So you’re looking for ways to add value to your home? You’re not the only one. When you want to be able to make money in life, property is always a great way to do that. But at the same time, you have to be smart about it. Making strategic renovations or updates can increase your home’s value and help you make a significant profit when you decide to sell. Yet that doesn’t mean that everything you do will actually increase the value.
If you’re looking to increase the value of your home, there are a number of things you can do without breaking the bank. From minor updates to major renovations, there are ways to add value to your home. In this blog post, we’re going to run through why it’s important to do this, how to work out what to spend, and the fifteen things you can do to actually add value and make your house more attractive for potential buyers.
Why Should You Add Value to Your Home?
Adding value to your home is a smart decision that can help you eventually make a sizable return on your investment. Whether you are looking to raise the value of your home for re-sale or to create a more comfortable environment, there are many ways to add value. From practical updates such as new appliances and tile work, to aesthetically pleasing enhancements like painting, refacing, and landscaping.
Making improvements will expand the potential list of buyers for your property and dramatically boost its market price. Additionally, all upgrades stand to make living in the home more enjoyable now and in the future. No matter what specific projects you choose, by adding value to your home you will be sure to find success with increased resale value or reduced need for maintenance.
How to Know How Much Money to Invest in Renovating Your Home
Next up, you might want to focus on what you’re willing to spend here. Deciding how much money to invest in renovating your home can be a tough decision. It’s important to consider both the immediate returns of the renovation and its long-term effect on value. When you begin researching materials and contractors, speak with professionals about how much to budget for each aspect of the project.
When possible, look for ways to save by finding energy-efficient upgrades that will save money in the future. Don’t forget to factor inflation into your calculations as well. Price increases may lead to more expensive offers later unless you commit now. With an ideal balance between cost, quality, and return on investment, you’ll maximize your money and have a renovated home you can enjoy for years ahead.
15 Things That Will Add Value
From here, you might want to think about the things that you can do to actually add that value. So to help you, we’ve pulled together a list of the fifteen things you can do to make that happen.
1. Add a Fresh Lick of Paint
A fresh coat of paint can do wonders for any room in the house, giving it an instant facelift without breaking the bank. Choose neutral colors like whites, grays, beiges, and tans so potential buyers can more easily imagine themselves living in the space.
2. Update Your Kitchen
Buyers love kitchens with modern features like stainless steel appliances, granite countertops, and tile backsplashes. These upgrades typically add more value than they cost, so updating your kitchen should be one of your top priorities when renovating your home.
3. Add A Deck or Patio
Adding an outdoor space is not only aesthetically pleasing but also increases the amount of livable square footage in a home. This added bonus will often result in higher offers from prospective buyers. Plus, even if you’re not moving yet, you get to enjoy it during the summer months too.
4. Upgrade Bathroom Fixtures
Outdated bathroom fixtures are eyesores that can turn off potential buyers quickly. Replacing old fixtures with modern ones is an affordable way to add style and value to your bathroom without breaking the bank. If you can, replace the entire suite — particularly if yours is over ten years old!
5. Refinish Hardwood Floors
Hardwood floors never go out of style, but if yours are scratched or faded from age, it’s time for a refinishing job. Repainting hardwood floors is an inexpensive way to bring them back to life and increase the overall look and feel of your entire home. It can also look incredible compared to some cheap flooring options too.
6. Replace Old Windows
Old windows not only reduce energy efficiency but also detract from a home’s overall aesthetic appeal which can seriously affect its resale value down the road. Investing in double-pane windows will pay dividends when it comes time to list your property as they have been proven time and again to attract buyers who are willing to pay more for energy efficiency alone.
7. Landscape Your Yard
Curb appeal is essential when it comes time to sell a house—and nothing says curb appeal quite like lush landscaping. Planting trees, installing shrubs, edging flower beds—all these things make a big difference in how attractive potential buyers find your property from first glance driving by. Impressions count when it comes time for offers so don’t skimp on this important factor.
8. Install Smart Home Systems
Smart thermostats, lighting systems, security alarms—these are all smart investments that will pay off big time when you’re ready to sell because they provide convenience as well as peace of mind for prospective buyers who may be wary about making such large purchases otherwise.
9. Paint the Exterior
Updating the exterior paint is an easy way to give your house a facelift. A fresh coat of paint is one of the cheapest and easiest ways to increase curb appeal, making it more attractive for potential buyers. Before painting, be sure to check for any cracks or damage that may need repair before you begin. It’s also important to select a color that won’t clash with other homes in the neighborhood. Consider either matching or complementing existing colors nearby.
10. Extend Your Home
Adding extra space can make a big difference when it comes time to sell your house. If you have an unfinished basement or attic, consider finishing these spaces off into livable areas such as bedrooms or bathrooms—this will not only raise the value of your home but also add usable floor space that many prospective buyers desire.
11. Convert Your Garage or Basement
If adding on isn’t an option, converting existing living space may be the right move for you. Converting your garage and basement can provide much-needed room and help increase the overall value of your property. If you have a basement to convert, you could focus on that and even jazz up your garage to make it more suitable for showing off your cars. With the right garage floors and storage, it can look the part. Then you can focus on making your basement liveable.
12. Upgrade Appliances
Outdated appliances not only hurt resale values but they also can cause potential buyers to pause due to concerns over reliability or repair costs down the road—which means if you want maximum returns on investment upgrading these before listing is key. Where you can, make sure that these are also updated with your renovation work, particularly in the kitchen.
13. Add Storage Solutions
Built-in shelving units or extra closet space will always be appealing additions that give any room a finished look while adding functionality at same time since everyone loves extra storage options no matter what size residence they live in. In addition, it’ll help create an illusion of more square footage even if none was actually added which many times means higher offers from interested parties.
14. Replace Your Roof
A new roof is one of those necessary investments that often pays off in spades—especially if it needs replacing anyway. In addition to increasing market value, replacing an old roof will improve energy efficiency and help lower heating costs during winter months. Two great selling points that potential buyers love.
15. Redo Your Driveway
The driveway is often overlooked when it comes time for renovations, but redoing yours can make a huge difference in both curb appeal and overall market value. Whether you decide on asphalt or concrete—or even pavers if you want something special—the driveway is one area where investing some money upfront will usually pay dividends come sale time.
Adding Value to Your Home While Making it More Enjoyable to Live in!
As you can see, there are plenty of ways to increase the market value of your home without breaking the bank. From minor updates like painting exterior walls all the way up through major projects such as extending your property and converting a space — there’s something out there for everyone. Most importantly remember to carefully consider what makes sense financially before beginning any renovation project. After all, not all improvements will necessarily result in increased market value. So take a good look at what needs doing around your house and start planning accordingly — you won’t regret it.