If you are considering selling your home, whether imminently or a few years down the line, making changes that add value are always a good idea. Some improvements may cost more than others. However, regardless of your budget, there are always things you can do to enhance your property’s profitability. Besides helping your home sell faster, they will make your home even more enjoyable in the meantime. The answer to how to increase home value lies in improving your home in ways that will have objective mass appeal.
Ways To Increase The Value Of Your Home
Everyone wants a home value increase. Generally, spending time in your family home will allow it to appreciate in value as long as you are keeping up with the basic repairs along the way. However, you may have a more speedy home value market price increase in mind! Here are 7 things that could help increase the value of your home.
Before you get started on any house renovations, I want to point out that the best way to increase home value is to make it more desirable to home buyers. So while a fresh coat of paint may be the cheapest way to increase home value, it will only work if you choose neutral colors that will have broad appeal. This general lesson applies across the board. When making home improvements in order to add to home value, you need to choose options with broad appeal.
You also need to chose ones that are consistent with your home value and neighborhood. Don’t go top of the line with improvements in a middle of the line neighborhood. For example, a $6K stove hood won’t make sense for your average kitchen. The most expensive hardwood flooring option won’t provide a good return on investment for an average home.
Keep Your Roof In Good Condition
Your roof protects your home from snow, rain, wind, and extreme temperatures. Therefore, you need to make sure that it’s in tip-top condition. Although you can usually see any issues yourself, it’s worth having it checked annually by a qualified roof specialist.
Buyers may be deterred by roof issues noted on a property survey. It stands to reason that keeping it well maintained should help to maximize the saleability of your home. While this may not be the most exciting answer to how to increase homes value, it is essential. Leaks can quickly cause damages that will reduce home value.
A Kitchen Makeover
If there is one room that will have potential buyers eager to sign on the dotted line, it’s likely to be the kitchen. When it has loads of appeal, they are more likely to overlook other things that they don’t like. So, if your kitchen requires some TLC and your budget allows, think of making those improvements a priority. Improvements here should reflected in a higher asking price.
If a complete redesign isn’t financially feasible, you could always leave the floor plan as is. Instead, change the cabinet doors, hardware, or flooring. In fact, a smaller kitchen remodel is actually the one with the highest return on investment. According to HGTV, “The only home improvement likely to return more at resale was a minor (roughly $15,000) kitchen remodel, which returned 92.9 percent.”
Update Old Windows
Do your windows need to be replaced? Replacement windows can be costly but are sure to add value to your home. If a buyer thinks they will have to spend thousands having the windows changed after they move in, any offer they make for your home will likely be reflective of this.
UPVC, wood, and fiberglass window installation all have their pros and cons. You will need to do some research into which may be the best option for you. The answer will vary based on your budget as well as the style of your home. Regardless of which you decide to go for, it will likely be worthwhile for a home value increase.
My husband I recently upgraded our windows. We went from old single pane windows to new, insulated double pane windows with high energy efficiency. My advice is to certainly shop around. We received quotes that ranged from $16K to $6K. We are now enjoying our energy savings year round. Plus, our savings on energy costs go a long way to paying us back before we decide to sell. Our utility bills are much lower now.
Reinstate Period Features
If you live in a period property and the original features have been removed, reinstating them is a great way to add value. Consider restoring simple fixes, such as features that may have been painted over or boxed in. If, on the other hand, they have been removed entirely, you may need to find a company to deal with it for you.
Buyers love period features such as cornice, floor tiling, and woodwork (to name but a few). If you want to make your property more marketable and add value while doing so, reinstate as many elements as you can, within reason. To be honest, someone who buys an older homes, often does so because of the old fashioned charm.
Replace Your Flooring
If your flooring has seen better days, it’s wise to consider replacing it. Many buyers want to purchase a property in move-in condition. It is obvious that a home with threadbare carpets, water-damaged laminate, or neglected wooden flooring is likely to be unappealing.
Carpeting creates a warm and homey atmosphere. Hardwood floors can make a room feel more spacious and offers a bright and airy feel. If you plan on selling your home within the next few months, it does not make sense to spend a fortune on flooring. However there are many options available. Chose flooring that doesn’t cost a lot but could still make your property interior look far more appealing. Even new, inexpensive carpet can give a place a fresh new feel.
Have A New Bathroom Fitted
If your bathroom suite has seen better days, you could add a good amount of value by having a bathroom remodel. From traditionally shaped suites to more modern, sleeker versions there are hundreds of options to choose from. Choose complimentary tiles and flooring. If your bathroom is small, consider having a large mirrored area fitted to create the illusion of space.
Lighting is another important factor when redesigning a bathroom. Downlighters fitted with a multiway switch look stylish and sleek. They are a great way to provide versatile lighting to a bathroom of any size.
Add Square Footage
If you are wanting to increase home value for appraisal, adding square footage is one of the most sure ways to add to home value market price. If you have land to the side or rear of your home, think about extending. Alternatively, if a two-story extension would be viable, why not look at adding a master bedroom space or even a second lounge area?
One of the best ways to increase the value of your home is to add more habitable space. Many home owners can increase the value of the home by finishing off an already existing space. A basement can be turned into a family living area. An attic can be turned into a guest bedroom or useful storage space. Whatever you decide to do, adding square footage is almost guaranteed to add value to any home.
Does landscape increase home value?
A very common question is whether landscaping adds to home’s value. The answer, as with all home improvement projects, is that it can. There is no question that a few choice flowers and bushes can pay off. They can improve first impressions and add to the home’s curb appeal. However, a major renovation of a 20K patio area may only raise the home value 10K leaving you out of pocket 10K. This is why it is a great idea to consult with a real estate agent or two about the real estate market in your area. They can help you decide what prospective buyers are really looking for and which home renovations are likely to pay off.
How To Find A Home Value
If you want to do a little research on your own of your current property value, you can try tools available on Zillow, Trulia, and Redfin. While it isn’t the same as a home appraisal from the bank, a value report is a great place to start. Also take a look at the other values in your area and see how yours compares.
If you want to increase value in your home but you just don’t have any capital to invest, there are still little things you can do. Remember, paint colors matter. You can update the exterior of your home with a small project to paint the front door. A deep cleaning can help keep potential homebuyers from wanting to walk right out. Open your window covering to let the natural light come in. These inexpensive ways to improved appearances really add up.
If you are looking to increase home value through home improvements, consider a few criteria before you get started. Is this home project going to be one that adds value for your personally? In other words, will you enjoy it if you won’t be selling right away? Is the home renovation one that will appeal to a broad spectrum of people? Be sure to keep your spending in line with the possible home value increase that is likely in your neighborhood. Talk to some professionals to get several opinions on your specific house you start any projects.
Being a home owner is a wonderful privilege and it can be so fun to get to make home upgrades. Protect your home value through improvements that protect the integrity of the house and that make it more attractive to potential home buyers. Which tip did you find most informative about how to increase value in your home?