If you are thinking about selling your house, you must also be thinking about getting the most value and the best deal for it. It is best to make a few adjustments to your house to please the buyers and give yourself the leverage to negotiate the best possible deal.
Even if you plan on selling your home a little later down the road, it is still worthwhile to make some improvements with ROI in your mind. You can increase the value of your home by up to 20% by making some subtle improvements. Here are some of the best improvements that will drive the value of your house up:
The tried and tested methods.
Sometimes the best path to take is the one that is traveled on the most. These methods that we will discuss below have been around for a long time and are known to increase houses’ value. They might be a little bit on the expensive side of things, but they are worth the time and effort when you consider the ROI aspect.
The kitchen is king?
At this point, it is a fact that anyone interested in buying a house will base their offer and decision after taking a good, hard look at the kitchen. An up to date kitchen is a huge selling point for most buyers, and it adds to the value of your house tremendously. For most homeowners, you don’t need tobuild a new kitchen from scratch. A few changes here and there can give a unique and refreshed look to your kitchen and catch buyers’ eye.
This is going to cost you anywhere between $5000-$10,000, depending on the list of renovations that you decide on. For starters, the latest appliances, new flooring, and countertops, along with a fresh coat of paint, are enough to make your kitchen seem very desirable. I will add 5-7% to the overall value of your house.ย
Flexible floor plans
This is a relatively new trend among buyers and one that you should keep in mind firmly when thinking about ways to increase your home’s value. Bigger is not better anymore. It is how the space functions that matter more now. Open floor plans that have the option of flexible living spaces are the most desirable right now. The two major aspects of your house that you can focus on for this are the attic and the basement.
You can remodel them from anywhere in the range of $10,000 to $50,000, depending on your changes. This might seem like a lot, but the ROI that it will provide you by increasing the value of your home is worth it. There will be plenty of buyers lined up once they hear the terms granny flats, flex rooms, and upstairs laundry room. This can increase the value of your home by 5-8%.
Energy costs
The cost of living is a major factor when deciding on buying a home. Energy bills are a major contributing factor to the cost of living. Buyers now take serious notice of the house’s energy consumption before they put in an offer. The lower the energy consumption, the better the request will be.
This is a very creative and efficient way of increasing the value of your home. You will need to change these subtle things to get your house tagged as “energy-efficient.” For example, you can add water heating. You can install high-efficiency windows. Even something as simple as replacing your lights with LED lights can do wonders for your house’s overall value. The increase in cost that this improvement can provide is 1-3%.
Home-office
This is again a relatively new trend among buyers. With more and more people being given telecommute, home-offices are becoming a major factor for buyers. A simple space in the house that they can dedicate to be their office will do wonders for your home’s overall value.
Add a deck
This might sound like going overboard but bear with us for a second here. You will recover more money than the cost of installing a new deck to your house when your house is sold, which means that you will make a profit on this investment. It is a great way to make buyers line up and get the best offers. A new shiny deck adds tremendous value to your house. If you plan it out and make your deck unique, it can become a major selling point for any buyer. So, think about it.
When in doubt, paint
There is no simpler and more reliable method of increasing your house’s value than giving it a completely new and fresh paint job. It breathes new life into the house and makes it look even more appealing. Going for lighter colors in the living rooms makes them seem bigger and more inviting. Going for a neutral color scheme is also a wise choice as it allows the buyer to imagine what space will look like once they have moved in. Make sure to use high-quality paint.
It is a small investment already costing you between $200-$500. You can do it yourself, or if you don’t have the time, you can hire a professional. The bottom line here is that make sure to get your house painted before putting it up for sale if you want to increase the value and get the best offers. It can bump up the value of your home by 1-3%. That’s a tremendous ROI if you ask us.
Home improvements of a budget
Now that we have covered some of the conventional methods that can increase your house’s value let’s take a look at some of the ways that will cost you under $100 and still add value to your property.
