Whether you plan to live in your home for the rest of your days or you are looking to sell it within the next couple of years, increasing the value of your property is a worthwhile undertaking.
There are many different ways in which you can do this, depending on budget and purpose. A simple lick of paint and some new plants can instantly spruce up the key outside areas for a relatively low outlay while at the other end of the scale, you could have an entirely new bathroom and kitchen fitted. Then there’s energy efficient and smart technology which can both help push your property price up.
To get you started, here are six ways to increase the value of your home.
Make the outside more attractive
First impressions are everything, and the first impression anybody gets from your home is the outside. This is known as curb appeal, and it is hugely important to the value of your home. The view from the sidewalk should make those walking past or a potential buyer want to step in through the front door.
That means the house needs to look well maintained. It should be bright and well painted with no apparent defects. The landscaping needs to be pleasant, the grass cut to a pristine level and if your front yard seems dull when compared with your neighbors, then add some flowers.
It doesn’t cost much to buy plants and give the exterior of your home a lick of paint, yet it can give a huge boost to the value of the property.
Remodel the bathroom or the kitchen
The two rooms of the house which can have the most detrimental impact on its value are the bathroom and the kitchen. If either of these looks outdated, then it can bring how much the home is worth crashing down.
Even small changes to either of those rooms can increase the value of your property hugely. According to Remodeling Magazine’s 2018 Cost vs. Value Report, a minor kitchen remodel recoups 81% of its cost in the value it adds to the home. For a bathroom, the figure is 70%.
Of course, if you intend on living in the home for some years to come, then a full kitchen or bathroom renovation is something that you might wish to learn more about.
Turn your home into a low maintenance property
You could live in one of America’s most beautiful homes, but if the maintenance costs of it are high, then it won’t reach anywhere near its full value. If the property is packed with components that are on their last legs, be it an aging boiler or a leaky roof, then the prospect of an emergency repair at some point soon will immediately impact on the value.
Consider replacing any appliances that are nearing the end of their shelf live with new ones. You can also take measures to avoid any possible accidents reducing the value further. Tear up that white carpet in the lounge which is extremely susceptible to mud or red wine stains and replace it with a hardwood floor.
Prevention is better than a cure, after all.
Make your home more efficient
Something that is often overlooked is how energy efficient it is. If it is going to cost thousands of dollars a year to heat or power the place, then prospective buyers can be put off by the idea of outrageous energy bills.
You can make your home more energy efficient relatively easily. Double paned windows will help keep heat in, LED lights will reduce the amount of electricity required, and there are many ways that you can reduce the amount of water you waste.
For those thinking big – and depending on the part of the country in which you live – solar panels are also gaining traction as a desirable extra to have. Yes, they are a big financial and structural commitment, but the long-term value they can add to a property is now starting to be seen.
Make your home bigger
It’s an obvious one – more rooms equal more value. One way that many real estate agents compare homes in similar styles and upgrades is by looking at the price per square foot, so the more square feet you have, the more valuable your property.
Building an extension is one way to increase the value of your home, but that isn’t an option for everyone. In which case, why not turn a basement into an additional bedroom or convert an attic into a study? The more habitable rooms you have, the better.
Interestingly, some real estate agents will also count decking as part of the home. It’s relatively cheap and easy to install in your backyard, and even if you aren’t looking to sell, it will give you a great place to relax on a summers evening and watch the sunset.
Make your home smarter
Technology is beginning to take over every area of our lives, and the home is no different. People will pay big money now for a house that is equipped with smart technology, of which there are all sorts available on the market.
You’ve got security cameras, smart locks, and carbon monoxide detectors for safety and thermostats and smart lighting for comfort. While smart technology might not appeal to everybody, if you’ve got a techie who has to have every single brand new Apple product as soon as it hits the shelf, chances are they’ll be willing to pay more for a home that fits into their idea of the world.
It’s also relatively cheap to turn your home smart. Unlike replacing a roof or renovating the kitchen, you can pick up and install all of those devices listed for under $1000 if you shop in the right places – and they’ll add more than that to the value of your home, as well as making it safer if you aren’t selling just yet.