Did you know that there are four different types of renovations? Yes! The thing is, not all home improvement projects will increase the value of your home, so if you want to put your home on the market, you need to know what will bolster the appraisal value and what will not.
Most homeowners think that any renovations and remodeling they do will increase the value of their home and help them snag a higher price. More and more homeowners are on the lookout for the best home improvement tips and are busy spending big money on home renovations hoping for high resale value.
What you may not know is that investing big does not always translate to a high return on investment, unless you make the right improvements. Here, we'll look at the home improvement projects that will increase the value of your property.
How Do You Know What Will Add Value?
You see, when buyers are shopping for an existing home, they are not expecting it to be in new condition. This means that when upgrading or renovating your home for resale, you need to stop thinking like a homeowner and take the role of a salesperson. Appearance is the most crucial aspect of a resale because you want to appeal to what buyers see.
Unless your home has issues that are a threat to health and safety, the majority of the home improvements you make should be based on appearance. What people see and feel when they enter your home matters a lot.
Beyond that, you should keep in mind that your home’s resale price will be affected by the immediate neighborhoods, so don’t renovate to the point where the price shoots over 20% of the most expensive houses around you.
What Home Improvement Projects Will Increase the Appraisal Value?
Many projects will add value to your home, but there are those that will undoubtedly boost the appraisal value and help you get a great price. It’ll help if you plan carefully and make smart choices about the improvement projects that will get the highest ROI. Let’s take a look at some of those smart projects.
The Kitchen Remodel
The kitchen is still king, as it’s considered the heart of the home. This is the one place you can bet your money that all buyers will be interested in.
Due to this, an update or a remodel will pay off by increasing your appraisal value. With that said, you should not go overboard and splash thousands of dollars to the point where it looks fancier than the rest of the house or the other neighborhood homes.
Little investments, such as new appliances, new flooring, and new countertops, will go a long way in creating a coordinated look, which will have a major impact on the value of your home. You can take it a little further and apply a fresh coat of paint to the cabinets and walls. A little paint in modern colors will go a long way into increasing the value of your home, and it’s an inexpensive way to do it.
Beyond that, a lot of home buyers will appreciate energy-efficient kitchen appliances. Energy Star rated appliances are eco-friendly, and the fact that they use less energy means they’ll help save money.
Add Energy-Efficient Windows and Insulation
Most buyers in the market are on the lookout for energy-efficient homes, and if you have those old single-pane windows, they will be a turnoff. Adding Energy-Star rated windows also saves heating and cooling costs, which makes a home more energy-efficient.
Apart from windows, the home appraiser will also check out the insulation in your home.
Do your doors let in plenty of cold and hot air? Those need to go. Improving your insulation doesn’t have to cost you a lot, and you can get it done with minor changes, such as adding insulation to the attic.
Sealing cracks around the house and using energy-efficient CFL light bulbs instead of regular traditional bulbs will help save costs as well. Go a step further and install a programmable thermostat and substitute your old water heater with an energy-efficient one if you need to replace it.
You don’t need to do all these together, but whatever you choose is bound to save hundreds of dollars in energy bills.
Take Care of Landscaping
Landscaping is hands down one of the most valuable home improvement projects you can do. Landscaping will not only transform your curb appeal, but the way your house looks as well.
This is not to say that you should create a backyard paradise though. The secret here is to keep things simple.
Add some color using annual, seasonal, and perennial flowering shrubs, remove weeds, mulch, mow your lawn, make it as green as possible, and edge. These are inexpensive, quick, and simple home improvement tips that you can easily do to boost the value of your home.
Improve the Curb Appeal
Apart from landscaping, improving your curb appeal means improving the exterior of your home, which includes everything buyers see when they look. Your entryway should be spotless because buyers will take note as they wait for you to open the door. You can repaint your door or replace it in its entirety.
Power wash the exterior of the house or, better yet, repaint it and give it a new shine and consider doing something about the exterior accessories, such as your mailbox, light fixtures, door handles, and house number. Beyond that, address any exterior issues you may have to do with the siding or bricks of the house.
What makes curb appeal so important is the fact that the exterior of your home is the first thing buyers see when they drive up, even before they start looking at the house. If the curb appeal is, well, unappealing, even the interior of the house may not make up for it. Great landscaping will increase a buyer’s interest, and once they fall in love with the exterior, they have a positive attitude towards the house.
Falling in love with the house as soon as they see it means that they’ll be excited to get it, and as a result, they’ll be more likely to pay the asking price for your home. Besides, an appealing curb appeal means more buyers interested in the purchase, which may even lead to a bidding war.
Repair or Replace Flooring
Most homebuyers in the market today are looking for quality flooring, such as hardwood, and for good reasons. Hardwood increases the value of a home, and it’s among the best home improvement projects you can do. If you already have hardwood floors that are worn out, all you have to do is refinish them to give them a nice glow.
Even if you hire a professional to do this for you, you’ll see a high return on investment after selling your home, which makes it well worth it. Choose the right stain finish while you’re at it, as light tones make a room look bigger while darker stains give it a formal and dramatic effect.
If you have carpeting that’s more than five years old, then it’s about time you replace it. You can change it for the hardwood floor instead of replacing it with another carpet.
If you need to, however, a new carpet will also boost the appraisal value of your home. The trick here is to use neutral colors that will appeal to the masses and make the house look warm, cozy, and inviting. These are simple home improvement tips that you can do yourself.
Add a Deck
More and more home buyers are looking for outdoor living space, and adding a deck to your home will increase the appraisal value. The cost of adding a deck will highly depend on the size and materials you choose, but it’ll undoubtedly increase the value of your home.
Smart Technology
Smart technology is here, and you’d be surprised at the number of buyers who are willing to pay more for a smart home. Installing tech devices like a programmable thermostat and security systems will go a long way in adding value to the home appraisal. Apart from these, you can also add smart lights and hazard detection devices as well.
A Bathroom Addition
Bathroom remodels and upgrades are regarded as highly as kitchen upgrades. A bathroom addition, however, will add even more value to your home, especially if you currently have just one. Depending on how much space you have in your home, you may consider a full or half bath.
Just like other home improvement projects, the costs of a bathroom addition will also depend on the size of the bath, the materials you choose, and the accessories you want. These additions can be inexpensive home upgrades that will greatly add to the overall value of your home.
If you opt to upgrade your current bathrooms, you can replace the old fixtures and the mirror, then repaint it to give it a brand new look. Replace the tile grout and redo the caulk while you’re at it.
Use Our Home Improvement Tips for Success
These are some incredible home improvement tips you can implement to boost the appraisal value of your home as well as attract attention from buyers. Of course, it may not be possible to do everything, especially if you’re on a budget. Choose inexpensive home upgrades that will offer the best value and get ready to sell your home.
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