How to Increase Home Value
If you are planning to sell your house, you may be wondering if a renovation is a great idea, especially in boosting up your home’s selling value. Should you add hardwood floors? Should you knock out a wall to create a more spacious room? Or should you dig up the backyard and add a pool? The thing is, change isn’t always great, no matter how expensive it is. If you would like to increase the value of your home, you have to weigh in on a lot of things and not to go crazy with unnecessary additions that may do more harm than good.
But before you consider any drastic changes, you must first ask yourself this “Is it really good to remodel before selling?” Most consumers are tired of receiving mixed advice about prepping their home for sale. Some realtors may advise you to simply slap on a coat of fresh paint, while others will advise you to replace your kitchen with a more modern and convenient one. With all of this conflicting advice, how are you supposed to know what to do in order to successfully sell your home?
Quite honestly, this is really a matter of opinion and what you think is the best decision for your situation. For example, if you are considering selling your home in the near future (one to three years), you might want to update your kitchen or bathrooms now while you are still there to enjoy the results. If you want to sell next year, you might decide that the investment and stress of a major remodeling project is too much of a hassle at this point in your life. Once you have identified your personal goals, it will be easier to decide whether a remodeling investment is worth the effort.
You may also checkout this link if you are still uncertain on remodeling: Should Your Remodel Before Selling?
However, if you are really set on pursuing renovations now, here are our tips that would help you make the right changes and improvements that would certainly increase your home’s resale value.
- INSPECT
For you to know the necessary changes to be made, you must first give your house a thorough inspection. You can’t really fix something if you are not aware that it’s broken. You may even hire a professional, since they may check out the areas of your home that you don’t normally see. It’s possible that these inspectors would discover hidden problems that you weren’t conscious of and that may lead to a negative impact on your home’s value. Furthermore, you must also remember that not every improvement is to enhance the appearance. Some are simply essential maintenance or updates of obsolete accessories or fixtures. It is important not to put off repairs for the small problems since they may easily become big, expensive problems in a short matter of time. Remember, the longer you put it off, the more expensive the repairs will be.
- CLEAN and DECLUTTER
As the classic adage says, “Cleanliness counts.” Make the interior of your home shine, your walls gleam, and your floors sparkle. This will instantly add a feeling of freshness. You may hire a service for a thorough top-to-bottom scrubbing. What better way to instil a great first impression? It may also be best to depersonalize. This step is very important because it allows the potential buyer to visualize their family living in the home. Pack and store away any personal items, such as family photos, trophies, collections, and toys. Your personal preference when it comes to decoration may not go well with others. If you are into eccentric décor and accent pieces, it would be safer to take them down. Do away with unnecessary or over the top embellishments to avoid cluttered looking spaces. Decluttering will also make your rooms feel larger, this is referred to as “Visual space”. You may do so by adding great top to bottom light curtains or large mirrors. Making your home bright also creates a warm, welcoming feel. Add a fresh coat of neutral paint, clean the windows, open the shades, and add bright light bulbs.
- PLAN AHEAD and FIND INSPIRATION
Never renovate or make major changes without a plan. Before anything else, you must organize your ideas and try to visualize them together to see if it works well. Every change that you’d like to implement must be cohesive with the other changes, and of course, to the original theme of the house. You would have a much better outcome if the renovations are well thought of and not simply done out of impulse. You may also try and find fitting inspirations from all kinds of resources. You may surf the net for pictures of designs, magazines or even visit other houses.
Consider renovation as a marathon and not a sprint. Start slowly and take it one step at a time. Try to list down changes or improvements that you can DIY and make another list for the bigger ones.
Here are some examples of simple DIYs that would create great impact:
- Crown Molding
- Window Trimmings
- Wainscoting
- Panelled Wall
- Window Valance
- Staircases
- Wood Beam
For sample works, you may refer here:
- BRING IN THE PROS
Consulting professionals is always a great idea. You may show them your plans and inspirations. From there, the pros would determine if your ideas would do well to be incorporated with the changes or not. They may also help you decide if the changes are worth the effort. Moreover, even the smallest suggestions from these people would go a long way.
- UPGRADE YOUR KITCHEN
Revamping the kitchen is definitely the best way to guarantee an increase in your home value. You do not have to make a lot of changes for it to be significant. It may be as simple as changing the paint. You may use a faux-wood finish onto your cabinets, for example. You may also update your backsplash with a new color or a new tile design. Adding a pot rack with fresh new pots may also work.
Kitchen does really play an important part since it is widely considered as the heart of the home. If you have the budget, giving the cabinets a makeover will really entice potential buyers. Change the drawers and doors. If you can afford to update the kitchen into something that a chef may approve, then do so. Just remember to prioritize what the market is currently looking for.
- UPDATE YOUR BATHROOM
It is understandable that the bathroom has gotten lots of wear and tear. After all, it is your house’s workhorse. You have to keep it functioning well and make good looking upgrades that surely buyers would be hooked on. Nowadays, bathrooms aren’t utilitarian anymore. A lot of people would like their bathrooms to have that spa-like vibe. They want a bathroom with a sense of zen and relaxation. Try changing the vanity into something more modern but artsy. Change any broken or cracked tile. Everything should be polished and sparkling. The great thing about renovating bathrooms is that they take up less space thus less cost.
- GO GREEN
At present, buyers are more attracted to eco-friendly houses. Incorporate as much eco-friendly structures as you can. However, you have to make sure to do ample research and ask the right people before you go crazy on your changes. You have to make sure that the change will not defeat its purpose and that it will still be functional, attractive and harmless to the environment.
- CONSIDER THE EXTERIOR (CURB APPEAL)
The potential homebuyer’s first impression is based on curb appeal. Many buyers decide whether they even want to see inside based on the outside. Landscaping wouldn’t hurt either. Maintain landscaping by mowing, trimming hedges, and clear all walkways of debris, such as sticks and fallen leaves. Boost color by adding season-appropriate potted plants near the entryway.
These are just some of the easy ways you can prepare your home in a visually appealing manner. Home staging is a fantastic way to increase your sales price while decreasing listing time. Staging helps to depersonalize the home so that homebuyers can visualize themselves in it.
Repaint the outside of the house if necessary and make sure that there are no ugly chips or broken edges. Refurbish your yard furniture. Try to make the outside of the house as fantastic as the inside. After all, the façade is responsible for the great first impression.
- RESTORE YOUR CEILINGS
Clean ceilings are a priority. Make the ceilings match the changes you’ve made in the room. Also, remember that high ceilings give the illusion of having a wider or larger room. If your ceilings are not high enough, don’t fret. You may still attain the feeling of having one by using some of the well trusted tricks such as using tall draperies. Modernize your lights if necessary. A high-glossed ceiling may also work for some. Still, remember to determine what the market wants before any drastic changes.
TIP: As you make all those home improvements, don't forget the cash. Your financial strategy can boost your home value in a big way. If a significant renovation is really out of the budget, then just go with the affordable tricks then let the new homeowners do the rest. Let them have an opportunity to do home improvements and to invest in their future on their own.
For other tips, you may also check: Tips For Increasing Your Home Value
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