No matter if you’re just starting the search for a custom home or already settling into your new home, it’s never too early or too late to start thinking about how to maximize your resale value. At Timber Ridge Properties, we want you to think strategically when planning your initial design and future renovations so that it’s much easier to maximize the return on your investment when the time comes to sell. Here are some tips to consider on how to increase the resale value of your custom home.
Designing and Renovating for Resale: 5 Things to Keep in Mind
1. Think Like a Future Buyer
In terms of a buyer’s perspective, a custom home means unbeatable quality. When buyers hear the words “custom-built” they get the impression that every square inch of the property was carefully designed and lovingly crafted by the best contractors using superior materials.
As the homeowner, it’s important to ensure that this is the case, and therefore employ builders or contractors that you truly trust. By avoiding cutting corners you’ll get an end result that will wow future buyers, as well as provide the peace of mind of knowing the investment you made will hold its value for years to come.
2. Do Your Research
While Denver is a unique real estate market, there are certain projects you can take on that routinely impress prospective buyers. According to New Home Source, the projects with the most resale return are windows, flooring and updated kitchens. These aspects of your custom home are worth investing in, and every design choice you make counts when you are ready to sell down the road. For example, in the kitchen, consider energy efficient appliances. Not only will they save you money in the short-term but they make a prominent selling point for potential buyers as well.
3. When to Spend and When to Save
According to Hanley Wood’s 2017 Cost vs. Value Report, projects such as attic insulation, a minor kitchen remodel, adding a manufactured stone veneer, or adding a second story and a deck addition top out the list of remodeling projects that recoup the most cost when you go to sell your home. It’s important to keep in mind that not all upgrades to your home will recover the money put into it.
For example, the report found that the inclusion of a backup power generator only recouped 37% of its cost, and adding another bathroom only made back 49%. Skipping these types of high cost and low resale value projects will help in maximizing the money you’ll get in return.
4. A Unique Spin
While it’s true that neutral design palettes are the most universally liked, that doesn’t mean you have to head out to the hardware store and buy everything beige. Instead, focus on how to spin the design you created. If your home boasts unique architectural characteristics, understand that this can be as much of a dealmaker as a dealbreaker. No one knows your home better than you do, so highlight its best qualities, the superior craftsmanship and little details.
Unique is always a selling point if you know how to spin it. A bespoke window treatment might be exactly what one potential buyer is looking for. One-of-a-kind features stand out in the minds of buyers and tell the home’s story, helping them to picture themselves living within the space.
5. Switching Things Up
On the opposite end of the spectrum, you can also point out which areas of your home are the most easily changed. A fresh coat of paint is the easiest and least expensive way to immediately change the entire feeling of a room. Flooring can easily be customized to future buyers’ liking, as well as lighting and decor. Once you have your mind in marketing mode, the sky’s the limit!
To learn more about how Timber Ridge Properties can make your custom dream home a reality, call us today to set up an appointment (303) 805-0300.