Want to boost the overall value of your home? It’s a lot easier than you might imagine. In fact, a few key updates and changes can really hike up your home’s value with minimal work and investment up front. Consider the following tasks to help increase the value of your property and build instant equity.
1. Clean Up the Landscaping
Talk to any real estate agent or home stager and they’ll tell you the same thing: curb appeal speaks volumes. And the first thing home buyers will see when they pull up to your home is its landscaping. A yard full of weeds, overgrown grass, and unkempt bushes aren’t going to cut it in the property value department.
Homeowners tend to focus more on their interiors when trying to make a good impression, whether or not they plan on selling. But what about the exterior? Landscaping is one of the top three investments that boost the highest returns. Even $500 spent in outside yard work can rake in $2,000 in property value when everything is said and done, so it’s worth the upfront cost.
2. Change Your Front Door
After homebuyers have made it past your landscaping, they’ll be greeted by your front door before they step foot across the threshold. But how exactly will they be greeted? Never underestimate the power of a front door when it comes to impressions and property value.
Within the first six seconds of entering a home, people will already have formed an impression. And the front door has a lot to do with it. A door that has peeling paint or rusted hinges can make the overall home look dingy. But the opposite is also true: a new, well-maintained, freshly painted door can make the home seem more inviting, and thereby add a little extra in its value.
3. Create More Space
Back in the day, it was customary to have a bunch of different, smaller rooms. But these days, sophisticated homebuyers – especially within the millennial age group – are looking for more space to use. That doesn’t necessarily mean they need more square footage; instead, what they’re essentially seeking is an open concept and optimal flow and functionality.
If your home is cornered off by a myriad of walls, consider knocking some of them down. Even if they’re load-bearing, you can still remove them and leave a decorative column post to retain support. Right now buyers want a wide open space, and kicking down a couple of walls can be an easy and affordable way to create it, and thereby add more value to your home.
4. Enhance the Lighting
Looking for a cheap and easy way to boost your ROI? Consider updating your home’s lighting, which will noticeably elevate your property’s appeal.
Anything from dimmer switches, to pot lights, to pendant lamps can make a massive difference in the look and feel of a home’s interior. Lighting of various types creates a sense of space and air, and also allows you to create a specific mood.
5. Make Minor Repairs
You’d be surprised at how much of a difference a few minor issues can make in the look and feel of a home. From leaky faucets, to chipped floor tiles, to scuff marks on the walls, these little flaws can make an otherwise nice home look tired. Before you even start thinking about more major upgrades like a kitchen renovation, address the more basic things first.
These little fixes can really go a long way towards property value. Even spending a few hundred bucks fixing small things around the house can increase the value of your property by a few thousand dollars.
6. Upgrade Your Flooring
One of the first things people see when they walk into a home is the flooring. What are they stepping on? Creaking hardwood? Uneven tiles? Dated carpeting? About 94% of professional real estate agents recommend investing a little money on floors when it comes to boosting property value. And you don’t have to blow the budget, either.
Depending on what you install, you can recoup twice as much in value compared to what you spend. If you are planning on installing a completely new floor, consider hardwood. It’s what the majority of homebuyers want, and have even come to expect when they’re on the prowl for a new home.
7. Up the Energy-Efficiency Factor
If the HVAC system in your home is aging terribly, and your utility bills are through the roof, it’s about high time you swap that system for an energy-efficient one. Sure, it might cost you a pretty penny up front, but the amount of money that it can save you in heating and cooling bills will all be worth it.
In fact, you can save as much as 40%. Recent studies have shown that energy savings add 20 times the yearly savings to the overall value of your home. Energy-saving systems and appliances make your home more desirable.
8. Tune Up the Bathroom
Just about every real estate broker says that sprucing up the bathroom is a sure-fire way to add some value to your property. But you need to be careful in how you upgrade it. Spending way too much money on unnecessary finishes and features could land you more in the hole than before you started.
Focus on the kinds of upgrades that the neighborhood calls for. Stick to the upgrades that are economical, easy, and fast. Simple things like adding a glass shower door or replacing an old pedestal sink for a more decorative vanity can go a long way in spiffing up the bathroom, and the overall impression of your home. Do it right, and you can expect a 62% ROI on a bathroom update.
9. Give Your Kitchen a Facelift
In much the same way as a buffed up bathroom can add value to a home, so too can the kitchen. In fact, this central space is probably the most important room in the home, so it only makes sense to give it the attention it deserves. Done properly, you can recoup anywhere from 75% up to as much as 100% on a kitchen remodel.
Just like with a bathroom remodel job, it’s important to keep your expenditures in check when it comes to the kitchen. For example, if the average home value in your neighborhood is $300,000 and you put in $70,000 into your kitchen remodel job, you’re essentially out-pricing your home. If your kitchen doesn’t warrant a total gut job, focus on smaller things that bring the most ROI, such as new countertops, appliances, cabinet doors, light fixtures, and handed and knobs.
Talk about maxing out your return on investment. The number one way to add value to your home with the least amount of money required is though a simple paint job. In fact, you can get back as much as 168% ROI with a simple paint job. Before you even think of listing your home for sale, look around and make a judgment call about whether or not the place could use a fresh coat of paint.
Any peeling, scuff marks or discoloration will warrant a new coat of paint. And if your walls are painted fuchsia pink or lime green, you might want to change it to something more neutral to attract more buyers, and thereby increase the value of your home.
Even if you have no intentions of moving any time in the near future, updating your home in various ways can do wonders to the value of your property. But before you take the hammer to nail, make sure you get some sound advice from a real estate agent or appraiser to find out exactly what features your neighborhood calls for, and the recommended amount that should be spent on each project to maximize the amount you can get back.