Augusto Bittencourt | Source | Licensed Real Estate Salesperson at Compass Real Estate: The Barnett-Bittenco...

Which home improvements add the most value?
By: Mia Taylor and Erik J. Martin

Energy-efficient improvements

Energy-efficient enhancements to your home are definitely in, and can make a big difference in resale value, as increasing numbers of buyers are asking about green features or clean power sources. “Upgrading to energy-efficient options can help lower utility bills and increase the overall sustainability of your home, which is an attractive feature for buyers,” says Augusto Bittencourt, a real estate salesperson with Compass in New York City.

What determines if a renovation adds value?

“Consulting with a real estate agent before committing to a renovation project can be extremely beneficial,” Bittencourt notes. “Agents have valuable market knowledge and insights into what buyers in your area are looking for. They can provide guidance on which renovations and design choices are more likely to attract potential buyers and increase your property’s market value.”

What home renovations might decrease your home value?

Not every remodeling project or home improvement will make your property appreciate. “An over-the-top renovation and highly personalized remodel will almost always decrease your home’s value,” warns Bittencourt — either because you’ve laid out too much money, inadvertently destroyed a valuable feature or simply because it turns buyers off.

https://www.bankrate.com/homeownership/home-improvements-add-the-most-value/

PRICING

To attract buyers and remain competitive, sellers may need to adjust their pricing strategies. They may consider lowering their asking prices to align with the reduced demand and offset the impact of higher interest rates. Proper pricing becomes crucial in order to generate interest and attract potential buyers in a market with higher borrowing costs.

NEGOTIATING

Remember, negotiation is a process, and it may take some back-and-forth before reaching a mutually beneficial agreement. Stay patient, maintain open lines of communication, and be willing to explore creative solutions to find common ground.