Home Updates to Help Resale Value Across Generations

As baby boomers head into a new life milestone, they're looking to downsize from their large, elaborate houses in the suburbs. However, many are finding the features of their home are not aligned with the demands of the next generation of homebuyers. To combat this we've put together the best ways to increase home value for the next generation buyer, many of which come with a nice return on investment.

Top Home Renovations to Add Value

Overall, you'll want to ensure you're not leaving any immediate upkeep projects for the next owner. Many millennials don't have the same desire that boomers did to take on home renovation projects. They're looking to buy a home that is already equipped with modern products and materials.

“Millennial buyers want a completely updated house with no projects,” says expert realtor Julie Gallant Murphy, owner of Massachusetts-based Plymouth Village Realtors. “I’ve seen completely renovated homes sell for $45,000 over list price, while ‘as is’ properties sit on the market.”

Additionally, consider updates based on the top five trending tips to help homes sell more quickly to the next generation of homebuyers.

1. Refreshing Design: Look to create a clean, minimalistic design throughout the home. Accentuate lines and open floor plans. If the home is closed off, consider simple fixes to allow for more of an open layout. Stick with a neutral palette when selecting colors for both the interior and exterior, such as tans, grays, greens and blues. For exterior design updates, LP^® SmartSide^® ExpertFinish^® Trim & Siding can allow for a quicker siding replacement with modern color choices by eliminating the painting phase. 
2. Going Eco-Friendly: Update the home with energy-efficient appliances, windows, doors and even eco-friendly exterior products such as LP^® SmartSide^® siding products, which can help conserve natural resources and market an overall greener home.
3. Accommodating a New Lifestyle: While baby boomers commuted, many millennials have the flexibility to work remotely. If you are unable to create a quiet office space inside the home, consider adding a backyard shed to be used as a home office. For inspiration, see how Liz Marie Galvan of Liz Marie Blog turned a shed into a backyard office.
4. Adding Rooms: Millennial buyers want specialty living spaces that differ from those demanded by boomers. If you can, Murphy suggests adding a media room, wine cellar or exercise room. Additionally, more practical rooms for convenience add value. “Many of these older houses do not have bathrooms on the first level, but have space to add at least a half bath. This additional bathroom will make a difference in how the home sells,” she says.
5. Choosing Low-Maintenance Exteriors: From decks and windows to exterior siding, millennial buyers want to be free from demanding maintenance requirements. If your house needs a siding update, consider a durable option such as engineered wood and look for warranties that support this claim.

Best Home Improvements Based on ROI

To further narrow down the best renovations to help  your home sell without taking on a significant financial burden, the Cost vs. Value Report from Remodeling magazine compares remodeling projects with the value they’ll recoup at resale. Top projects bringing the best ROI include a siding replacement, garage door replacement, deck addition, entry door and more.

According to the report, siding replacements recoup an average of 75.6% of the cost. Furthermore, Murphy advises “curb appeal is everything” and often this starts with siding. If you’re ready to get started, here’s an article on the “Do’s and Don’ts of Curb Appeal.”