You don’t necessarily have to have a big budget to make improvements that can increase your home value. But if you do have the ability to make certain renovations, it’s well worth the return on your investment.
1. Make Renovations to your Kitchen and/or Bathrooms
Many real estate agents will tell you that kitchens and bathrooms sell a home.
The kitchen is often considered the heart of the home and can significantly impact a home’s value. A kitchen renovation can range from small upgrades like new countertops and fixtures to a complete overhaul with new appliances and cabinetry. Focus on modern, energy-efficient appliances and durable, timeless materials. An updated kitchen not only adds home value but also enhances your daily living experience.
Bathrooms are a close second to kitchens, and are a critical area for homebuyers. Even making small updates such as replacing outdated fixtures, adding new tiles, or upgrading the vanity can make a big difference. Naturally, the most important bathroom is the master bath. If your budget allows, consider a full bathroom renovation. Modern, efficient fixtures and a clean, contemporary design, including water-saving toilets, can boost your home value.
2. Make Energy-Efficient Improvements
Investing in energy-efficient upgrades not only increases your home’s value but also saves you money on utility bills.
The potential upgrades include installing energy-efficient windows, adding insulation, energy-efficient appliances, and water heaters, upgrading your HVAC system, and using smart thermostats.
3. Updating Your Home’s Finishes: Paint and Fixtures
Fresh paint serves two purposes: First, it can give it a fresh, updated look. Secondly, it preserves the surfaces of your home.
If you are looking to increase your home value before selling, some experts say a fresh coat of paint throughout the house can increase the sale price by as much as 5%. Bright paint can make old services look new, as well as prevent or slow them from degrading. And another place that can add home value is changing fixtures, such as indoor and outdoor light fixtures, door handles, and even doors.
4. Finish an Unfinished Basement
If you have an unfinished basement, it’s an untapped resource for adding valuable living space. Finishing the basement can increase your home’s square footage and functionality.
There are many options for this unfinished space. You can turn it into a guest suite, a family room, a home office, or a playroom. To get the most value out of finishing a basement, be sure to ensure proper insulation, lighting, and flooring.
Even if you don’t have the budget for a heavy-duty makeover, simple steps such as adding carpet and putting up drywall can increase your home value, as it expands the footprint of your finished space. Finished basements are often sought after and can provide a significant return on investment.
5. Enhance Curb Appeal
Your home’s exterior is the first thing potential buyers or appraisers see. Invest in landscaping such as fresh mulch, maintain your lawn, and add some colorful flowers or shrubs. All of these are inexpensive to do and can greatly increase your curb appeal.
Be sure to any exterior damage, such as broken siding or chipped paint. A fresh coat of paint on the front door and trim can also make a big difference.
Also consider pressure washing your driveway and sidewalks for a clean, well-kept look. If you have vinyl siding, pressure wash to remove any mold or dirt stains.
