Whereas some factors like location popularity are out of your control, if you want to sell your house and you’re looking for ways to increase home value, there are many upgrades you can do. Don’t waste your time and money with investments that won’t increase home value, go for safe ones that have a big return on investment.
Home Improvements That Increase The Value Of A House
Some home improvements are more expensive than others but making a few repairs and SMART improvements can increase the value of your house. Then, depending on your budget, you can choose to work on other aspects as well. Let’s take a look at the best ways to increase home value:
Make The House Exterior More Attractive
The first impression matters so the way your house looks from the street is very important. The outside of the house needs to be at least presentable if not in the best condition. See if the exterior walls need repairs or painting and if they do, start there. Pay attention to the front door as well. Does it need to be changed? Or you can get away with repainting it? Also, make sure the landscape is in good condition. Consider planting flowers if the neighboring houses have beautiful gardens. However, don’t overdo it. Instead, focus on keeping the maintenance cost low. You can install a fire pit instead of going for an overly lush landscape that’s hard and costly to maintain.
Upgrade The Kitchen And The Bathroom
Once you’re done with the exterior, move to the kitchen and bathroom. It’s well-known that a modern kitchen can increase home value. You don’t have to remodel the entire kitchen, small investments can make a serious impact. Purchase modern, SMART appliances, change the countertops, upgrade the flooring, paint the cabinets, and update the hardware. Depending on what your kitchen needs you can do some or all of these upgrades.
The bathroom shouldn’t be outdated either so move there next. A mid-range remodel can deliver up to 70% ROI so don’t skip this step. You don’t have to do too many things – sometimes new flooring and updated fixtures are more than enough. However, if you can afford an upscale bathroom remodel, go for it! Here you can include heated flooring or custom made cabinets.
Painting is one of the cheapest upgrades you can make but one that will make a big difference. Start with the areas of the house that really need fresh paint. For example, the front door if it’s covered in dog scratches. Then, focus on the kitchen and bathroom. If you have time and your budget allows you, you can pain the rest of the rooms. Choose a neutral color scheme. It’s the safest option since neutral colors appeal to more buyers.
Keep It Simple
While we’re on the topic of color schemes. Neutral colors work best because they are simple and classic. Make sure the house falls under the same category of simple and classic. Remove wall carpets if you have any, opt for simple cabinets instead or ornate cabinets, choose countertops that are hard to stain, and focus on other cosmetic finishes that create the appearance of a simple and stress-free house. If you have carpets on the floor consider replacing them with hardwood floors that are easier to clean. No one wants to spend a lot of time cleaning and working around the house so the simpler and stress-free it looks, the higher the price.
Make It Low-maintenance
Since we’re discussing stress-free home environments, make sure the house is low-maintenance. Make sure the major mechanical systems work properly and replace them if needed before you put up the house for sale. Many buyers worry about buying a house that needs emergency repairs or constant maintenance. If you can prove that they have nothing to worry about, you’re more likely to make a sale. Improvements on the electricity, plumbing, and heating system are always welcomed. Central air conditioning is also a great upgrade. Furthermore, make any roof repairs that may be in order or better yet change the roof. This will ensure buyers they don’t have to fear water damage and other disasters that can result from an old rooftop.
Make It Efficient
The efficiency of the house has a significant impact on home value. Energy conservation features are valued by buyers, particularly in areas that experience extreme cold or extreme heat. Consider enhanced attic and wall insulation, double-paned windows, efficient appliances, a new water heating system, and even LED lighting. Energy-conscious buyers will surely appreciate your efforts and the more you lower the energy costs, the more the buyers will be willing to pay for the house. If you have a lot of money to spend on home improvement, you can also install solar panels on the roof. They are a big financial investment for sure but they will increase the value of the house over time.
Expand The House
Square footage definitely has an impact on the value of a house. Bigger homes cost more, we all know that but you don’t actually have to make the home bigger, you just have to increase its living space. In order to do that you can finish the basement and turn it into another room or build a deck or patio. You can also build a nice seating area outside the house or create a space for outdoor living.
Make the House SMARTER
Houses can and should be SMART. In fact, in today’s market, buyers are looking for SMART technology in their new home. Think safety-enhancing gadgets such as security cameras, carbon monoxide detectors, fire detectors, door locks, thermostats, power generators, and even lighting. These smart features particularly appeal to millennials who are looking for homes with the right amenities.
How To Pay For Home Improvements
If you cannot afford to pay for home improvements but you want to increase home value, there are financing methods that can help you with your project.
If you’re able to pay the entire balance fast and you don’t need a lot of money for repairs, putting home improvements on your credit card is not such a bad idea.
The interest of a personal loan is lower than a credit card but higher than the one for an equity loan. However, if you do not qualify for an equity loan, this may be your best option.
Home Equity Loan or Line Of Credit
To get a home equity loan, you use the equity of your house as collateral. The loan is determined by the value of the property. Things to consider with equity loans: monthly rates, fees, and interest rates.
Cash-out refinance is a good option if you want a loan determined by the value of your property but you don’t want a second mortgage. This is a popular financing option amongst people who want to do repairs and home improvements so it may be a good option for you as well.