How to Increase Home Value
How to Increase Home Value
No matter what data you read, you’ll find that real estate is almost always the largest asset class. In the US alone, the total value of residential homes is $29.6 trillion, according to a 2016 report from Zillow. Yes, that’s trillions, with a “T”.
You probably want a piece of that trillion-dollar pie. We don’t blame you.
When you bought your home, you were maybe thinking about how big of a purchase it was. But if you get a fair price and take care of your home, buying a home actually isn’t a purchase. It’s an investment.
With that said, you should learn how to increase home value. That’s how you can see great return on your investment.
Here’s all you need to know about how to increase home value:
Make sure the home runs flawlessly
As Daniel DiClerico, a home expert, states, “it’s important to keep the major mechanical systems in working order.” This is because many buyers have used up most of their savings on the down payment.
In short, if you’re looking for ways on how to increase home value, you have to realize your home is worth more with updated plumbing, electricity, and heating. Why? Replacing these systems is expensive. Make sure these are running well. If not, make the investment to replace or fix them. Also, ensure there are no foundational issues (a killer to home value).
Note: If you’re planning to sell (and not just trying to boost your equity), you should get an inspection from a professional and tackle any issues. You must keep up with maintenance and repairs before you put your home on the market.
How to increase your home value aesthetically
Who said looks don’t matter? When finding how to increase home value, looks absolutely matter. Yet it’s crucial that you know the difference between projects that boost the value and those that don’t.
According to Michael Corbett, a best-selling author on real estate and host of EXTRA’s Mansions and Millionaires!, “the rooms buyers most closely inspect (and judge) in a house are the kitchen and master bath,” as these are the most expensive to remodel. If you ask your realtor how to increase home value before putting the pad on the market, these two rooms will undoubtedly be mentioned as focal points.
So, make the kitchen look spectacular by adding stainless steel appliances, granite countertops, and a breakfast bar. Make the bathroom shine with dual vanities, tile floors, and a sparkling tub.
In addition to improving the kitchen and master bath, consider the following home improvement tips to increase property value:
- Repaint certain rooms if needed, as outdated paint scares people
- Clean up and organize rooms to increase the amount of living space
- Replace old carpets or just say yes to hardwood floors—you won’t regret it
- Add a bedroom. If you have three bedrooms with a den, that den can be considered a bedroom if it has a closet, so put one in.
Additionally, you should make your home greener. Add energy-efficient fixtures like a decorative ceiling fan, find ways to increase natural sunlight, and go green with a solar water heater (it’s expensive, but pays off in the long run).
How to increase home value by improving your home’s curb appeal
Look up how to increase home value, and you’ll immediately find that the outside appearance matters a lot. Here are a few home improvement tips you should consider for your exterior:
- Plant a tree and build a garden, with decorative additions like arbors, birdbaths, and fountains.
- Ensure there are no issues with the landscaping, like a patchy lawn. Keep the lawn cut and looking good.
- Create a patio or balcony that’s conducive for hosting friends and family. Who doesn’t like a place to relax, eat, and socialize?
- Improve the entry—because that’s where your home makes its first impression. A wood grain door with fresh paint looks great. Resurface the walkway, too.
On top of these cosmetic improvements, you should replace old gutters and downspouts if needed. Replace exterior siding and renew paint. If the driveway isn’t in the best shape, resurface the concrete there as well. That’s an easy way on how to increase home value without too much expenditure.
Make your home a great investment
Now that you know how to increase home value, you may be thinking about a plan of action. You don’t have to follow all the home improvement tips on here, as it may not be necessary or financially feasible. But do what you can and call home renovation contractors to help with anything you feel you can’t perform properly on your own.
Even if you just do some upgrades, you’ll see the value of your home rise. And you’ll be all smiles. That calls for a celebration barbecue.