Here are several ways you can increase the value of your home:
1. Make your home more attractive
It’s called curb appeal for a reason. The first thing a prospective buyer sees is the exterior of your home. From the landscaping to the front door, take a look and make sure it’s well-maintained.
Once the exterior of your house is in a good spot, focus on the inside; specifically, your kitchen and bathrooms. When these rooms are outdated, your property will never reach its highest valuation. Remember that you don’t have to do anything major, because you won’t make your money back. Focus on a minor remodel and you’ll recoup most of your costs.
2. Make your home low-maintenance
When someone buys a home, the last thing they want to worry about is a leaking roof or a broken furnace. Repair these and you’ll calm fears and increase your home value. Also, making improvements throughout the home that makes it easier to clean and maintain can help. For example, consider replacing your carpet with hardwood floors. Not only are hardwood floors more desirable, but they’re also easy to clean and maintain.
3. Make your home more energy efficient
We recommend that you consider double-paned windows, enhanced attic insulation, LED lighting, and energy-efficient appliances as a way to increase your home value and attract energy-conscious buyers. If you’re willing to invest, put solar panels on the roof. But, because they’re a big financial investment, we recommend you only make this improvement if you’re hoping to increase the value of your home in the long run – not a quick boost for resale value.
4. Make your home bigger
The bigger the house, the higher the values. Prospective buyers put a lot of weight on added space, even if their realtors don’t. You can consider finishing a basement or building a deck as a budget-friendly alternative to adding a room to your house.
5. Make your home smarter
Smart devices like thermostats, fire detectors, carbon monoxide detectors, security locks, and lighting are some of the top gadgets buyers want in their homes. It may not always increase home value, but it will add appeal. Plus, rather than replacing a roof or renovating a room, you can usually install these items yourself for $1000 or less.
While improving your property and increasing the value, just keep in mind that you don’t want to over-improve your property. You don’t want to spend a fortune on renovations where you won’t see a return on your investment. Before you start renovating, do some research in the area and see how much your property will be worth after the renovations (After-Repair-Value or ARV) to see if they’re worth it.
Need more suggestions for improvements throughout your home? Check out this list of 19 improvements proven to increase your home value.
To make it even easier for you, we completely break it down in our e-book, with low-cost tips, moderate to high-cost tips, and ideas for what you should do in the first year you own your home!
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