Some factors determine what a house is worth are out of your control. Like its location and the popularity of that market. But, you can keep up with repairs and make smart improvements. Both proven ways to increase your home’s value. When thinking about how to increase your home’s value, root your expectations in reality. Updates rarely recoup 100% of their cost. But, they can make your family more comfortable and even help your home sell faster. Whether you want to build equity faster or get top dollar when you sell, use these tips to increase your home’s value.
Low-cost tips to increase your home’s value
There are simple things any property owner can do to increase your home’s value. These simple tips may not add thousands of dollars to your home’s value. But, if you don’t do them, you may not be able to achieve the full potential value of your property. These fixes can be done without having any outside help. Although they are low cost, they can make a huge difference in the way your property looks.
- Cleaning – Making sure your property is clean will increase your home’s value. This includes both the outside and the inside. Garbage, dirt, and strange odors are not attractive features.
- Paint – A fresh coat of paint can make a big difference. It can revive and brighten a tired space.
- Add curb appeal – A few strategically placed plants, a new mailbox, outdoor lights or shutters can make your property more inviting. Higher cost and potentially higher return projects include new siding, new walkways or driveways, and adding a deck.
- Change fixtures – Change out a doorknob, light switch cover, cabinet handle or even a light fixture. It’s a simple method to breathe new life into space.
- Stage the property – De-cluttering a space and giving each room a function can increase your home’s value because many buyers lack imagination. Proper placement of furniture, the size of furniture, and the amount of furniture are also important.
If you need any advice on how to increase the home value, the best would be is to ask around. That’s not hard. It’s not like you need to know how to save space when packing clothes for a move.
Average to high-cost tips to increase your home’s value
There are updates you can make to a property that can have an average to high cost. Depending on the extent of the renovation done and the materials chosen. These types of updates have the potential to increase your home’s value significantly. And when you decide to sell your house and relocate then you can use this moving costs – calculation tips.
Add architectural detail – You can give a boring room some character by adding a chair or crown molding to it.
Change or add windows or doors and flooring
This is a valuable addition. Not only does it improve the aesthetics of the home, but it can reduce noise inside the home. Then, help lower heating bills and cooling bills and increases natural light inside the home. French doors that lead out to the backyard add elegance. They open up space and allow more light to enter the property. Skylights can also help brighten up spaces that may be lacking windows or natural light. Properly positioning windows and doors can also help highlight a beautiful view that your property may have. Or minimize one that is not so desirable.
Change flooring – Updating carpet or adding hardwood or tile increase your home’s value.
People want to feel like their home is an oasis. There are many ways to reduce noise such as adding insulation, installing double pane windows and doors. Then installing carpets and rugs to minimize footsteps and placing plants to absorb noise further. Follow this link and find out which types of insulation help reduce noise.
Update a kitchen or bath
This includes changing a portion of the room, but not an entire renovation. It could be changing the flooring or changing countertops. In the bathroom, you could switch out a toilet, sink or bathtub. In a kitchen, it could include buying new appliances.
There are many options for home siding. And the best type will often depend on the climate and area where your property is located. It is an update that will improve the aesthetic look of your property and can help lower your utility bills.
Create a more functional floor plan
For example, this could be taking down a wall between a kitchen and a living room. It could be rearranging a kitchen to create more usable space. Or perhaps it could be adding a bathroom to the master bedroom to create a suite. It can even be swapping the location of two rooms. And it could also be taking space away from one room to add it to another room. If you want your stuff and place to be undamaged, you can use this – moving day safety tips and precautions.
Add more square footage to increase your home’s value
This does not only mean adding an addition to the property. It could also mean finishing an unfinished attic or a basement to add more living space to the property. It could also mean transforming an attached garage into additional living space.
Renovate a property – Completely redoing a property and building it back up with a more modern design and materials can increase your home’s value. Of course, as long as you can sell the property for more than you owe.
While you want to improve your property and increase your home’s value, you don’t want to over-improve your property. You don’t want to spend an amount of money on a renovation where you will not see a return on your investment
Before you renovate, do some research on your area to find out how much the property will be worth after the renovations. Also known as the After-Repair-Value or ARV. Once you accurately gauge this new value, you can deduct the price you paid for the home and what you are left with the maximum price you should spend on the renovation and any soft costs. Like as financing charges, closing costs, and holding costs.