How Much Does Curb Appeal Affect Home Value
First impressions are extremely important, and if you want to leave a powerful impression on prospective tenants, then you should invest in improving the curb appeal of your property.
As a homeowner, you always hear about the role of curb appeal in deciding the value of your home. You have heard that the best way to generate more buyer interest when selling your home is to improve curb appeal, says SGI Phoenix. You may also have read that the value-add from boosting curb appeal exceeds the ROI from other kinds of home renovation.
But what exactly is curb appeal? What are the features that create your home’s curb appeal? Why are they so important, and how do they affect the value of your home? Answering these questions will help you strategize when choosing upgrades for your home. When you know the role various features play in creating your home’s appeal, you will work intentionally.
That will help you avoid the risk of wasting money on unprofitable upgrades. Instead, you can maximize the impact of whatever changes you make to your home. Here, we will discuss how to use your home’s façade and outdoor areas as a marketing tool. The post explains why this tactic works when trying to raise the value of your home.
What is curb appeal, and why does it matter?
Curb appeal is simply the first impression a buyer gets when they pull up in front of your home. The first word that lends itself to their mind or their initial feeling is what defines your home’s curb appeal. Curb appeal is vital because what people feel about the outside of your home frames their opinion of what the home’s interior will look like.
As a homeowner hoping to maximize buyer interest in your home, it is essential to know that most buying decisions are from emotions. Your potential buyers will value your home based on how much pleasure, excitement, and anticipation it creates in them. They want to be able to associate your home with something they have seen on TV or in a magazine.
That is because they are not just buying a place to live. The home stands as a symbol of their social status and success. When they look at your home, they ask themselves what other people will think when they see that property. Your buyer wants the home they buy to make other people feel envious. If your home can do this, you have met the goal of curb appeal.
How much value does improving curb appeal add to your home?
That is not an easy question to answer since several aspects of the home’s exterior make up its curb appeal. Each feature plays a different role. However, it is the sum of their effects that boosts your home’s curb appeal. No single element is most important; a lot depends on the home’s style and location. Here is how the various components of your home’s curb appeal affect its value.
1. A clean house and neat driveway
- Washing the exterior of the house and the driveway will help you get rid of the dirt that is stuck to the exterior materials and clean your windows and garage doors. This simple fix can add $10,000 to $15,000 to your home’s value.
2. Repainting or replacing your front door
- Clean and repaint the entryway if the front door is in good condition. But to complete the transformation, you should also replace the door hardware, add plants around the entrance and improve the lighting. The average ROI on a new front door is 90%, but cleaning up your existing door may fetch even higher returns.
3. Repaint the house
- Painting is one of the most encompassing upgrades you can make to your home; it is one of the best ways to improve curb appeal. A new paint job will cost $1,400-$3,600 and return 51% of your investment. The ROI can be as high as 105% if you use the right colors.
4. Fixing the roof
- A new roof will return 105% of your costs. But you don’t have to replace the roof to improve the value of your home. Washing the roof to get rid of dirt, moss, lichen, and algae and fixing defects on the structure will cost less but fetch an ROI of 105%.
5.Improve the landscaping
- Well-manicured lawns, perfectly-pruned shrubs, fresh mulch, leafy plants, and colorful annuals will boost the value of your home. Good landscaping is the only upgrade that gets more valuable with time, and it will add as much as 14% to the resale value of your home and speed up the sale of the house by several weeks.
6. A lovely fence
- A nice fence around your home improves safety, privacy, and aesthetics. A picket fence in front and a privacy fence around the sides and back of the house will boost the value of your property. How much value it adds depends on the type of fence you add, its height, and the home’s neighborhood.