Adding Value to Your Home With Simple Fixes and Upgrades
Home improvement projects are the best way to add value to your house. By implementing the right upgrades, you'll be able to attract more potential buyers without hurting your asking price. That's the catch, though - not all upgrades are worth your time and money.
How to determine which home improvements you should decide on, then? The answer is simple - you need to consider the project's ROI (return on investment). It measures how much money or profit one can make on investment as a percentage of its cost.
In short, it indicates how much money you can recover from your project.
Of course, improving your home is not the only way to sell a home effectively. You also need to consider your neighborhood, the current state of the real estate market and make your offer stand out.
Nevertheless, renovating your house should increase home value the most. And to help you make the right call on what to improve, we've prepared the following guide.
Replace Your Garage Door
The best thing about the garage door projects is that they impact both the house's appearance and practicality. What's more, with an ROI of 97,5%, replacing your garage door is one of the best ways to increase the value of your home.
Of course, everything depends on the type of door you get. Choosing a garage door can be tricky, and there are various things you need to consider. Should you purchase one of the Wayne Dalton garage doors? Sectional or slide to the side?
Your choice will affect your house's appearance and security, so make sure you do your research first. The cost of garage door replacement depends on the material. However, it shouldn't exceed $1500.
You can also consider DIY installation, but we recommend you use a professional service. Garage doors can be tricky to replace, and you shouldn't do it yourself if you don't have experience.
Update Kitchen and Bathroom Fixtures
One of the worst mistakes you can make when selling your home is investing in excessive renovation projects. Many people believe that the more they spend on their house remodeling, the better. The reality, though, is entirely different.
If you're looking for the most effective way to increase your home value, it's the minor projects that come with the most profitable ROI. For instance, a moderate kitchen remodel comes with 80% of ROI.
It's the small projects that count. With that in mind, you can, for instance, give your kitchen cabinets a new coat of paint, add crown molding, replace doorknobs, or change light fixtures in your bathroom. In addition to style, such improvements should also increase your energy-efficiency.
Don't go too far, though. An excessive kitchen renovation project may ruin your budget and provide you with a much lower ROI.
Install Hardwood Floors
Flooring plays a crucial role in your home value. If your floors are old, scratched, or full of stains, home buyers will be less willing to investing your property. And when it comes to flooring, your best choice is hardwood.
Changing your old floors with hardwood is a fantastic idea, both in terms of ROI and aesthetics. According to the National Association of Realtors (NAR), hardwood floors allow homeowners to recover even up to 106% return on investment.
That's not all, though. According to one of the NAR's survey, hardwood flooring can increase a home value by 2,5%. It also states that 54% of home buyers are more willing to purchase homes with hardwood flooring instead of carpet.
The only thing that may seem slightly off-putting is the price. Hardwood doesn't come cheap. However, you can save some money on DIY installation or cheaper hardwood alternatives. The overall costs will also vary depending on the space you want to cover with your new flooring.
Replace Windows and Doors
Old windows and doors can negatively affect your home's value. First of all, they look terrible. Secondly, they aren't energy-efficient, and if there's one thing home buyers look for, it's energy efficiency.
A leaky front door and windows can significantly increase heating and cooling costs. As such, if you believe your doors and windows require replacing, make it your top priority.
Investing in modern, insulated low-emissivity windows and a set of new doors will significantly your exterior appearance and resale value.
What's more, entry door replacement comes with a high ROI of 75%. Not to mention it's one of the cheapest ways to increase home value, as an average installation cost is $1000 depending on the material.
Add Energy-Efficient Appliances
With the increasing ecological awareness, more people want to own a real smart home. And while it can be challenging and costly to make your home smart, it doesn't mean you can't do anything about it.
If you don't want to spend too much and still wish to make your house more eco-friendly, investing in smart appliances is an amazing idea to attract buyers and increase home value.
We recommend you consider purchasing:
- Smart thermostat
- Smart lock
- LED lighting
- Carbon and smoke detectors
- Smart shades
These appliances shouldn't ruin your budget too much while increasing your property value. People should also feel more attracted to a smarter home, as it will provide them with more comfort.
Reinvent Your Rooms
It's not a surprise that homes with higher square footage and more storage space usually attract more potential homeowners. And while you can't make your home bigger magically, you can reinvent your rooms to make them seem more spacious.
Take a look at your floor plan and see how you can maximize your space. See what you can change in your living room. A good idea can be to convert your old bathroom into the laundry room or combine your kitchen with the dining room.
The possibilities are endless, but making the right call may require time and skill. Remember that you can always consult real estate professionals like interior designers or realtors to find out how you can make the most out of your space and increase your home value.
Take Care of Your Home's Exterior
When looking at homes, what is the first thing that you see? A curb appeal, of course. How a house look indicates its price and can make a huge difference among potential buyers. After all, who would want to live in an ugly home?
With the right colors, nice looking garage doors, and organized garden, you'll be able to ensure your home makes an electrifying impression. If a house looks astonishing, real estate agents can use it to their advantage and negotiate a higher asking price.
You only have one shot at making the right first impression, and if your potential buyers face a home that stands out from the street in a good way, they'll be more likely to trust you.
Perform Minor Repairs
Besides upgrades, you also need to take care of the necessary repairs. Ensure there aren't any leaking pipes, loose roof tiles and that all your kitchen and bathroom appliances work as they should. Ensure to refinish your wood flooring or clean carpets.
A good idea is also to perform a house inspection. However, make sure you hire a professional to do it. They will check every detail, ensuring you don't skip anything.
Another thing you should do is clean and declutter your entire home. It may not add value to your property, but a tidy house can make a huge difference, as buyers are more willing to spend their money on well-maintained homes.
Many things can impact your home's value. Everything from Shutterstock pictures you use and picking the right time to sell to working with a reliable real estate agent can make the difference.
However, if you intend to get the highest price possible, you should perform the right home improvement projects. Sure, upgrading your estate is a long way that takes time, but there's no better way to add value to your home.
Fortunately, as you can see, there are plenty of things you can renovate to give your home equity a boost. Before making the decision, though, we recommend you take a look at the National Association of Realtors' official site.
There, you'll find which projects come with the most profitable ROI, and as such, are worth your money and time. A good idea is also to compare similar homes in your area to see what kinds of upgrades they have.
No matter the upgrades you add when selling your property, it's essential to make it look clean and organized. Sometimes, even the tiniest things can make the difference. And when it comes to the real estate market, that statement couldn't have been more accurate.
Don't Get Ripped Off At the Flooring Store!
This is how much your real solid hardwood floor will cost:
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- All flooring is 3/4” thick solid white oak (not laminate or engineered)
- Suitable to install over concrete slab
- In-stock items are delivered to your curbside in 7-14 days (continental USA only)
- Easily install yourself, or hire an expert
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- Tags: home improvement
- Easiklip Floors - Harry Chu