Are you starting to consider selling your home in the Reston, VA area? Have you already decided to sell? You may be wondering how you can boost the value of your home and secure a stronger return on your investment.
That’s why we’ve compiled this list of home improvements that can increase value. It’s up to you to do the math — to weigh the costs of these improvements versus their financial benefits. However, these suggestions are an excellent place to start.
Here are our suggestions for improvements that consistently and reliably add value to homes.
What Upgrades Increase Home Value in Reston, VA and the Surrounding Area?
Here’s a suggestion before we start reviewing specific upgrades. Think about what your home needs and which systems in it are due for a replacement or improvement.
The many factors that can decrease property values also represent opportunities to increase the value of your home. When you know your home has one or more of these concerns, they’re often a great place to focus your home improvement projects.
Additionally, Remodeling Magazine shares regional averages from the South Atlantic area for improvement projects in terms of cost versus value returned. Focusing on the projects with the best value returned isn’t a guarantee they’ll make you money, but using this approach can definitely help.
1. HVAC Conversion
Converting your home heating and cooling system from an oil-burning furnace and traditional air conditioning to an electric heat pump provides the best return on investment nationally (103.5%), according to Remodeling Magazine.
However, the return on investment in the South Atlantic Region averages just 86.7%. Still, this upgrade could be worthwhile, especially if your current HVAC system is older, inefficient, or otherwise needs to be replaced.
Buyers may negotiate the price downward due to the costs associated with an older, inefficient system and the need for replacement. Instead, you could sell your home with a new, energy-efficient HVAC system that is more efficient and has many useful years left.
2. Hardwood Flooring Refinish and New Wood Flooring
The National Association of REALTORS® and the National Association of the Remodeling Industry regularly issue a remodeling impact report. This report estimates the cost and potential return on investment of a variety of home projects on the national level.
The most recent remodeling impact report found that two types of flooring improvements provide a strong return on investment:
- Refinishing hardwood floors, which led to a 147% return on investment.
- Installing new wood floors, which led to a 118% return on investment.
These are the only two projects that provided a return significantly above the cost of the work. In other words, new or refinished flooring are two home improvement projects that add value on average.
3. Adding Stone Veneer to Your Home
Stone veneers replace some or all of the traditional siding on a home. Remodeling Magazine’s data shows this project offers some of the highest value returned. Homeowners who completed this project recouped an average of 102.3% of its cost when they sold their home!
The average job cost for this project is just over $10,000, so it may be more attractive to potential sellers on a budget than updating flooring or fully replacing an HVAC system. It’s also a less disruptive project compared to a full HVAC replacement or upgrading or refinishing flooring.
4. Replacing Garage Doors
A garage door replacement is another smaller-scale project that can offer good returns. Remodeling Magazine explains that a garage door replacement offered a return on investment of 102.7% in the South Atlantic region on average.
This is another home improvement that not only adds value but also offers minimal disruption as an added benefit. It’s much easier to replace garage doors than it is to upgrade an entire HVAC system or refinish or upgrade wood floors.
5. DIY Cosmetic Changes
These recommendations aren’t major projects. Instead, they’re all projects that many homeowners can quickly complete themselves, or at least without hiring highly specialized (and expensive) professionals. If you want to give your home a quick boost before you put it on the market, consider:
- Adding a fresh coat of paint to your front door.
- Arranging regular landscaping service while your home is on the market.
- Pressure washing driveways, walkways, fences, and other exterior features.
- Replacing your mailbox.
Partner With the #1 Selling Agent in Northern Virginia
Nikki Lagouros takes a data-focused yet personal and supportive approach with each and every home seller she works with. Let Nikki’s years of experience, in-depth market analysis, and deep understanding of the local market help you sell your home for what it’s truly worth.