A home is one of the best investments anyone can make. Although an emotional experience, a home is a financial decision that can improve your way of life. 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 see its value improve significantly regardless of location. Several other factors, including demand for housing, location, and economy, will come into play when determining the home’s overall value. Nevertheless, a few upgrades are definitely worth the time and effort.
House upgrades aren’t only necessary when looking to sell and provide an excellent opportunity to create a dream home. These upgrades don’t necessarily have to be expensive, either. Outlined below are 6 simple yet effective strategies to improve your home’s value significantly.
1. Update/Improve Its Aesthetic Appeal (House Finishes)
Improving your home’s optics, such as the paint, can have a significant impact on its overall value. Almost every real estate agent in the industry believes applying a fresh lick of paint to any home will see it fetch more than when left as is. The best part of repainting the house is that it is more affordable and easier than other labor-intensive and expensive upgrades. According to research, repainting the house can increase your home’s value by up to 5%. You might also want to upgrade the light fixtures, change the front door, and tend the front garden for even better results.
2. Switch To Energy Efficient Appliances
With energy rates at an all-time high, every homeowner hopes and wishes to keep their energy bills to the minimum. Upgrading to the latest but Energy-Star-rated appliances will thus be good for your energy bills and wallet. This is especially important if your appliances are more than 5 years old. Most appliances manufactured in the past 10 years use more energy than necessary, hence should be replaced for improved 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 home 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 house, especially on workspaces and counters. Deep cleaning will also go a long way in having your home appraised higher too. Give your floor a good mop, wash the baseboards, dust high places/surfaces, and haul any extra junk. Adding LVT flooring can also be a good way to increase worth
4. Invest In Kitchen And Bathroom Upgrades
The kitchen and bathroom are the two most important places in every home. A kitchen renovation or remodel to make it more efficient and practical can boost the home’s overall value by more than 15%. According to research, you are assured of 100% returns on investment on a kitchen and bathroom remodel. New worktops or a stone resin bath can be a great addition. Going all-in on the improvements can see the house fetch even more, though it will be expensive. If your budget allows, consider making full kitchen and bathroom upgrades to see a significant bump in home value.
5. Consider Updating The Basement And Finishing Off Any Unfinished Spaces
You want your home to have finished square footage for accurate and fair valuation. Although you might not be looking into a complete makeover, simple steps such as adding a carpet to rooms with unfinished spaces or drywall on incomplete walls will go a long way in 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 Your Curb Appeal
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, a reason you should work on it. This simply entails adding landscaping features such as fresh mulch and plants and tending to the front garden.
