10 Tips to Increase Your Home’s Value
Guest post by: Irene Trentham
For many people, buying a home is considered a massive achievement. For others, it is a smart investment in their financial future. While regular mortgage payments can build up home equity over time, it is reassuring to know that you can make certain changes and upgrades to increase your home’s value significantly.
Investing in a new garage door, installing energy-efficient features, and sprucing up your landscaping are just some of the quick and easy ways to boost your home’s value. These investments can be highly beneficial if you intend to sell your home in the future. Below are other smart and practical tips to increase your home’s value:
Tip #01: Resurface your cabinets
If you have a limited budget, you don’t have to remodel your entire kitchen for the time being. You can still make dramatic changes to your kitchen by resurfacing your cabinets. You don’t have to replace anything that looks beaten or worn immediately. In some cases, resurfacing would suffice—it can add substantial market value without breaking the bank.
Tip #02: Change the cabinetry colors in the kitchen
While uniform kitchen cabinetry can seem like a good selling point, opting for dark lower cabinets and light upper cabinetry can help ensure you can sell your house for a premium. A 2018 report by Zillow indicated that homes with “tuxedo cabinetry” could fetch $1,500 more than the average.
Tip #03: Install some outdoor lighting
Installing some outdoor lighting in your backyard can help turn your backyard into a great entertaining space while helping ensure you will receive optimal resale value. Some reports indicate that landscape lighting can take you back around $5,000, and you will be able to recoup at least half the cost when you put your property on the market.
Tip #04: Add features that boost energy efficiency
A whopping 70% of real estate professionals claim that a home with energy-efficient features is enticing to many buyers. If you are wondering which energy efficiencies to focus on, remember that the following environmentally-friendly features rank high in many prospective buyer’s lists:
- Energy-efficient appliances
- Energy-efficient lighting
- Heat and cooling costs
- Doors, windows, and siding installations
- Solar panels
- Landscaping for energy conservation
Let’s say you upgraded 10% of your home windows and made them energy efficient. If you opted for a vinyl window replacement, you would spend an average of $17,000. The impressive thing is you are likely to earn over 70% returns on what you paid. This means your home value can increase by as much as $12,000, and you save money on utility bills at the same time.
Tip #05: Invest in technology
Nowadays, many homeowners have become interested in purchasing homes with gadgets and gizmos. A recent survey indicated that some buyers prefer pre-installed smart home products. Some of the modern products many would look for include:
- Smart fire detectors
- Smart carbon monoxide detectors
- Smart thermostats
- Smart locks
- Smart lighting system
- Smart camera
Tip #06: Finish your basement
Some studies show that high-income buyers (individuals earning $150,000 or more) prefer homes with basements. Some experts claim that you can bump up your house into another price bucket if you add more heated square footage. Even an unfinished basement can add around $15,000 to $20,000 to your home’s resale value.
Finishing a basement can cost around $18,400 on average. However, depending on the square footage, the cost can reach up to $34,000. This can include installing flooring and drywall. This also includes painting. The good news? According to Home Advisor, you can recoup up to 70% of the cost.
Tip #07: Open up your floor plan
If you knock out the right wall, you can create a spacious layout many buyers look for. Some surveys indicate that many buyers prefer partially or completely open designs around the kitchen, dining, and living rooms. Aside from allowing more natural light in, an open arrangement can give homeowners more space to play with.
That said, it is still important to keep in mind that you still need robust structural support and definition between spaces. In line with this, consider consulting an interior designer or contractor before making any significant changes.
Tip #08: Consider a paint touch-up
If you are on a budget, it is reassuring to know that you don’t need to repaint your entire house to make it look new again. Pressure wash the exterior to remove any mold or dirt and clean out any paint chips or flaking before you start painting.
It would be a good idea also to paint your trim and front door. If you have a neutral exterior, consider painting your front door with bold colors like forest green, buttery yellow, or powder blue to make it stand out.
Tip #09: Change your bathroom and kitchen fixtures
New faucets, pulls, and drawer knobs in matching style can give your home a modern and cohesive look and feel. Surprisingly, this minimal and inexpensive upgrade can make a huge impact on buyers. Since trends can vary nationwide, you can check what prospective buyers are looking for in your area with a real estate agent.
If you are going for a more classic look, consider investing in oil-rubbed bronze. If you prefer a more contemporary feel, matte-type stainless steel fixtures and brushed nickel would be great ideas to look into.
Tip #10: Install hardwood floors
NAR’s 2019 Remodeling Impact Report indicated that refinishing hardwood floors can help you recoup 100% of your investment when the time to sell your property comes. However, keep in mind that the cost you can recoup from updated flooring will also depend on your house’s price range and current condition.
If you have a higher-end home with decent carpeting, you don’t have to replace the carpets. However, if your carpet has seen better days or if you have pets, investing a few thousand dollars in replacing it is considered money well spent. Some sellers and buyers will negotiate a flooring allowance if you don’t want to take on that cost.
While increasing your home value can seem overwhelming at first, consider attacking one task at a time. You can also enlist the help of experts until you reach whatever renovation goals you may have. It would also be good to focus on tasks that won’t require too much energy or fiscal investment when starting.
About Irene Trentham is the Content Marketing Strategist of Arizona’s Best Garage Door and Repair Company, a locally-owned enterprise that specializes in garage door installation and repair for residents of Phoenix and surrounding areas. She loves to go camping, hiking and do yoga and to spend time with her family and baby girl, Tatum when not writing.