Electrical improvements may seem like a daunting task. If you’re looking to sell your home, a few simple fixes can spike your home’s value. But in the end, these renovations are worth every penny and second. No need to watch HGTV for inspiration, here are several options to improve your home’s sale price.
Install a new HVAC system
If you don’t already have a central air conditioning unit, we’ve got good news. Installing one will make your retail price skyrocket. Even upgrading your HVAC to a new system can offer a large return.
While new systems can get pricey due to installation, the long-term savings for you and potential buyers is worth it. The National Association of Realtors estimates a 12 percent increase in your home’s value after upgrading or installing a new central AC unit. The primary reason for this jump is because first-time homeowners are willing to pay more for this feature. They realize in the long-term, they would need to change the windows more often for a standalone AC unit. Homeowners are willing to pay more for the electrical improvements you install.
For a home currently worth $200,000, for example, an updated or added HVAC unit would cause the real estate value to jump to $224,000. Not looking to put your home on the market yet? No problem. These upgrades will increase your energy efficiency and lower your bills.
LED lights are a hot button topic in home renovations and for good reason. One LED 60-watt bulb costs as little as $7. It has a 20-year life expectancy and cuts energy bills by as much as $1,500 a year. These features throughout your home can boost your sale price by as much as 3 percent.
If you’re nervous that LED lights won’t create the ambiance you want, rest easy. LED lights add depth and comfort to homes. There are countless lighting solutions that offer a beautiful complement to any room. Technology is ever-evolving and now offers LED choices that are voice-activated and lights that change color. There are even options to change brightness from an app on your phone.
More and more often, new homebuyers are interested in seeing the status of your home’s electrical panel. An upgraded panel offers new homeowners peace of mind. They have the comfort of knowing they will have reliable electricity and limited power outages. If your panel is too outdated, it could even pose a fire hazard. To know whether you need to update your electrical panels, the best practice is to contact a local electrician to check them.
Another option to consider is solar panels. A large investment at first, the return on these electrical improvements is worth the time and effort. Research shows that each watt of solar power yields a $3 increase in home value. While solar panels can be pricey to install, they can return a profit in just one year’s time. Better still, if you install solar panels in your home you could receive a tax break from the federal government. These panels can cost thousands of dollars, but pay for themselves.
Other electrical improvements
Other smaller electrical improvements offer more curb appeal than function. Nonetheless, they can boost the value of your home.
- Switches and outlets. Replacing light switches and electrical outlets can add value because they look cleaner. You can often tell how old a home is by the condition of the yellowed, crusty outlets and switch plates. Particularly if you have painted over them, switches and outlets can reveal how much — or how little — care you’ve put into your home. Newer plates offer a more modern appeal to your home and can match your walls without you having to paint over them. Replacing outlets also offers the option to use GFCI protection and safety outlets to keep children out of harm.
- Circuit breakers. Another improvement to note is the circuit breaker. Often observed with the electrical panel, the most common inspector prerequisite is to get a higher amp breaker. Most homes need between 100 and 200 amps.
- General wiring. You may not need your entire electrical system redone, but a touch-up never hurt. Have a reliable electrician check out wire nuts, frays, junction boxes or faulty switches. It can save you time and money from the outset.
- Extra airflow. Consider adding more fans to rooms throughout your house. They can make rooms feel more open and comfortable. They also add an extra level of decoration to make the room pop. Homeowners also like to see that there’s a backup for relief from the heat in case they ever need to replace the AC system.
These electrical improvements will boost your home’s value and leave you feeling good about your investments. For questions about these upgrades, quotes on services or to speak with a specialist, contact SunCoast Electric & Air today.