Invite an expert over
Sometimes, we don’t realize the value of what we have until an expert comes around and tells it to us. Invite a designer over; they charge less than $100 an hour and will be able to give you valuable suggestions about the color schemes or furniture placement that can elevate the look and feel of your house without spending a penny on the renovation. Implementing these simple changes suggested by an expert can increase your home’s value and make it seem more appealing to buyers.
Inspect it yourself
Maybe your house does not need a facelift at all. Check your home for termite infestation or any pest infestation, deteriorating floors, and outdated electrical or water systems. You can also hire someone to give you a rundown on what needs to be fixed. After all, you can’t fix it if you don’t even know that it is broken in the first place. These minor improvements to the house’s overall quality can add relatively serious value to your house and help you get better offers.
DIY
If you consider yourself handy with tools or are a creative thinker, then put your hard hat or thinking cap on and get to work. Look for inspiration online or in magazines and try to replicate whatever you like. Just keep in mind that you are on a budget. Anything useful that you can add to your home yourself will bump up its overall value.
Plants
If you have a yard in your house and plan to sell your house sometime in the future, you should plan and prepare for it now. Plant a beautiful tree in your backyard, and by the time you are ready to sell your house, it would have grown into a mature tree. This will make your house more desirable because of the landscaping aspect of it. It is a little thing that will cost you nothing and add value to your home. Plus, it’s good for the environment.
Water filtration
Get a water filtration system installed in your kitchen. This is a great way to save money on water, and it also adds value to your home. This is a simple upgrade that will have significant benefits. You can enjoy clean drinking water while reducing your utility bills at the same time. Forget about bottled water. Any buyer who comes to take a look at your home will surely take notice of the water filtration system. Who knows it might push them towards making a fair offer?
Update the Bathroom
We are not talking about tearing down the walls and completely getting your bathroom redone. We are talking about small changes that will make a significant impact on the buyer. Replace the old and worn out wallpaper with a fresh textured new one. Replace outdated lighting. These small features will make your bathroom look modern and stylish. It will add value to your house and appeal to the buyers.
The best ROI improvements for the maximum increase house in value
We have discussed both major and minor house improvements that you can make to increase your house’s value. Now we are going to talk about numbers. Some upgrades will provide you the best ROI and add to your property’s value. Let’s take a look at the best ones:
Garage door
You can replace your garage door; this is an investment that is safe and sure to add value to your property. It will cost you between $3500-$3800, and you will be able to recoup more than 95% of this cost after the house’s sale.
Stone veneer
This is another excellent way to add value to your home and attract more buyers. It gives your property a facelift and makes sure that your house stands out. This improvement will cost you between $8800-$9200, and you will be able to recoup more than 94% of the cost after the sale of your house.
Siding replacement
This is not a cheap solution by any means, but it surely is a guaranteed way to increase the overall value of your home. It can cost you, on average, upwards of $15,000, but the ROI on it is great. So, if you can afford it, it is one of the best ways to bump up your house’s value.
Entry door replacement
This is one of the more budget-friendly options out there. If you replace your entry door, it will cost you between $1800-$2000 and add good value to your home. The ROI on this is not bad, either.
Window replacement
This is another excellent way to increase the value of your house. It is not the most cost-effective, but it is a tried and tested option. It can cost you upwards of $16,000, but it is a great way to add value to your property and interest buyers.
It might not matter much to you right now, but when the time comes to sell your house, you will want to make sure that you get as much value for it as you can. It is essential to invest some time and effort into making sure that your house needs minimum work to be ready for buyers when the time comes.
You should start increasing the value of your home now and make it a priority. This is very useful for getting reasonable offers for your property and having buyers interested. Instead of undergoing a significant overhaul project, you should consider using some of the methods mentioned here to add value to your property little by little. It will pay off in the long run. We hope that this article helps you in increasing the value of your home. Best of luck!ย ย
