As baby boomers head into a new life milestone, they're looking to downsize from their large, elaborate houses in the suburbs. However, many are finding the features of their home are not aligned with the demands of the next generation of homebuyers. To combat this we've put together the best ways to increase home value for the next generation buyer, many of which come with a nice return on investment.
Top Home Renovations to Add Value
Overall, you'll want to ensure you're not leaving any immediate upkeep projects for the next owner. Many millennials don't have the same desire that boomers did to take on home renovation projects. They're looking to buy a home that is already equipped with modern products and materials.
“Millennial buyers want a completely updated house with no projects,” says expert realtor Julie Gallant Murphy, owner of Massachusetts-based Plymouth Village Realtors. “I’ve seen completely renovated homes sell for 45 000 $ over list price, while ‘as is’ properties sit on the market.”
Additionally, consider updates based on the top five trending tips to help homes sell more quickly to the next generation of homebuyers.
Best Home Improvements Based on ROI
To further narrow down the best renovations to help your home sell without taking on a significant financial burden, the Cost vs. Value Report from Remodeling magazine compares remodeling projects with the value they’ll recoup at resale. Top projects bringing the best ROI include a siding replacement, garage door replacement, deck addition, entry door and more.
According to the report, siding replacements recoup an average of 75,6 % of the cost. Furthermore, Murphy advises “curb appeal is everything” and often this starts with siding. If you’re ready to get started, here’s an article on the “Do’s and Don’ts of Curb Appeal.”
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