Millennials — the generation of Americans between the ages of 18 and 34 –– are entering the housing market in huge numbers. They are now the biggest group of real estate buyers. Millennials want move-in ready homes. Consumer Reports says the right renovations can boost your homes’ value by 35 percent! So spend your makeover money where it will count the most.
A Consumer Reports survey of more than 1,500 millennials nationwide found that a modern, updated kitchen tops their list of ideal home features. You don’t need to spend a lot. For as little as $5,000, you can add a new suite of stainless-steel appliances, new flooring, and a new countertop. You’ll have a clean, contemporary look that could lead to a 3 to 7 percent bump in the sale price.
Have a bigger budget? Think about knocking down a wall. Millennials are also looking for an open floor plan with flexible living space. That could increase your selling price another 4 to 6 percent.
Another good way to add value is by expanding the living space, maybe by finishing your attic or basement. And it’s always a good idea to use materials that don’t require a lot of maintenance, like countertops made of quartz, which shrugs off heat, scratches, and stains.
Also consider ditching dust-catching wall-to-wall carpet in favor of durable hardwood floors. Don’t overlook the power of paint. A fresh coat, particularly in high-traffic areas, can boost your selling price another 1 to 2 percent.
Real estate pros also say energy efficiency is another strong selling point. Lowering your home’s energy costs will also save you money while you live there.