Deciding to put your house on the market is an exciting, albeit nerve-wracking, event in our lives. You get to start a new chapter and make new memories in another home. But, with the current state of the nation, you may have been wondering, “Should I sell now or wait?”
Your hesitation is understandable, but 99% of real estate agents who participated in HomeLight’s Q2 survey say prices are rising (or at least holding steady) and it would be a good time to dive in!
Before listing your home, here are a few improvements you may want to consider if you’re hoping to increase your home’s value when selling your home in a COVID-19 world.
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1. In-law suites for multi-generational living
The coronavirus has proven to many people how important it is to stay connected to family, and because of this, 26% real estate agents say this is a feature their clients are looking for.
If you have the space, consider creating an in-law suite. It can be as simple as adding a bathroom to a bedroom or in the basement. Or you could go all out and spend $40,000 to $125,000 to create a full on in-law apartment complete with kitchen, bathroom, bedroom and living space.
2. Patios or decks
After spending months cooped up in the house, people want to have an outdoor living space where they can enjoy the fresh air while adhering to social distancing protocols. The price to have a patio or deck isn’t as expensive as one would think. The average price to build a deck is $7,654 (depending on the size) and the average cost to build a patio is about $3,893.
3. Defined rooms
An open floor plan once was a highly sought after feature in a home, but buyers are more interested in having clearly defined rooms. When you take into consideration that more people are working from home and a lot of parents are choosing to do homeschooling. By putting up walls and doors, your home will appeal to those who want or need private spaces. After all, after spending months on top of one another in an open floor plan, privacy has become a hot commodity!
4. Touchless features
Touchless features are the latest craze because people feel safer in light of the pandemic. Items like smart thermostats, paper towel dispensers, light switches and much more. These smart features can be costly, but for buyers who are concerned about their health and safety, these features are an essential.
5. Antibacterial and antimicrobial surfaces<?h3>
When the coronavirus hit, you’d be hard pressed to find disinfectants in the stores or even online. We won’t even mention how much of a pain it is to disinfect every surface of the home! Thankfully you can upgrade your home and install surfaces that kill bacteria and viruses. Copper alloys in particular can kill over 99.9% of bacteria in a two hour period. You can use an antibacterial surface coating to reduce the spread of infection too.
As tumultuous as 2020 and the pandemic has been, this very well may be the best time to put your house on the market. Interest rates are at an all-time low and there are more buyers entering the market than there are available houses. That means it’s a seller’s market and the likelihood of getting multiple offers is quite high! When you make improvements with the pandemic in mind, you can bet the offers will roll in in no time!