How to Increase Home Value in Chicago
More recently, the Chicago housing market has seen an increase in properties hitting the market as well as a decrease in the number of buyers looking for a new home.1 This trend makes for a better balance between supply and demand after the chaotic year before, but for sellers, this news isn’t the greatest.
With less competition among buyers and more listings becoming available, homes are no longer flying off the market for record offers. Chicago sellers will want to get buyers interested in their homes immediately without having to sacrifice price.
5 Ways to Increase Your Chicago Home’s Value
If you are thinking about putting your house on the market soon, you want to make sure you get a good offer. The right fixes and updates could drastically increase your home value and have you walking away with more money, but what home improvement projects are right for your property? At Curbio, we are sharing some insights and tips on how to increase home value in Chicago.
Refresh the Kitchen
A profitable home improvement for your Chicago property may be a kitchen update. Even doing a simple kitchen refresh before selling could boost your home value in a big way. In 2022, a minor remodel for a midrange kitchen had an average return on investment of 68.4% in the Chicago area.2 This type of update doesn’t mean gutting and replacing everything either. Instead, refinishing cabinets, installing backsplash, and replacing countertops may be all you need to have your kitchen looking new and modern.
Paint the House
Painting is one of the simplest ways to increase the home value of your Chicago property. Especially if you have an interior room with a bright color, stripes, or chipping paint, a fresh coat of paint in a neutral color can uplift the space and help attract buyers.
One of the best home improvement projects for Chicago homes in particular may also be a fresh coat of paint on the exterior. Winters in the Windy City aren’t easy, and the frequency of snow and ice can do a number on your exterior paint job. Over time, this harsh cold weather can lead to peeling paint or scratches from moisture penetration and gutter overflow that can turn buyers away.3
Upgrade the Bathroom
If your bathrooms are outdated or out of style, it could be bringing down the value of your Chicago home. In 2022, the average return on investment for a midrange bathroom remodel was 56.9% in the Chicago area.2 For your bathroom, these updates could be as simple as adding new lighting, painting the vanity, and reglazing the tile. Especially if you have limited space to work with, a few modern updates could transform the room.
If your bathroom is in desperate need of more than just a few touch-ups, then a full bathroom remodel before selling may be a better option. This work could include upgrading the vanity, fixing plumbing, replacing the tub, and more.
Update the Flooring
Another way to increase the value of your Chicago home and get the most money back is to make sure your flooring is in order. Buyers aren’t looking for brightly colored carpets, mismatched flooring, or worn hardwood floors. Instead, consider replacing your carpet before selling. While you are at it, think about updating your flooring to be consistent in many different rooms. This change is ideal for open floor plans.
Along with upgrading the type of flooring in your home, you can also give your existing flooring an uplift. Carpets should be deep cleaned before listing the property, and refinished hardwood flooring can have a return on investment of 147%.4
Stage Your Home
The finishing touch to increase the value of your Chicago home should be getting a staging service. Staging alone may boost the sale price of a home anywhere from 1-10% according to some real estate agents.5 It can be as simple as putting personal items away, decluttering, and adding modern décor. To make your home as aesthetically pleasing as possible before being listed, a professional staging service is typically recommended.
While these strategies can help you boost your asking price, it doesn’t mean your home updates before selling need to stop there. If you are still looking to increase your home value in Chicago beyond these five suggestions, we want to help.
At Curbio, we partner with real estate agents to help determine the best home improvement projects for homes before they go on the market. There is also zero payment due until closing so you do not need to stress about funding the projects upfront. Talk to your real estate agent about partnering with us or check out our other resources for homeowners for more guidance.
- U.S. News (2023). Chicago Housing Market Forecast
- Remodeling by JLC (2022). Regional City Data – Chicago, Illinois
- CertaPro Painters. How winter weather affects exterior house paint
- National Association of REALTORS® (2022). Remodeling Impact Report
- The Zebra (2023). Home Staging Statistics