As Detroit’s real estate market thrives, property owners have unique opportunities to enhance their home’s value. According to CoreLogic, November 2023 saw Detroit’s home prices rise by 8.7%, the highest increase among 20 major metro areas. With affordability remaining a Detroit hallmark (Norada Real Estate), home upgrades can create lasting value. Below, we outline key upgrades with a high return on investment (ROI) that make properties appealing to potential buyers.
1. Enhance Curb Appeal for First Impressions
A strong first impression can set the stage for a buyer’s interest. HomeLight’s data reveals that curb appeal can increase a home’s value by up to 7%. Consider adding stone veneer to the home’s exterior, updating your front door with durable materials like steel, and replacing or painting your garage door. Simple touches like updating house numbers and mailboxes can create a welcoming feel. These aesthetic upgrades increase curb appeal and provide value with minimal cost.
2. Optimize Indoor Space with Functional Upgrades
Homebuyers increasingly prioritize functional indoor spaces. According to HomeLight, 44% of agents report that space needs to drive buyer decisions. Converting or creating a home office, opening the floor plan, or finishing the basement are all great options to maximize square footage and function. Doing so makes your Detroit home more attractive to remote workers or families needing more room. Ensuring your home is flexible to suit a buyer’s lifestyle can increase appeal.
3. Add Outdoor Living Spaces for Modern Appeal
Outdoor living spaces remain a top priority among buyers, ranking just behind home office spaces and school districts. Adding a deck, patio, or even an outdoor fireplace can transform your yard into a desirable space for relaxation and entertaining. Outdoor kitchens, fire pits, and even a small pool or hot tub can elevate a property’s appeal. These upgrades make Detroit homes more competitive and align with what buyers look for in lifestyle-centric properties.
4. Update Key Rooms for a Stylish Look
In Detroit’s competitive market, key room upgrades add significant value. Upgrading kitchen and bathroom fixtures, refinishing hardwood floors, or installing luxury vinyl planks offer style without substantial costs. According to HomeLight, simple fixture replacements and surface revamps in kitchens and bathrooms create a fresh, modern look that attracts buyers. When selling a home, these upgrades appeal more than major structural changes, aligning with the concept of “what not to fix when selling a house.”
5. Make Your Home More Energy Efficient
Energy-efficient homes are increasingly in demand, especially as homeowners look to reduce utility costs. Installing energy-efficient appliances, windows, and low-flow toilets are cost-effective upgrades that benefit both the environment and buyers’ wallets. Modern energy-efficient features can give your Detroit property an edge and are especially valuable for environmentally conscious buyers.
Conclusion
With a rising real estate market and a reputation for affordability, Detroit presents opportunities to boost property values effectively. Curb appeal enhancements, indoor space optimization, outdoor living upgrades, key room updates, and energy-efficient improvements deliver strong returns and keep your property attractive to buyers.
Whether you’re selling through an MLS listing, a realtor, or a “We Buy Houses Michigan” company (Houzeo), these upgrades help maximize your Detroit home’s value. Focusing on what truly matters to buyers and avoiding excessive, low-impact fixes ensures a strategic approach to selling. With these upgrades, you’re set to capitalize on Detroit’s booming market.
