7 Ways to Boost Your Home’s Value
7 Ways to Boost Your Home’s Value
If you’re
like most homeowners, your house is more than just a place to call home—it’s
also your biggest asset. As such, it just makes good financial sense to invest
in your home with regular upgrades and remodeling projects.
What many
new homeowners fail to realize is that not all home improvement projects are
created equal. If you’re already neck-deep in
flooring options
for your luxury bathroom or kitchen remodel, you might want to take a step back
and ask yourself which projects are going to give you the best bang for your
buck.
In
addition to helping you build
equity,
increasing your home’s value with home improvement projects can also help you
catch the highest offer when it comes time to sell. Besides, knowing which
projects will boost your home’s value the most can be a great tie-breaker when
you’re trying to decide between two potential home upgrades!
With that
in mind, read on to discover some of the best things you can do to increase
your home’s value and get the greatest return on investment:
1.
Don’t Underestimate Curb
Appeal
Who
wouldn’t be drawn to a home with fresh blooms, healthy trees, and a meticulous
lawn? While you shouldn’t expect to recoup 100 percent of your costs, creating a beautiful paver pathway and planting a few beautiful trees
can significantly increase your home’s value and boost its curb appeal.
When it
comes time to sell your home, a well-landscaped yard will make a great first
impression on potential buyers. In addition to adding lush foliage, consider
boosting your home’s curb appeal by replacing your garage door. According to
Remodeling magazine’s 2019 Cost vs. Value report, homeowners can expect to recoup
97.5 percent of the costs on a garage door replacement.
2.
Kitchen Is King
If you’ve
watched enough HGTV, then you know
that kitchens can make or break a sale. Kitchens are a high traffic area that
will get used multiple times a day, and potential homebuyers don’t want to go
through the hassle of a kitchen remodel.
By doing a
kitchen remodel for them, you can increase the value of your home while showing
off a brand-new kitchen to your guests. However, there is a small catch: Minor
kitchen remodels usually fetch a better ROI compared to major kitchen remodels.
According to the 2019 Cost vs. Value report, minor kitchen remodels allow
homeowners to recoup 80.5 percent of costs, while major kitchen remodels only
recoup 62.1 percent.
Rather
than go all-out with your kitchen remodel, stick to minor upgrades such as
updating your kitchen hardware, resurfacing the cabinets and adding an
attractive backsplash. You can also upgrade your kitchen by swapping outdated
flooring for new wood-looking floors.
3.
Add a Deck
If you’re
wondering which home improvement project you should tackle next, a wood deck
should be high on the list. Homeowners can expect to recoup around 80 percent of their
costs by building a wood deck in their backyard.
By
building a new deck, you can create the ideal outdoor living space to relax,
entertain guests, or grill up a tasty meal. It’s also a relatively easy DIY
project to complete if you’re using deck tiles to revamp your space. Designed with interlocking tiles,
this type of decking is both a breeze to install and easy to maintain.
4.
Paint Your Interior
Looking
for a quick home improvement win? Paint your home in contemporary, neutral
colors (think grays, whites, and beiges). Neutral colors make it easy for
potential buyers to picture themselves living in the space, increasing the
likelihood of a sale.
Besides,
painting your interior is often an inexpensive and easy DIY project that any
homeowner can do. Not including the ceilings, painting a 10 x 12 room can range
anywhere from $380 to $790, according to HomeAdvisor, and this
can be knocked out in a single weekend.
5.
Rethink Your Floor
Design
Open floor
plans can completely change the look and feel of a space. They’re all the rage
lately, but is an open floor plan a good financial decision?
Although
the true ROI of an open floor design can be difficult to pin down, proponents
argue that it improves the space for entertainment and communication purposes,
which many prospective homebuyers are searching for in a home. Knocking down a
wall or two could significantly increase your ROI by
anywhere from 50-60 percent, but only if you don’t need to bother
with rewiring or load-bearing beams.
6.
Modify Your Bathroom
Bathrooms
have far evolved from being purely functional. Today, people dream of
Pinterest-worthy bathrooms that give them a spa-like feeling. We’re talking
under-mount sinks, marble countertops, and stone-surround tile in the shower.
While a
mid-range bathroom remodel can
provide you with almost 70 percent of recouped costs, be careful to avoid going all out
to create the ultimate spa experience. Flashy renovations that don’t align with
your neighborhood could price out certain buyers and make your home less likely
to sell.
7.
Integrate Smart
Technology
Millennials
get a lot of flak for living with their parents longer and holding off on
buying homes, but make no mistake—they’re out there hunting for homes, and many
are specifically interested in homes with smart technology.
Smart home
technology that takes all the guesswork out of temperature control, door locks,
sprinkler systems, and more are especially attractive to younger buyers. Such
customizable technologies also save energy and money, both of which are
important to millennials. Consider adding these to your home not only to
increase your home value but also to enjoy the technology that can make your
home life easier!
Small Improvements Add Up
Let’s face it. Home improvement projects can be extremely
daunting. Just remember that you don’t need to do everything at once! Small
improvements such as painting a room or replacing the hardware on your kitchen
cabinets can add up over time and save you money in the end. Once you have a
few smaller projects under your belt, you’ll have more confidence to finally
tackle that new flooring installation or complete bathroom remodel.
About PropertyZar
PropertyZar is a real
estate technology company specifically in the web-based property management
software for owners and professional property managers. Read more Top Property Management Blogs. Learn more www.PropertyZar.com
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