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Published by Contour Mortgage on May 19 2015

Top 10 Updates that Increase Home Value on Long Island

Topics: Home Value

Selling a house for top dollar is the ultimate goal for any Realtor. Accomplishing the best return for your client – and collecting the highest possible commission – is the key to referral business, replenishing the cycle that keeps your pipeline flush. In the Long Island market, this can be especially difficult. In order to ensure maximum profit, it’s important to know which updates merely look nice – and which will capture the best return on investment by increasing home value. With this information in your back pocket to advise clients who are looking to sell to the top bidder, or for a builder looking to flip a home for the best price, here are some ideas for updates that increase home value on Long Island. 


1. Think Open Concept

Space is crucial to buyers. They want to be able to see other rooms in the house while  eliminating a closed-off feeling. Creating an open concept is a great way to connect the rooms of your home. Plus, removing walls will give the impression of more space and makes a home seem larger than before. Consider knocking down that wall separating the living room and kitchen.


2. Neutral Paint Colors

Giving the walls a fresh coat of paint can make a home feel more updated. However, it’s important to note that when getting ready to sell a house, focus hsould be on neutral colors. By staying clear of bold paint colors, you’re essentially providing buyers with a blank canvas. They will have an easier time imagining their furniture and décor in the home, which will in turn lead them to seeing themselves living there.


3. Remember the Exterior

If your home has curb appeal, there is a good chance more buyers will be interested than if the exterior is outdated. Small changes can make a big difference. For instance, replacing the siding, adding chic porch furniture and painting can give a home a whole new look. Remember, the first thing buyers see is a home’s exterior, so if it’s not out-of-this-world, many will simply move on without taking a step inside.


4. Don’t Forget the Landscaping

Speaking of exterior, perfecting the look of the yard is essential. Landscaping is an easy – an inexpensive way - to increase the value of your home. Planting flowers, trees or shrubs will make the home even more appealing to buyers, especially with a new exterior. The outside of your home is what will first attract or scare away buyers. If you don’t make the yard look nice, all people will be able to see is the work that needs to be done.


5. Maintenance, Maintenance, Maintenance

Keeping up with minor home repairs will be sure to be worth it in the long run. Upgrading old windows and fixing leaky faucets are just a couple of examples. Taking care of small issues right away will stop them from becoming bigger issues, which will save you money and make buyers feel more at ease that the house has been looked after properly.


6. Remodel Bathroom/Kitchen 

Buyers tend to pay a lot of attention to kitchens and bathrooms, so it’s always beneficial to renovate those rooms. Even if you are unable to do a complete remodel, minor changes will also help increase your home’s value. For instance, upgrading the lighting, changing countertops or faucets, replacing old cabinet knobs and other hardware will give both rooms a facelift without having to spend a ton of money.


7. Replace Floors

If buyers walk into a home and see worn carpet, they may balk at seeing the rest of the house. This is why it’s better to replace old floors for an instant modern look. The new floors will also look great with the newly painted walls.


8. Be Energy Efficient

Green homes are in high demand. Not only will  energy efficiency attract buyers, but it will also save money as well. Installing solar panels, solar-powered heaters and programmable thermostats will cut energy costs drastically. Being energy efficient is great for both buyers and the environment.


9. Finish the Basement

A basement is a great place for another living room, hangout space or bedroom. This helps you utilize every square foot of a home.


10. Transform the Attic into a Bedroom

Another way to add a bedroom besides putting one in the basement or building an addition is to renovate your attic. Remodeling a room is less costly than adding on to your home, but will be just as beneficial. This is also great for resale, as homes with more bedrooms definitely interest buyers.


Key Takeaways:

When selling a house, knowing which updates will translate into a higher selling price is a valuable tool to offer sellers. Use this information to advise clients, leading them to build a trust relationship with you that could lead to long-term professional success.


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