing home value. According to the 2020 Cost Vs. Value Report, in the East South Central states of the US, an upgraded garage door provides a 132.7% return on investment (cost to install: $3,543, resale value: $4,703), while in the Pacific states you'll average a 117.1% return (cost to install: $3,874, resale value: $4,537) on an upgraded garage door.
4. Repave the Driveway
Get your driveway up to snuff before selling your house. A cracked or crumbling driveway can turn buyers off. A driveway in need of repair is one more cost burden on the homebuyer. Plus, a distressed driveway can signal—whether true or not—that you've ignored other important home repairs.
Check out these bonus tips for selling your home to make sure your home is as marketable as possible. It's important to highlight the value your home has that buyers might not otherwise know.
- In addition to your roof warranty, emphasize major appliance or HVAC warranties you have.
- Highlight updates you've already done (like that bathroom remodel you did last year).
- Don't forget to spruce up your interior to get top dollar for your home.
- If you're still in the decision-making process or wonder, "What's my house worth?" you can have a home appraisal done. These average around $300 or more, depending on your location. An appraisal approximates your fair market value based on a noninvasive inspection of your home, the condition of your home, and surrounding property values. The good news is that having a home appraisal done won't have an impact on your property tax.
*Contractors enrolled in GAF certification programs are not employees or agents of GAF, and GAF does not control or otherwise supervise these independent businesses. Contractors may have agreed that they will use GAF roofing products, and may receive benefits, such as loyalty rewards points and discounts on marketing tools from GAF for participating in the program.