5 Easy Ways to Improve Home Value
Check out these in-depth tips on how to improve home value!
A lot of factors that go into improving home value are, unfortunately, out of your hands. But that doesn’t mean it’s impossible to improve home value yourself – in fact, it’s downright easy when done right!
To help you get started, we’re taking a look at 5 easy ways to improve home value.
1. Boost Your Home’s Visual Appeal
We all know first impressions can be deceiving, but that doesn’t mean making a good first impression isn’t worth it.
When it comes to your home, having great curb appeal definitely makes a great first impression!
Boosting the way your home looks from the street is your first step toward improving the likelihood of a prospective buyer wanting to peek inside.
Many homeowners make the mistake of thinking a fresh coat of paint is enough.
While you shouldn’t neglect it, this actually only makes it easier to cinch a buyer – appraisers won’t be adding any digits to your home’s value because of them.
So instead of just thinking about maintenance, look into remodeling as a long-term investment. Cover-up the drab bricks with some stone overlays, for example.
Similarly, don’t neglect to do some landscaping, but don’t go overboard either, as a lot of landscaping is really down to personal choice.
So if your main objective is to improve your home value, keep it simple by resurfacing your driveways and planting some vibrant flowers.
Another major mistake homeowners make when simply trying to boost their home value is putting in a pool.
This is actually a terrible idea, as pool installations are massive, expensive projects with a poor return on investment (ROI). So if your only objective is to boost your home value, weigh the pros and cons.
That said, if you do have a pool already, the great news is in warmer climates, it will definitely help improve your home value just by being there.
But of course, you want to make it look as attractive as possible!
2. Give Your Interior a Once-Over
Once you get your home’s exterior sorted out, head back indoors and start looking at where you could (and perhaps even should) do some updates.
The bathroom and kitchen are typically the two areas stopping you from getting the highest possible appraisal for your home.
Consider whether these areas are looking a bit outdated or (just as importantly) a little worse for wear.
Just remember: don’t go overboard!
Getting too fancy by putting heated flooring and designer fixtures in your bathroom might seem like a good idea, but realistically it’s just going to make you spend more money for a poor ROI (56% on average).
Simply updating the fixtures and surfacing costs a lot less, but will give you a 70% ROI when your home sells.
Similarly, a massive kitchen makeover with commercial-grade appliances and custom cabinets is only going to give you about 53% ROI. Compare that to an average of 81% for a minor kitchen remodel with new counter-tops.
The key is to make these areas look inviting and low-maintenance. After all, prospective buyers don’t want to think of how much time they’ll spend cleaning these utility areas.
Another feature often overlooked by homeowners looking to sell their property (whether in the near future or a few years from now) is the fireplace.
Thankfully, there are cost-effective ways to make sure your prospective buyers won’t be balking at the thought of having to pay for an expensive remodeling job!
3. Boost Your Home’s Efficiency Levels
Texas is quite a warm state, so buyers in the real estate market tend to favor homes that have energy conservation features of some kind.
Believe it or not, there are a lot of easy options available that will help you improve the value of your home and simultaneously make it more efficient.
Start off with thinking about how your house handles heat.
Stone resurfacing can have a massively positive impact, as it will help keep your home cool in the summer and comfortably warm in the winter.
In a similar vein, think about whether installing LED lighting, enhanced insulation, and double-pane windows will help you cut energy costs.
But, as always, be careful not to go overboard. Arrange for a certified energy auditor to assess your property and explain where the biggest problem areas are.
Balance the cost of sorting them out with the amount of energy savings you (and, by extension, prospective buyers) will enjoy as a result to help you decide which avenues are best worth exploring.
4. Expand a Little
Nobody wants to live in a cramped space. You might feel your home has plenty of space, but prospective buyers tend to be all about square footage these days.
The good news is, you don’t have to go crazy here either. In fact, doing so would probably be a bad idea.
Instead, think about how you can easily create more room. It could be something as simple as expanding your entertainment area by updating your patio or building a deck.
You could even turn your dingy basement into additional living space by finishing it up nicely.
However, if you’ve got the space for it and you know prospective buyers are going to be looking for an extra room, you can expand your home by building onto it.
Just be wary of trying (and spending) too much!
5. Add Smart Technology
Everyone is concerned with safety these days. There’s so much smart technology readily available (and easily installed) that many buyers are looking to find it in a home.
After all, they don’t want to spend a lot of money putting these upgrades in themselves after having just taken out a mortgage to pay for the home!
As always, constraint is key. Make sure you have fire and carbon monoxide detectors, some security cameras, and even smart locks.
I really like that you touched on pools and how it’s not really worth it to put one in just to sell your house. My wife and I are moving soon and we want to get an appraisal for our house. I think it’s a good idea to paint the home and do little things to get it ready for potential buyers.