Are you planning to cash in on your house in the near future? If so, you may be wondering how to increase home value.
There is an average of 1.27 million housing units on sale at any given time in the US. The housing market is tough for sellers but if you are going to hack it, consider renovations. Your listing should stand out to sell fast, and the upgrades help create an appealing listing.
There are plenty of projects you can engage in to increase your home's value; however, all renovation projects are not equal, and you will need to consider those with a high ROI (Return on Investment). The upgrades you embark on should make a big difference by adding value to your home and future wallets.
A home is an asset, and increasing that asset's value is an important financial move. Continue reading as we look at how to increase home value and add value to your assets.
You probably spend so much time in your kitchen, and it is vital not to ignore any pending upgrades. A kitchen upgrade will be an excellent move for increasing your home's value.
Start with the countertops. The kitchen surfaces wear the most due to their constant use. Switching worn countertops out for marble or quartz options increases the home value.
You could also consider replacements for your already existing appliances. Advanced, eco-friendly appliances are also a great investment for your kitchen. Buyers are attracted to kitchen upgrades and will likely pay more for a home with them.
Be careful not to invest in major kitchen remodeling; their returns are not impressive, but a minor kitchen remodel can recoup 72% of the cost by improving your home value.
If your siding has seen better days, consider replacing them. Siding replacement as a home improvement is critical for an increase in home value.
Siding protects your exterior walls from harsh climates. In performing their roles, siding experiences damage over time. Damaged siding is not effective for your walls, so replacing it can avoid moisture damage.
Adding new siding can help keep your home warmer in winter and cooler through the summer as well. Siding replacements tend to have a significant impact on a home's value by reducing energy costs. You will, however, need to be selective about the siding replacement options available.
Fiber cement and vinyl siding can last a lifetime and thus are a great investment. They have great returns at 68.3% and 69.4%, respectively.
Replace Garage Doors
The garage, although hugely overlooked, holds sentimental value to the home. You should consider garage door replacement as among the ways to improve your home value.
The benefit of a garage door replacement is the increased safety every home-buyer looks for. A new garage door can keep away buglers and prevent anyone from getting hurt. Depending on the garage door you choose, better functionality means more garage space.
There are the automated garage doors today that would be a great investment once installed in your home. You will enjoy a stylish and unique garage door while experiencing lesser maintenance costs.
Garage door replacements have an impressive return of 93% on costs. Consider it as your next project to increase home value.
Boosting The Curb Appeal
How do you like your outdoors? The landscape is the first thing that people see while approaching your house. It would help if you thus considered boosting your curb appeal to improve your home value.
The exterior does not have to be fancy to look appealing; just ensure it is attractive. A neat and organized lawn with the right mix of flowers can be a considerable asset when selling the house. An occasional mow and hedge trimming can do the trick for maintenance within a budget.
Curb appeal also encompasses having a clean walkway or a well-maintained driveway. First impressions matter as the buyers search for homes.
Buyers will mostly make up their minds about the house by seeing the front. Whether in-person or virtual home tours, the curb is most visible and should be appealing.
The bathroom is a necessity within the home and will therefore demand improvements too, which will improve your home's value.
You could start by planning your bathroom. Since you have used it before, you are best suited to know what works and what does not. In case the bathroom layout works fine for you, do not incur costs trying to alter it.
Consider replacing fixtures for your cabinets and toilet seat if they are dysfunctional. Try cleaning discolored bathtubs, and if you cannot get them clean, replace them. The bathroom has to be in tip-top condition to make them appealing to your buyers.
A major upscale can cost more but is not always worth it. It is the little things that matter here, so consider a mid-range bathroom remodel. You will recoup more than 60% of the project cost on the home value.
Get Energy Efficient Home Additions
How much do you spend on your energy costs every month? Investing in energy-efficient additions for your home is critical in increasing home value.
No one wants to inherit house problems, so buyers will avoid energy hogs. Consider dealing with areas of your home that affect its energy efficiency.
Start with the installation of window treatments to cut on your HVAC use. Another useful home addition is the roof's insulation to prevent heat loss.
Energy-efficient additions allow you to save on energy costs throughout your useful life. They are thus able to increase your home value by up to 15%.
Perfect The Roof
The roof is a part of the home whose maintenance you should not ignore. It protects your household from harsh elements and thus needs periodic maintenance.
Perfecting the roof involves assessment of roofing damage to see areas of improvement. Ensure every damaged shingle is fixed for a sturdy and reliable roof. It would be best also to check the gutters to ensure they drain.
A great roof will be an attraction for the buyers, hence the need to perfect it. Ensuring no leaks and fixing existing damages earns you a significant property value.
Be careful not to replace the whole roof since it might be costly and not have decent returns.
Increase Your Home's Usable Square Footage
No matter how sizable your home is, you could do with additional space. Increasing your home's usable square footage ensures improved property value.
There is so much room in your home; you just need to find it. Consider refurbishing the attic space to feature a bedroom or a loft hatch. Such space will boost your home's features, thus boosting its performance on a listing.
Basement finishing adds significant value to your home by creating extra living space. It, however, needs work to make it habitable, which can run you some costs.
The return on a finished basement is 75% on cost. Impressive, right? You could never go wrong with an additional living room within your home.
Smart Home Additions Will Do
In this digital age, your home could do with some smart additions. In fact, they are able to boost your house value greatly since most buyers fancy them.
Smart home additions automate functionalities at home, making things easier for the residents. For instance, you get to draw automated curtains remotely, which can entice buyers.
Some intelligent home additions ensure safety, like smart home security systems. Get customized smart home security systems that will raise the alarm on intruders. You can also have cameras on the home linked to your phone for real-time footage wherever you are.
Smart smoke and carbon monoxide detectors are huge upgrades, which uphold the household's safety. Buyers are attracted to such additions since they find them helpful. The buyers are willing to pay extra for a home with such additions, thus increasing the home value.
Polish Your Floors and Walls
Have your floors and walls seen better days? Maybe it is time to do something about it. Most of your buyers will look at the condition of the walls and floors to decide whether to buy.
Hardwood floors can be a stunner once the polishing is complete. As real estate agents will confirm, you will likely get a buyer when they see the shiny floor. Such floors push the buyer to hasten the sale implying they're ready to pay more.
The same goes for your walls since they could use a fresh touch of paint. Paint does the magic for restoring the wall to look brand new, which can be appealing for buyers. The effect is increased demand for the home, with each buyer quoting higher.
You Now Know How to Increase Home Value
The home as your most significant asset could be better by increasing its value. There are several renovation projects you could use to upgrade the property value before selling. Consider the above ways on how to increase home value.
Are you thinking about selling your home? List with Hommati.com. We will connect you with real estate agents who can help get your home sold quickly.
Contact us today to get a home value estimate or appraised value on your home.