Due to our vibrant tourism industry, incredible scenery, and luxury ski resorts, Jackson, Wyoming has become a hot real estate market within the greater Teton region. For example, the typical home value in Jackson is approximately $940,372, compared to the average home value in Wyoming ($266,224) and Idaho ($369,495). If you own a home in Jackson or the surrounding area, you may be wondering how to increase the value of your home and compete for buyer appeal in the market. We’ve outlined the smartest ways to increase your home value and recover your investments upon resale. Enhance Your Home’s Curb AppealCurb appeal is the first chance to make a good impression on buyers. Think about it: the exterior of your home is the first image in any online or print real estate listing. Your home exterior is also the number one thing that will catch a buyer’s eye if they are driving through your area. An outdated roof is a big objection for buyers in a competitive market. According to the National Association of Realtors (NAR), replacing your roof recovers 107% of its costs at resale, so this is one of the smartest investments you can make for the exterior of your home. To freshen up your home’s curb appeal consider replacing your siding, shutters, or front door. You can also spruce up these elements with a simple, fresh coat of paint. Landscaping is a big draw to homebuyers because it creates a beautiful, welcoming entryway to your home. Remember to make landscaping clean, simple, and easy to maintain. Spruce Up Your Home InteriorA complete remodel isn’t always necessary to increase the value of your home. Instead, focus on small changes that make a big impact for buyers. Fresh, neutral paint can help brighten up your space and allows any buyer to imagine themselves living in your home. If your walls are already neutral, consider painting the trim or molding for a fresh, clean look. Small updates can make a big difference, but focus on high-demand finishes that buyers value, like quartz countertops, modern hardware, stainless steel appliances, and hardwood floors. According to NAR, refinishing hardwood floors recovers 100% of the cost at resale, while new wood flooring recoups 106% of costs. If you can’t afford to make updates to your entire house, start with updating your bathrooms and kitchen. These rooms are most important to buyers, and you don’t have to gut everything. In fact, a minor kitchen remodel recoups 91% of its costs on average, while new flooring and fixtures in a bathroom offers a 70% return on investment. Focus on painting, hardware, fixtures, backsplash, and flooring. Remember to keep it clean and simple to appeal to a wider range of buyers. Prioritize Energy EfficiencyEnergy efficiency is important to the modern buyer, because it can reduce the long-term cost of utilities. An added benefit of making your home more energy efficient is that you can save money on utilities and increase the value of your home before selling. If you have the budget for a larger project, consider installing solar panels, an energy-efficient metal roof, or better insulation. There are smaller measures you can take as well, such as energy-efficient windows, siding, and appliances. Update Systems and Smart TechnologyMaintenance is a big concern for homebuyers, so updating home systems and adding smart technology is a key selling point. If anything is outdated or not fully functional, consider updating it. This could mean replacing your air conditioner, furnace, or water heater. You may also consider investing in a smart thermostat, fire and carbon monoxide detectors, security system, smart door locks, or smart lighting system. While these additions may not always increase your home's value, they definitely increase appeal with buyers. Plus, you can install some smart devices yourself! Increase the Livable Square FootagePrice per square foot is a common way for homebuyers to compare home values. Adding livable square footage is a great way to increase the overall value of your home, but you don’t necessarily need to build an addition to do so.
If you have an unfinished basement or attic, consider finishing these spaces to dramatically increase your home’s square footage. You can also invest in a deck addition. While this doesn’t technically expand the square footage of your home, it can increase the livable space which buyers love. A deck addition offers an estimated 76% of costs recovered in home value. At MD Roofing, we offer roof repairs, re-roofs, and new roofs for the greater Jackson Hole community and surrounding areas in Wyoming and Idaho. If you’re considering repairing or replacing your roof to increase the value of your home, call MD Roofing today to schedule a free roof inspection.
2 Comments
9/17/2021 06:17:56 am
If your home has an unfinished basement or other unfinished rooms or areas, building out this space can be a relatively low-cost way to add value to your home.
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11/4/2022 07:22:20 pm
Health first play particularly.
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