How To Increase Home Value (Top 7 Tips!)
Not all home renovation ideas are equal. There are a lot of different ways to increase home value, though some of these ideas are better than others in terms of the return on investment (ROI). For first time homeowners, it can feel a little overwhelming when it comes to the amount of projects you want to do to increase your home’s value. Thankfully, there are known surefire ways to increase home value that are determined to be more effective at increasing the value than other home improvement tips. There is definitely a fine line between home improvements that increase appeal and add resale value, and renovations that hardly affect your ROI at all! For how to increase home value with the ultimate best home improvements, keep reading!
#1 Update the Essentials & Cut Energy Costs
Are your appliances old and outdated?
Not only is it a good idea to update your essential home appliances for aesthetic purposes, but this is also a good idea to help you cut down on unnecessary energy costs. Check on your water heater, electrical panel or furnace — how old are they? These items are critical to maintain and to keep updated since home essentials with an Energy Star rating is government-certified to reduce energy use by 10-15 percent.
Consider other energy conservation features, as well.
For instance, double-paned windows, LED lighting, updated attic insulation, and efficient appliances are one of the best home improvements to increase your home’s value and entice energy-conscious buyers. Fancy new appliances will not only make your home look good, but will also help you be light years ahead of your competition, should you decide to sell your home. If you’re not sure how to increase home value, one of the best home improvement tips is to keep your home’s mechanicals and appliances up-to-date.
#2 Paint, Paint & More Paint!
Updating the paint in every room of your home is the simplest and most cost effective way to increase your home’s value. If you’re not sure how to add value to your home, consider updating your home using the 6 tips in this guide, and then, after all else is done, paint your walls!
High quality paint adds value like you wouldn’t believe.
According to a 2017 study, 62% of realtors recommend painting for homeowners looking to sell. Why is this? Simply because a fresh coat of paint can instantly update your home. When painting your home for potential buyers, keep in mind that neutral wall colors appeal to the highest number of people, which therefore makes your home in general appear more valuable to a larger number of people. Additionally, keep in mind that lighter colors make small rooms appear larger. On average, a gallon of paint costs around $25 — the price isn’t too steep, so go ahead and get started!!
#3 Kitchen & Bathrooms
For the greatest return on investment, update your kitchen and bathrooms. Based on HomeAdvisor’s annual True Cost report, a significant number of millennials have compromised on the size and condition of their first home, opting for older homes that need repairs, to be able to afford homeownership at all. These older homes tend to have outdated kitchens and bathrooms, the two most travelled rooms in a room. Thus, if you’re looking for how to increase home value for a potential buyer, kitchen and bathroom updates are an absolute must — even just small updates will add value.
- Swap out your old microwave and refrigerator to new, updated models. Make sure all appliances match.
- Update your appliances to stainless steel and your countertops to quartz in your kitchen.
- Repaint or replace all cabinets in kitchen.
- Revive old flooring in both kitchen and bathrooms with tile or vinyl.
- Add a backsplash to your kitchen.
- Swap out your old fluorescent overhead lighting for monorail lighting.
- Update your vanities, toilets and fixtures in your bathrooms.
- If space allows in either kitchen or bathrooms, add storage. A home with too much storage is infinitely better than a home with too little storage.
#4 Curb Appeal
Not sure how to increase home value? One of the best ways to increase home value is to improve your curb appeal. While it is equally important to have updated internal fixtures, an updated curb appeal can significantly impact a buyer’s first impression. Believe it or not, but the first impression makes a lasting impact on a potential buyer. Thus, check out these home renovation ideas to help you update your curb appeal:
- Paint or replace your front door.
- Paint your siding, trim and window shutters.
- Plant native trees, shrubs and flowers in your front yard and backyard.
- Accentuate the walkway to your front door with flowers or lanterns.
- Clean your gutters.
- Keep the lawn mowed and watered.
#5 Update Floor Plan & Add Square Footage
When you strategically increase the amount of living space in your home, you are making one of the best home improvements that increase value to your house. A great way to add square footage to your home is to add a deck, finish a basement or an attic, or add an addition such as a sunroom.
Today, one of the most valued features in a home is an open floor plan. If you’ve purchased a home with a closed-off or choppy layout, one of the best ways to increase home value is to tear down an unnecessary wall or two. An open floor plan with flexible living space allows a greater number of potential buyers to see the possibilities for their families. If you’re struggling with how to increase home value, check out these home renovation ideas to update your floor plan and add square footage to your home.
Home renovation ideas:
- Finishing a basement or an attic is the most common way homeowners add usable square footage to their home. This can cost anywhere between $10,000 and $50,000 depending on the size of the space and the level of completion the basement/attic is at when you begin the renovation. These additional living spaces are significant for buyers because the spaces can be customized to suit their specific individual and family needs. For instance, someone who works from home could set up the finished attic as their office. Additionally, a young family could organize the finished basement as a playroom for their children.
- Tearing down unnecessary walls is the primary way homeowners create an open floor plan. Different rooms can be designated with different flooring, if desired.
- Adding more bathrooms and bedrooms can significantly broaden your buyer list, if you’re looking for how to increase home value to sell your home. When house hunting, many buyers will consider homes with more bedrooms or bathrooms than their family needs, but hardly do they consider less.
- Adding an element to the exterior of your home, such as a deck or a backyard patio, will not only increase the square footage of the home, but also the number and kind of activities you can enjoy in your home.
#6 Make it Smart
In this day and age, modern “smart” technologies are all the rage. Who doesn’t want to be able to control the lights from the comfort of their couch, bed or bubble bath? Beyond the ability to make your home more comfortable, smart technologies are increasing your home’s security.
Smart home technologies are increasingly more popular and prevalent in homes today, and for good reason! Smart technologies add appeal, allow you to crack down on your home security and can easily be installed by the homeowner (rather than requiring a professional installation!). Safe and smart devices include thermostats, carbon monoxide detectors, fire detectors, security cameras, door locks and lighting and sound controls. If you’re unsure how to increase home value, this is one of the best home improvement tips to add appeal and intrigue to potential buyers.
#7 Get a New Roof!
Not sure how to add value to your home? Get a new roof!! If you’ve lived in your home a while, chances are your roof has seen some wear and tear and could probably do with a little updating. If you’re looking for how to increase home value for potential buyers, a new roof will help to assuage fears of water damage, rodent infestations or other home disasters. A new asphalt shingle roof for a typical 2,300-square-foot house will cost around $6,000.
And there you have it!
The top 7 home improvement ideas to help you determine how to increase the value of your home. These 7 tips are by far the best ways to increase home value when compared to all other house remodeling ideas. Though there are a lot of ways you can add value to your home, these 7 house improvements are the most effective ones to add significant value to your home.
This post was written by Kara Roberts, blogger and content writer for Canvas Vows. We specialize in creating custom made canvas prints and have been featured in a number of publications, including Brides. For more interior design tips, gift ideas, anniversary celebrations, and personalized canvas creations check out our blog!