Homebuyers are a fickle bunch. What they pay top dollar for today can become worthless tomorrow. If you plan to sell your house in 2024, ensure your home has these five desirable features to get high offers from serious buyers.
1. Modern Electric and Plumbing Systems
Homes compliant with the latest residential electrical and plumbing codes will outshine houses with older systems in 2024. A Houzz survey revealed that nearly 50% of homeowners planned to update their properties’ electrical wiring or pipes in 2023. This trend should persist due to the aging United States housing stock.
Bring Your Systems up to Code
The median age of owner-occupied homes in the nation is 40 years old. Almost half of owner-occupied residences are 42 years and older, so ensuring your electrical and plumbing systems are up-to-date can inspire confidence among homebuyers.
2. Stunning Curb Appealing
If you ask Realtors which projects to tackle before selling, 92% of them will advise you to improve your home’s curb appeal.
The COVID-19 pandemic renewed Americans' interest in outdoor living. An in-ground pool, landscape lighting and a new patio bring the most joy to homeowners out of all outdoor features.
Focus on Cost-Recouping Projects
Joy doesn’t always translate to high cost recovery. Luxurious outdoor upgrades may only impress some buyers. Concentrate on standard lawn care and basic landscape maintenance — these projects will increase your home’s value and help you recoup 217% and 104% of your expenses, respectively.
Regarding your home’s street-facing façade, consider upgrading your garage and entry doors. In 2023, four-section garage doors on new robust galvanized steel tracks recorded a return on investment (ROI) of 102.7%. A new steel entry door registered an ROI of 100.9% — up from 63.8% in 2022.
3. Wood Floors
Regarding interior projects, wood flooring is timeless. Other materials outperform it in high-humidity rooms. Still, it outclasses most in living rooms, hallways, dining areas and bedrooms because of its old-world charm, natural warmth and versatile aesthetics.
Buy or Refinish
Upgrading to wood flooring allows you to pocket 18% more than what you pay at resale. Refinishing your existing hardwood flooring will make your project less disruptive and provide a tantalizing ROI of 147%.
4. Eco-Friendly Heating
Electrified heating, ventilation and air conditioning (HVAC) conversion has been a hot home improvement trend in 2023. It will sustain its momentum toward 2024 and beyond.
HVAC electrification can get you a cost recovery of 103.5% — the highest among 23 remodeling projects across 150 U.S. markets featured in the 2023 Cost vs. Value Report.
Complement Central Heat With a Fireplace
Buying a fireplace can increase your central heating system’s efficiency when configured and used correctly. Electric fireplaces can offer a more sustainable alternative to traditional wood and gas ones. Additionally, 77% of homebuyers are willing to pay extra for a property with a fireplace.
5. More Bathroom Space
A HomeAdvisor poll found that 23% of homeowners are unsatisfied with their bathroom size, thinking it’s too small. It’s the most disliked feature among survey participants. Make your bathroom as spacious as possible to make your home as attractive to buyers as possible.
Expand Without Remodeling
Splurging on a midrange or upscale bathroom project to increase space before selling almost guarantees a loss. Bathroom beauty is subjective. Let the next homeowner give it a significant makeover and spend a fortune.
Instead, do small-scale storage projects — such as retrofitting U-drawers to vanity cabinetry, adding a cart, and converting false panels into tilt-out trays. They help declutter and make the bathroom look bigger without increasing square footage.
Get Your Home Sold in 2024
Pursuing the right improvements to boost your property’s value matters whether sellers or buyers control your local real estate market. Upgrade to have these desirable features months ahead of your target listing date to snag considerable home equity at resale.