Do you need effective and fast ways to increase your home’s resale value?
If you are about to sell your home and your real estate agent is working hand and hand to get it on the market and make it move-in ready for the potential buyer – you will want to increase the value.
Today, we will share a simple increase in your home’s value to ensure the home you sell is where it needs to be to make it worth selling!
First, why does your home value matter?
Your home is one of the most prized possessions and, for most adults in the United States, your most significant asset. Your home’s resale value is its estimated worth at the present moment.
Even if you are not listed on the market, you want to maintain your home’s value so that it steadily increases (ideally). Home improvements may seem daunting, but there are cost-effective ways (below) where you can bump up the dollar value and earn a higher asking price.
Some DIY make take a few hundred dollars, more complex projects make take a few thousand dollars, and a full home remodel may take tens of thousands of dollars, but focus on what’s important here for the long term: Home value! Worth the cost upfront for an easier future ahead.
How to Increase Your Resale Value of Your Home in 8 Steps:
Home renovations come in many different shapes and sizes to give your home the look it deserves. Here are 5 important one’s to think about:
1. Use Energy efficient appliances
Home improvements can spur energy efficiency by the use of smart home technology like a smart thermostat, which can help you save money, cut back on utility bills, and have more disposable for your monthly mortgage payments.
Smart thermostats as well as other forms of tech like in new windows, particularly when connected to your home’s HVAC system in conserving energy, gives prospective buyers the control to manage costs. Strong selling point!
2. Maximize on Curb Appeal
The curb appeal of your home is what attracts prospective buyers in the first place!
Hire a professional landscaper to tend to your grass and shrubs, add a fresh coat of paint to your home’s exterior, and if you have the funds, install an outdoor fireplace, security cameras for protection, and so on! Significant upgrades to make your home stand out don’t need to be top dollar all the time but if you wanna replace gutters, windows, roofs, etc. you can consider this.
If you are on a budget consider pressure washing instead of replacing things like garage doors, etc. Rule of thumb:
If you can’t say to yourself you’d buy your house, you need to add life to it, and if your real estate agent says no, your home definitely needs work!
3. More usable square footage, the better!
When you are limited on land and space on your property, it is always a smart call to add an additional living space. An accessory dwelling unit can make a lot of sense with similar amenities like a bathroom, kitchen, master bedroom, laundry room, and guest rooms if applicable, which can be seen as a tremendous value add to prospective buyers.
4. Do a kitchen renovation
Home buyers always flock to see the kitchen when they can see inside a home for sale! Kitchen renovations are very pricy endeavors. According to the national association of realtors (NAR), the national average cost of a complete kitchen remodel is $80K, where your return on investment is likely 75% of the price.
However, you do not need to drop that type of money if you don’t have it. Minor remodels can like installing hardwood floors in your kitchen, one of many capital improvements to keep your home updated.
5. Sprucing up your exterior doors with paint
Your front and garage doors are the first thing you see when prospective buyers first step foot on your property. Give them another reason to buy by upgrading if necessary and applying exterior paint if applicable to renew its look.
Painting the outside of your home is inexpensive and can make your house stand out.
6. Paint the interior.
Maximizing the power of a fresh coat of paint is a must! For a few hundred dollars you can have a few rooms painted or for a few thousand dollars, you can have the entire interior of your home painted.
Whatever you decide, paint is an inexpensive way that real estate professionals will recommend to help sellers increase their home value. A modern colored coat of paint goes a long way on older homes!
7. Declutter your house
Not even a home improvement, but decluttering your home can be a huge value add! Potential buyers want to envision a home with space and while decluttering doesn’t actually add square footage, it can give the impression your home is larger! You also don’t have to take out a personal loan for this one, either!
8. Upgrade to granite countertops
Upgrading to granite countertops is often worth the money if you can’t complete a kitchen overhaul. Many homeowners will DIY paint their kitchen cabinets, have someone install granite countertops, and change out the faucet or light fixtures. While your home’s value will certainly increase with new countertops, make sure you have it within your budget!
How to pay for home renovations:
Here are some examples on how you can finance these home improvements
Personal loan
- Unsecured, fixed loan with fixed interest rates.
Home equity loan
- Secured, a lump sum of cash loan with fixed or variable interest rates.
Save up
- The best way to increase your home’s value is to save up and pay for it outright. When you look to make things energy efficient or even add some square footage, the ROI needs to be worth it if you take out a loan.
Cash-out refinance
- Convert home equity you have into cash through refinancing your mortgage. Closing costs should be considered.
Note: Secured = loan backed by collateral-financial assets you own
Where can I get help for home improvement projects?
Whether its a major renovation or a minor remodel, the most value will come from those, who are skilled and have extensive expertise in home improvement. Chances are that’s not you, and that’s ok.
One wrong move and you could be set back tens of thousands of dollars. Ask a lot of the DIY people who try this!
Check out local home improvement and remodeling companies and professional contractors, compare prices, and see which offers you the best service. Potential buyers will also do so when you take your home value seriously.
What’s the Verdict?
Prospective buyers are on an avid hunt for excellent home value, and when you increase your home’s value, you find yourself in a pretty good spot in the housing market! While home improvements take concerted efforts to complete, each contribution you make is a vote of confidence for future buyers.
Ultimately, being proactive can save money, time, and peace of mind instead of procrastinating until the last minute. Think ahead, plan, ahead, and if you ever need any help and/or guidance, you know exactly who to call!
