Median housing prices increased by 80.7% in comparison to those in 2019. While this may seem convenient for homeowners looking to sell, a reduced inventory of houses makes buying difficult.
When a seller cannot buy a house, they cannot sell either. For this reason and others, learning how to increase property value is more important than ever.
In this article, we answer questions like, 'what is my home's value?,' and tell you how to improve your home's value. Continue reading if you want a significant home value increase.
What Is My Home's Value?
Before diving into how to increase your home value, you need to ask yourself, 'what is my home's value?' You can find your home value using the right online search.
This will not only give you a starting point but will also help you understand how much you need/want to increase your home's value. You can also compare your home's value with your neighbor's homes.
1. Update Your Landscaping
One of the easiest and most cost-friendly ways to increase property value is through landscaping. There are several ways to accomplish this but it is important to match your home's style. This helps maintain consistency and curb appeal.
Maintain What You Have
The easiest landscaping technique to achieve a home value increase is to maintain your existing landscaping such as shrubs, rock features, and gardens.
Allowing these features to become overgrown, overwhelmed with weeds, or generally neglected affects the appearance and value of your home. We recommend hiring a team to maintain the existing features around your home or updating them yourself.
Hide Visually Unappealing Areas
If you have any unsightly areas around your home, consider covering them up with different landscaping techniques. A new tree or shrub can hide transformers while a rock path can replace areas of your lawn where grass will not grow.
You can also use landscaping to create more privacy such as with large shrubs and trees. This is especially effective for neighborhoods with small yards and too-close neighbors.
2. Repaint Your Home
Another cost-effective consideration when deciding how to improve your home's value is paint. While updating the exterior or full-interior are the best options, there are a few other ways you can use paint to increase your home's value.
Mismatched Rooms
Whether a nursery, a teenager's room, or a project room, some walls in your house may not match the rest. For that reason, we recommend updating any mismatched rooms with a fresh coat of paint.
Having a consistent interior is appealing to prospective buyers because it allows them to imagine their belongings in the room. The idea of having to repaint is one reason why buyers may choose another property over yours.
Interior Doors
If you do not want to tackle the entire interior and/or exterior of your home, try repainting the doors inside of your house. These can either be an accent color or just an update to mismatching doors.
Simple updates such as these create a refreshed look to your home. They also help it feel more cohesive if you used to have different door styles.
Fireplace Bricks
If your home has a fireplace, giving them a fresh coat of paint is an easy way to achieve a home value increase. It adds a modern touch to outdated bricks.
White is a popular choice for those wanting a simple yet sophisticated appearance; however, you might also want to consider dark colors such as grey or black. These colors help hide ash residue and smudges.
3. New Home Appliances
The right home appliances can draw interest to your home if and when you decide to sell. Whether you have outdated models or poorly functioning equipment, an update can help increase your home's value.
Some of the most popular home appliances are the refrigerator, washing machine, and stove; however, when updating, make sure to invest in high-quality appliances for the biggest impact on value.
4. Improve Efficiency
Better energy efficiency is becoming more and more important to potential home buyers. It not only helps lower the cost of energy bills but also helps the environment. You can either keep things simple and low-cost or commit to a big change.
Seal Leaks and Add Insulation
If you want a simple approach to improve your home's efficiency and increase your home's value, then insulation is important. Start by checking your doors, windows, garages, heaters, and pipes.
If you notice small leaks, add an appropriate sealant for the area such as silicone caulk for window seams. Insulating your water heater and pipes can also reduce your home's energy use.
Consider Solar Panels
For a bigger impact on efficiency, consider adding solar panels to your home's list of energy resources. While these come with significant installation and upkeep costs, they can make the biggest impact on efficiency.
It is also important to keep in mind that with the installation of solar panels comes a federal solar tax credit. The type of tax credit you qualify for depends on several factors but may be enticing to potential buyers.
5. Replace Old Flooring
Damaged carpet or other types of flooring should be another top consideration when looking for how to improve your home's value. If you have stains or other damage, try to thoroughly clean the area first.
If you do not see a significant improvement, consider replacing the areas of the floor that are stained and damaged. This is easiest with carpet and tile; however, replacing the entire floor may also be necessary for the best results.
6. Renovate Key Areas
If you are wondering how to increase your home value significantly, consider renovation. This can be a costly and time-consuming undertaking but can also have one of the biggest impacts if you want to increase property value.
For the best results on property value, we recommend focusing on the biggest areas of interest in a home. These areas are the kitchen, master bedroom, or bathrooms.
Kitchen Renovation
Some of the best kitchen renovation ideas include refacing cabinets, replacing countertops, and updating the backsplash. These seemingly small changes make a major impact on the style of your kitchen.
For an even bigger upgrade, invest in a new kitchen faucet and sink combo and update your light fixtures. This can complete a look and tie the whole room together.
Bathroom Renovation
A bathroom renovation is another method to consider when wondering how to improve your home's value. If you cannot renovate all of the bathrooms in your house we recommend renovating the master bathroom or the guest bathroom.
The most cost-friendly option is to renovate a small guest bathroom near your common areas. This type of renovation can make a great impression on your guests; however, many home buyers value an upgraded master bathroom if you have the budget.
Master Bedroom Renovation
Another great renovation idea is updating the master bedroom. As one of the main attractions for home buyers, this is an important room. You want your master bedroom to be a place where you feel relaxed and organized.
To achieve this experience, consider restructuring the closet or adding modern design touches. Some design ideas include adding a window seat or updating light fixtures. These are effective ways of transforming your bedroom.
7. Create More Space
Creating more space in your home is arguably the best way to improve your home value. Depending on how you approach the task, this can be one of the most costly options as well.
There are two methods you can go about this the first is to create visual space and the second is to create physical space. Virtual staging using still photos of your home is a great way to increase visual space if you do not want to invest minimal time and money in the process.
Visual Space
Creating more visual space allows a room to feel bigger without changing the square footage. If you are in the process of selling your home, this is a great technique to make your home appear bigger to potential buyers.
To achieve the feel of a bigger space, you can increase the amount of natural light, add more mirrors (such as one or two large mirrors), and remove all clutter. You can also achieve this with lighter drapery and/or simple furniture.
Physical Space
If you want to increase property value, a more aggressive approach is increasing the square footage. While this can include adding another bedroom or bathroom, you can also focus on increasing the amount of finished space.
If you have an unfinished garage or basement, potential home buyers may be wary of taking on a big project. Finishing these areas can feel more like a future investment to buyers instead of a project they may never get to.
Increase Property Value
Follow the above guide if you want to increase property value in the most effective way possible. Whether you have a limited budget or want the biggest home value increase, these tips will help you achieve your goals.
If you are ready to sell your house, find the right real estate agent today.