A home is one of the best investments a person can make. Although home is an emotional experience, it is also a financial decision that can improve your lifestyle. This is because you can build home equity and improve its resale value over time. Although most assets will depreciate at some point, keeping your home in the best condition possible with a few upgrades can significantly improve its value regardless of location. Several other factors, including housing demand, location, and economics, will play into determining the overall home value. However, some of the upgrades are definitely worth the time and effort.
Home upgrades are not only essential when looking to sell and provide an excellent opportunity to create a dream home. These upgrades don’t have to be expensive either. Below we outline 6 simple yet effective strategies to dramatically improve the value of your home.
1. Updating/improving its aesthetic appeal (house finishes)
Improving your home’s visuals, like painting, can have a huge impact on its overall value. Nearly every real estate agent in the industry believes that applying a fresh coat of paint to any home will bring more than if left as is. The best part about home repainting is that it is affordable and easier than other labor-intensive and expensive upgrades. According to research, home repainting can increase your home’s value by up to 5%. You may also want to upgrade the lighting fixtures, change the front door, and take care of the front lawn for better results.
2. Switch to energy efficient appliances
With energy rates at an all time high, every homeowner hopes and desires to keep their energy bills to a minimum. Thus, upgrading to the latest Energy Star rated appliances will be beneficial to your energy bills and wallet. This is especially important if your devices are more than 5 years old. Most of the devices manufactured in the past 10 years use more power than necessary and therefore need to be replaced to improve energy efficiency. Equipping your home with energy efficient appliances will make it more attractive to potential buyers and improve its overall value.
3. Declutter, clean and organize your home
cleaning your house is one thing; Keeping it clean and well organized is another. Consider removing items you no longer use but are taking up space in the home, especially in workspaces and counters. And a deep cleaning will go a long way in raising the value of your home as well. Give the floor a good mop, wash the baseboards, dust high places/surfaces, and haul up any extra junk. Adding LVT flooring can be a good way to increase value
4. Invest in kitchen and bathroom upgrades
The kitchen and bathroom are the two most important places in every home. Renovating or remodeling a kitchen to make it more efficient and functional can increase the overall value of a home by more than 15%. According to research, you are sure of 100% returns on your kitchen and bathroom investment. New countertops or a stone resin bath can be a great addition. Doing everything in the improvements can see the house bring in more, though it will be costly. If your budget allows, consider complete kitchen and bathroom upgrades to see a significant rise in home value.
5. Consider updating the basement and finishing off any unfinished spaces
You want your home to be finished by square feet for an accurate and fair appraisal. While you may not be looking for a complete makeover, simple steps such as adding carpet to rooms with unfinished spaces or drywalling over unfinished walls will go a long way to improving its value. As long as all spaces are finished and usable, you are assured of a higher value at the end of the day.
6. Work on resuming your limit
Improving your home’s curb appeal will also have a significant impact on its value. The visual aspect is a major selling point for most homes, and it’s a reason you should work on it. This simply entails adding landscaping features such as fresh mulch, plants, and caring for the front lawn.