5 Ways Homeowners Can Increase The Value of Their Home
Homeowners may want to add value to their property for a variety of reasons – one reason being that they have hopes of moving out someday. Another could be to transform their current property into a more innovative space. While for others, it’s strictly a buy and flip type of transaction. Whatever your aspirations are, these tips will help increase the value of your home.
Renovate Your Kitchen & Bathroom
One of the first things every homeowner should do is re-evaluate their bathroom and kitchen spaces. The value of your property can increase tremendously by renovating these areas. The kitchen and bathroom areas are where people spend most of their time. In the eyes of prospective homebuyers, kitchen and bathroom spaces are some of the most important elements of a property.
It’s imperative to decide what project you want to work on first and then go from there. Begin by deciding what aspects of each space you want to focus on – perhaps adding extra space in your kitchen for a new appliance or extending your bathroom to make room for a shower spot. Unique to specific projects, some homeowners could DIY, while others may need professional assistance. Depending on your background or who you know, hiring a professional contractor can save you time and energy by ensuring proper procedures.
Invest In Energy-Efficient Appliances
Another way to increase the value of your home is by investing in energy-efficient appliances. Today’s homebuying landscape proves that house hunters are looking for new, eco-friendly ways to live. There has been a larger emphasis on being environmentally mindful, along with an increase in awareness that these sustainable appliances can save them money on their utility bills.
When searching for energy-efficient appliances, there are a variety of things to search for. Consider the size of the appliance, the energy-saving settings, and also analyze the EnergyGuide Label. This will help homeowners clearly understand what they’re purchasing and what they need in order to create a more sustainable home. It’s also helpful for homeowners to consider a home warranty. This policy covers any wear and tear that may affect the integrity of their appliances. This policy can help homeowners create peace of mind by eliminating the element of paying for replacements or repairs on the spot.
Upgrade To High Demand Finishes
It’s critical for homeowners to recognize interior materials and how they can impact the value of their home. Some may have never thought about upgrading to higher-demand finishes. However, these materials can effectively increase the integrity of certain aspects of your home. Finished materials include quartz countertops, marble floors, and even engineered hardwood floors.
It’s become increasingly more common for homebuyers to evaluate the finishes inside of a home. If you’re hoping to sell in the future, you can enhance your home by choosing finished upgrades that are most popular in today’s market. For example, consider installing a rustic, wooden deck space where you can cook and hang out. Don’t underestimate smaller finishes either. This is a great way to not only upgrade at a lower price point but also intrigue potential buyers. Consider minor changes like exchanging the materials on specific doors and windows for insulation purposes.
Boost Your Finished Square Footage
Square footage plays a significant factor in measuring the market price of your home. If your home has several unfinished rooms, building out these spaces can be a relatively cheap way to add value to your home. For example, If you build an extra bedroom in an unfinished location, this could add tons of usable square footage to your property. The overall process of adding a bedroom itself can increase the value of your home drastically. Turning a two-bedroom into a three-bedroom can be game-changing.
If you are looking to sell, this is a great way to target home buyers looking for properties with a lot of square feet. It’s very common for homes to be priced by multiplying the square footage by a competitive rate for that type of home in your community. All in all, increasing the finished square footage will, over time, increase the value of your property.
Groom Your Landscape
A wide range of homeowners often overlook proper landscape upkeep. The ones who invest their time and energy into perfecting their front yard, backyard, and everything in between will reap the benefits. Consistently cutting and trimming trees, bushes and other plants will prevent scenes of overgrown roots, dead branches, and can allow room for growth. Frequently mowing your lawn, watering your plants, and grooming your landscape will improve an important element of your home, which is curb appeal.
Residential real estate agents place a significant amount of focus on curb appeal, which has become increasingly more crucial. First impressions have a large impact on the value of your home. This concept is what can draw potential customers in or out. The exterior appearance is equally important as the interior when measuring the value of your home. Affordable landscaping to the front of your exterior can help increase a home’s value to both appraisers and potential buyers. Try re-prioritizing the way you take care of the outer components of your home.
There are a variety of advantages to having a home with a high value. It’s important to remember that adding these features will not only improve the value of your home but your quality of life as well.
