Attempts to raise the value of your home never go out of style. It is a practice that has been in place for as long as the real estate industry has been in place, and it has done a lot of homeowners a lot of good. Whether you have plans of selling your home or are just doing it for renovation and home improvement purposes, raising your home value is certainly a good idea.
When there is a considerable increase in the value of a home - it is known as appreciation. Appreciation is considered to be a positive concept and is not always easy to achieve. Several factors determine property value and also affect it both directly and indirectly.
Home buyers often put in all their savings and hard-earned money into renovation projects that they feel will give a better appeal to their home. Whether they are trending renovation projects circulating the net, or a project that might have worked wonders for a friend - we value our home so much that we jump at the first opportunity we get to possibly improve and increase its value in the market.
However, this is not always the right way to raise your home value. Be it your friends, or good reviews on the internet, adopting ways to raise your home value without sufficient market research will not do you any good. There may be some ways that are suitable for another type of property, but it is not what your property requires.
We know what you must be thinking. There are so many types of properties and so much information on real estate - how do I figure out what is best for my house?
We have come up with 4 ways that work with all types and kinds of housing properties. Now you do not have to visit different sites or read different help books to understand what you should do. These simple tips are not only reasonable, but they also guarantee to increase your home value in just less than a year!
Quick, Easy, and Affordable Ways to Increase your Home Value
1. Paint, Paint, Paint!
There is nothing that works better than getting all walls and other areas of your home, painted again! It is not only extremely cheap as compared to other home improvement options, but it also increases the positive vibe and overall appearance of your home. Whether it is the bathroom, kitchen, or master bedroom, you can experiment with color palettes and see what colors suit your preferences the most. Usually, it is the brighter shades that receive the most visual appreciation.
2. Consider Adding Usable Square Footage
No matter what size your home is, there is always room for some extra square footage! According to real estate experts, homes are usually priced based on their size and the livable square footage that they have in total. Hence, the more the square footage, the more the home value! Analyze your home and see if it lacks anything. Is there a specific space you have always wanted for yourself but never really got a chance? Well, consider this a sign!
Instead of adding more square footage, you can also finish any unfinished space. In case your basement is still not finished, you can add in some more square footage and then get it redone. Make sure there is nothing at home that needs to be rebuilt. If there is, get to work now.
Even when you decide to sell your house in the future, it is the added and finished square footage that will get you the highest value.
3. Prioritize Giving Updates to your Bathroom and Kitchen
Did you know that the bathroom and the kitchen of your home are more valuable than any other room of the house? Home buyers today focus on the comfort of the bathrooms, and the feel of the kitchen. So much interest in these areas of the house is because these are essentials and are used by everyone, with or without choice.
For the kitchen, you can replace old appliances with new and eco-friendly ones. You can also paint the shelves and cupboards to give them a new look. If you have a floored kitchen, you can replace it with tiles or other trending options.
You do not have to fully renovate your bathroom. Keep it basic. Focus on the plumbing and make sure there are no technical issues. Revamp your fixtures and fittings. You can also clear out the vanity and toiletries, and start from scratch.
4. Add to the Curb Appeal of your Home
This tactic is the most impactful, but also the most neglected. Adding to the curb appeal of your home will not only improve the overall appearance of the house but will also attract prospective buyers who are simply just glancing or passing through your home. The fact that your curb is visible even from the sidewalk, makes it valuable. Increasing curb appeal implies making your home more livable, exciting, and in sync with the current trends in the market. You can build an outdoor kitchen, add in a new patio, or decorate the entrance with houseplants and shrubs.
We are very well aware that buying and owning a home is probably one of the most overwhelming decisions that you will ever take in your life. While you love changing and renovating it for the better, you would never want to adopt ways that will harm or reduce the appeal of your home.
When you buy a home, you do not only make a huge investment, but you also commit to spending your finances on every aspect of your home for as long as you own it. Since you might already be spending a lot on paying mortgage loans, maintenance, repair, etc. - given above are 4 ways that are extremely cost-effective and easy to implement.
If you are planning on increasing the value of your home, it is normal to expect good rates of return on your investment. These ways will certainly increase your home value, but there are also full-proof home improvement projects that guarantee you a high rate of return. Consider all these options and then choose the most suitable one.
Now that you have already deep-dived into the concept of property value, why not go all the way in!
Also Read: Home Sellers Guide