A home is a place where one feels comfortable and as a haven. It is the only place where you can share happiness and sorrow. A place where we build memories and, over time, a way to build future wealth. This is the place where we can truly just be ourselves.
If a place is so important to you, it becomes your duty to take care of them. As a homeowner, it’s your responsibility to know how important your home is. Whether you’re thinking about selling your home soon or you are planning to live there for many coming years, renovations are the smartest way to increase your home’s resale value to invest your money.
According to a survey conducted among 14000 homeowners by the Harris Poll in 2018, approximately 65% of homeowners in the U.S believed that their homes’ value would continue to rise in the next ten years. While there can be a significant rise and fall in the real estate market, the updates for a home’s value typically remain the same. If you’re interested in giving an upgradation to your home or have plans to put it on the market soon, these upgrades can significantly increase your home’s selling value.
Addition of Beauty
The very first thing one can do to increase the house value is to work over its looks. To leave a good impression on the buyers, home staging must be an option. The outdoors of your house are so eye-catching that the buyer would show their interest in looking at the interior of the house.
Try to maintain the existing landscaping and check if your outdoor doesn’t seem dull!
If it is so, consider planting flowers or repainting the front door. Try Adding some canvas to your home, be it a family photo, a trip to remember, or a canvas collage.
You can take help from an online platform such as Canvaspop, which can give a unique and beautiful touch to your photo collages. Their budget-friendly and beautifully printed canvases add essence to your walls as well as to your memories. What could be better than the collages that are crafted by hand and delivered to you in just a few days!
Once the house’s exterior part gets completed, work over the interiors, especially on the kitchen and bathroom areas. If these two rooms are outdated, they can keep a property from reaching its highest valuation. Kitchen remodeling takes upto 81% of its cost in the added value of an average while 53% for an upscale kitchen remodeling with cabinets, stone countertops, custom, and commercial-grade appliances.
Bring Technology to Your House
If you are thinking of increasing your home’s value, adding “smart” technologies to your house can be a boon. It has been seen in the last few years that buyers are more interested in homes that are more technically equipped. They have preferred houses that contain preinstalled gizmos and gadgets. It is not necessarily that smart tech increases the home value, but it does add to the appeal.
Some of the important smart devices a buyer wishes in the house are
- Fire detectors
- Carbon monoxide detectors
- Security cameras
- Door locks
Unlike renovating the bathroom or replacing the roof, you can usually install the devices mentioned above yourself for about $1,000 or less. So bring out the hidden techies to work and give a technical upgradation to your house.
Give it More Space
Bigger homes often hold higher values, and even if an appraiser doesn’t officially acknowledge the full importance of added space, a buyer will likely notice. The recent median price for the size of a home was $130 per square foot. These homes tend to sell for much more money. Try to find out some open space to make the place feel bigger.
You can also add a room to make your house look bigger or create additional living space by building a deck or finishing the basement. Using little creativity and a high ROI, there are many affordable ways to make your home bigger. If your house contains a wall between the living and dining space, try removing it as it will add an airy space to the inside of your home. If you can’t afford to expand your home, focus on increasing the functionality of the space you have.
Make the house more efficient
Energy efficiency would not seem much use, but it increases the value of your home. In a Survey, almost 70% of real estate professionals said that promoting energy efficiency in home listings was valuable.
Energy-efficient mortgage (EEMs) allows borrowers to take on additional debt to cover both the purchase of the home and energy-efficient upgrades. They also offer low mortgage rates to increase purchasing power. In places that experience extreme cold and hot weather, energy conservative factors play a significant role in rising home values.
You can try LED lighting, double-paned windows, putting solar panels on the roofs, or enhanced attic insulation. These can, one or the other way, help in increasing home value and entice energy-conscious buyers. Schedule an assessment with a certified energy auditor or your utility company to determine where your home is wasting energy and which upgrades will save you the most money.
Try to Make it Low Maintenance House
Most home buyers are worried about the maintenance cost they will spend on the house after buying.
To deal with this, try replacing some major components before putting them up for sales, such as a furnace, water heater, or roof. These are some of the emergency parts to be repaired in a house that will help get you higher home prices. Improvements that can make things easy to clean and maintain also enhance home values. Replacing high-maintenance wood siding with vinyl siding or easily stained carpet with hardwood floors.
The above-described methods can be useful at the same time and will increase your house value. Hopefully, you’ve gained some ideas and motivation to get started on a few fun projects, and you’ll even have time to enjoy them yourself before putting your home on the market.