If you’ve asked yourself “What is my home worth?” only to find it’s not nearly as much as you’d hoped, you might want to consider a few options for increasing the value and maximizing profits if you plan to sell. Fortunately, you have a number of options whether you have the cash to go big or you’re on a tight budget.
For those who can afford it, increasing the square footage of a home will have one of the most significant impacts on its value. If you have an unfinished basement, consider finishing it. Or you might add a bathroom which typically brings a high return on investment (ROI).
HGTV reports that a bathroom addition has twice the resale value of a new bedroom. If you only have one bathroom, this is one of your best bets as most homebuyers want to have at least 1.5 baths.
One of the cheapest improvements has one of the biggest impacts on value as it boosts curb appeal: paint. Freshen up the paint on your home’s exterior and it will make it look newer while hiding any imperfections. If you switch colors, don’t go too bold as it could turn off buyers.
When done right, appraisers will increase the value and buyers will perceive your home as more appealing, a win-win. Hiring professionals costs an average of 50 cents to $3.50 per square foot depending on the exterior’s current condition, accessibility, and location, according to HomeAdvisor.com. But the increased value is likely to be worth your investment as it requires doing the job right with proper planning and tools.
If you don’t have the money in your budget to hire a pro, consider making minor fixes by scraping off a little of the paint and having it matched at your local paint or hardware store.
Updating key rooms in the house, the kitchen and bathrooms can make a big difference too. Many homebuyers place a priority on the kitchen and if yours looks like it’s from another era, and not in a good way, you could lose out to your competition. Consider replacing older appliances with new stainless-steel options as well as changing out hardware and fixtures.
For bathrooms, if you can’t totally remodel, perhaps add a modern vanity, refresh the paint, and get some new accessories, like an attractive shower curtain, towel rack, bathmat, wall art, and the like.
Make It Smarter
Does your home have any “smart” gadgets? Smart homes have become increasingly popular as they can help lower utility bills and lessen the impact on the environment.
Energy conservation features tend to have a dramatic impact on home value, depending on the area of the country you’re in. That includes a programmable thermostat which also brings a comfort benefit as homeowners can set them to cool off the home or heat it up just before returning from a long day at work.
Smart appliances make a big difference in saving on energy bills in addition to making your home look more updated.
Make It More Low Maintenance
One of the top concerns home buyers have is purchasing a home that will need constant maintenance. That means if you replace a major component, such as the water heater or furnace, it can ease their worries of an emergency repair in the near future, and possibly get you a higher offer.
Anything that can make your home easier to maintain (and clean) can increase the value, such as replacing an old carpet with hardwood floors.