5 Ways to Increase Home Value
1. Improve the Appearance
How your home looks from the street, otherwise known as curb appeal, is your first chance to make a good impression on prospective buyers. A home’s exterior needs to make a potential buyer feel the urge to walk through the front door and see the rest of the property. Speaking of front doors, a good place to start is to refresh that old door to look newer and more inviting.
Be sure your current landscaping is well-maintained. Compare your yard to your neighbors to see if yours looks dull in comparison. Consider planting flowers, trimming your greenery, and refreshing your lawn.
With the exterior in check, it’s time to focus on the kitchen and bathroom. These two rooms can keep a property from reaching its highest valuation when they’re outdated. However, major updates usually aren’t necessary. A minor kitchen remodel has been found to recoup more cost in added value versus a major remodel. Consider repainting the walls, refinishing the cabinets, updating hardware, installing new flooring or countertops, upgrading light fixtures, and adding a backsplash.
The same is true for bathrooms. Performing a midrange remodel with new flooring and a few updated fixtures will deliver better returns than a more upscale remodel. So hold the heated flooring, custom cabinets, and designer fixtures.
Overall the rest of the house can find an improvement by repainting walls, replacing flooring or carpet, and keeping a clean well-maintained look.
2. Make it Easy to Maintain
Many home buyers' main concern about buying a home is that it will need constant maintenance or major repairs in the future. By replacing a major component before putting it up for sale, you can alleviate some of this fear and help attain a higher sale price. Things like the furnace, water heater, and even the roof can be a good place to start.
Improvements that make the house easy to clean and maintain can increase the home value as well. An easily stained carpet can be replaced with hardwood floors and high-maintenance wood siding can be replaced with vinyl siding.
3. Increase Efficiency
Energy conservation features can have a significant impact on home value, the infamous Austin, TX heat can have a large impact on energy expenditure. Energy-efficient mortgages or EEMs allow borrowers to take on additional debt to cover energy-efficient upgrades on top of the purchase of the home. EEMs can also make it easy to get lower mortgage rates and increase your purchasing power, according to Energy.gov.
Consider installing double-pane windows, enhancing attic insulation, using LED lighting, and installing energy-efficient appliances to increase home value and attract energy-efficient buyers.
A step further could involve putting solar panels on the roof. Our agents have found solar panels to increase the perceived value of the home to energy-conscious buyers. With the large financial and structural commitment they come with, it only makes sense for increasing the value over the long term, don’t expect a quick boost in value.
You can schedule an assessment with a certified energy auditor or your utility company to see where your home is wasting energy and understand which updates will save you money and increase your homes’ value.
4. Improve the Size of the Space
Square footage has a substantial impact on value. In fact, price per square foot is one way we help clients compare homes that are similar in style and upgrades.
Larger homes often command larger values. Even if an appraiser doesn’t officially acknowledge the full value of added space, a buyer will likely take notice and increase their desire.
The most obvious way to make your house bigger is to add a room, but that’s not always an option. Creating additional living space by finishing the basement or building a deck can be a more simple way to achieve a similar outcome.
5. Add Smart Tech
Gadgets that enhance the safety of the home top the list of “smart” technologies buyers want in their new homes. These safe and smart devices include things like thermostats, fire detectors, carbon monoxide detectors, security cameras, door locks, and lights.
We find that while these devices won’t always directly add value to the home, they can increase the appeal to a prospective buyer over other homes.
Those who describe themselves as “tech-savvy” are more likely to pay more to have this smart tech.
Usually installing gadgets like these is relatively cheap and easy to do compared to other home improvements.