7 Simple Steps to Increase Your Home’s Value
Watching home values steadily increase is an exhilarating experience, but can oftentimes leave homeowners confused when it comes to choosing the correct improvements that will yield the highest profit margins. We are here to tell you this: that very process may be simpler than you imagine it to be!
For starters, you will want your main focus of improvement to be the kitchen and bathroom(s). Remodeling Magazine said that homeowners who did major renovations on their bathrooms received a return between 88 to 91 percent of the investment – that’s a big deal! Now, this does not imply the entire bathroom needs to be gutted; smaller upgrades can still make a monumental difference, such as new light fixtures, towel racks, or even a nicer sink.
When a potential buyer walks into a home, what is one of the first things they look for and notice? You guessed it – the kitchen! Improvements here such as updated cabinets, new flooring, or adding in modern and energy-efficient appliances can truly maximize the value of the kitchen. Keep in mind; it is best to ensure any upgrades you add will improve both the look of the kitchen and overall functionality.
In addition to the aforementioned improvements, integrating energy-efficient technologies such as new windows, upgraded electric outlets, wiring, plumbing, digital thermostat, HVAC, or even adding an electric car charger will expand your profits quite a bit. This can feel costly upfront, but these improvements will pay off!
As a homeowner, it is important to keep up with the aesthetics of your home, as this can also improve the value of your home. Though painting the interior of your home does not dramatically increase the value, it is a thoughtful touch and can change a room dramatically! If the exterior of your home needs some upgrading, painting the outside in addition to the interior will be a huge bonus. Adding simple touches like upgraded hardware and updated lighting (such as canned-lighting) will help tie everything together, and will ensure value increase.
It goes without saying, the more bedrooms there are, the better (in most cases)! With that said, it would be beneficial if your home allows, to convert a den or garage into an additional bedroom. Please note, in order to abide by code, each bedroom must have both a window with proper ingress/egress and a closet.
Last – but certainly not least – is curb appeal. If you have a beautiful home, yet a poorly-kept yard, that doesn’t help anyone! Consider replacing the lawn with a garden of fruit trees, fresh grass, or fresh mulch.
*All of the items listed above can be done cost-effectively, and it is not necessary to go over-the-top to ensure a spike in value. It is important to find a trustworthy contractor if you do not intend on doing these upgrades yourself!