You want to know the best ways to increase the home value that will give you a good return on investment.
The biggest mistake some homeowners make is focusing too much on minor cosmetic changes and neglecting more significant issues that would boost the value of their houses.
To help guide your decision-making process, we’ve compiled a list of seven simple projects that can revitalize any space and boost its resale potential.
Some of these upgrades will also improve your quality of life without breaking the bank.
Ready to learn the best ways to increase home value? Let’s get started.
Is It Worth Investing in Increasing Your House’s Value
Let’s first discuss why it’s beneficial to invest now to increase your home’s value.
The first reason to focus on increasing home value is that it will save time and stress in the future when your house goes under contract. A buyer won’t have much wiggle room if your house is already in excellent condition.
It also means you won’t have to worry about going over budget with unexpected repairs. You’ll especially appreciate this if you want to sell a house by yourself.
A second benefit to increasing home value is that it will increase your equity, making you money when you sell. Your property’s value is the number one factor for setting your asking price. If you can increase its worth, then you’ll get a better offer in the future.
A third benefit to increasing home value is increasing your ability to finance a future purchase. Mortgage lenders typically require you to put 20% down. If you don’t have much saved up, investing now will help reduce the amount of money you need for a small down payment later.
If you aren’t planning on selling your house anytime soon, getting a higher offer isn’t as important. However, it makes your home more enjoyable to live in until that day you decide to sell does arrive.
Here’s another benefit. Adding value to your home will raise your tax basis, which could reduce the amount of property taxes you pay each year.
Lastly, don’t worry if you can’t fix all the damage before selling. There are ways to successfully navigate the process of selling a damaged house.
Research Your Market to See If Your House Value Is Low
To get started, research the Connecticut real estate market to find out if now is a good time to invest in increasing your home’s value.
You can check out online listings or talk to your local real estate agent to figure out the average home value in your area. If your house is worth less than similar properties nearby, then it’s a good idea to start by updating your interior spaces, energy efficiency, bathrooms, and kitchen.
If your house is on par with most homes in the area, then you should still invest in making major repairs and improvements that will make it stand out from other houses.
You can also contact companies that buy houses in Connecticut and ask them to make you an offer on your home. This will give you an idea of the real estate market and what buyers are willing to spend on properties like yours.
Additionally, peruse the Tax Sale website to determine if homes in your area are under-appraised and cheaply bought by lenders. If homes in your neighborhood go for much less than you believe they should, then it might be a good time to raise your price via renovation and get closer to the market value.
Use High-End Finishing Touches
Focus on the finer details when adding value to a house. High-end finishing touches like granite countertops, hardwood floors, and eco-friendly appliances have become more common in recent years. They are also better at increasing your property value because buyers are always looking for the next best thing on the market.
Other finishing touches to think about include high-end kitchen cabinets, stainless steel appliances, and marble vanities in the bathrooms. If you aren’t sure which high-end features will help increase your home’s value, then get ideas from the experts.
Another house renovation job that puts a nice finishing touch to increasing your home’s value is a pool or spa.
In addition, make sure to keep your landscaping up-to-date and attractive because it will help increase the attractiveness of your home. To maximize appeal, have new hardscapes put in place, such as:
- Concrete patios
- Stone walls
Add Space to Your Home
Adding space to your home – whether an extra bedroom or a finished basement – can also help increase your home’s value.
Potential buyers are always looking for homes that have additional space to host guests, fit growing families, and/or keep things like children’s toys and craft supplies.
Adding value to your home doesn’t always mean paying for extra rooms. You can also achieve extra space by working on decluttering rooms in your house, which helps show buyers there is plenty of space not taken up by any belongings.
Work to create new space for your house by removing unnecessary furniture, unnecessary wall decorations, and bulky carpets.
If you create a minimalist feel to your house, buyers can imagine themselves living in your home without much effort. In turn, this can help increase how much they’re willing to spend on your house.
Use Energy-Efficient House Features
Install energy-efficient house features such as solar panels, water features, water heaters, energy-efficient home lighting, and energy-efficient home appliances.
Energy-efficient homes are always in demand because they can save homeowners money on their utility bills. As a result, buyers are willing to pay more for these features if they move into an area with high power prices.
Energy-efficient home appliances, for instance, use less electricity during regular operation and cut down on how much you spend on electricity bills. Energy-efficient home lighting uses less power and gives off the same amount of light. Energy-efficient water heaters help save money on heating costs because they heat water faster while using less energy.
Consider installing high-quality solar panels that reduce electricity bills by generating clean, renewable energy from the sun.
Upgrade Your Kitchen and Bathroom
Kitchen and bathroom upgrades are also great ways to increase your home’s value.
This is because they’re common house renovations that buyers love to see when looking for a new place to live.
It doesn’t matter if you have an old, dated kitchen or bathroom. There are always easy fixes you can do to improve the functionality of these rooms.
For the kitchen, look at updating appliances as a priority. If you decide to use stainless steel appliances, this will immediately give buyers a sense of the high-end class.
Now, suppose you don’t have room for stainless steel appliances in your budget. In that case, you can replace old countertops with granite, upgraded cabinets, and install eco-friendly appliances like dishwashers and microwaves.
Upgrading the bathroom is just as important. You can do it in several ways. Replace old flooring with new tile, add high-end fixtures like upscale faucets and marble vanities, install energy-efficient lighting, or update cabinets to make them modern and stylish. You can even decide to create a spa feel by installing a rain shower head and adding luxe bath mats.
Add Smart Technology to Your Home
You can add value to your home by installing smart technology such as:
- Smart lighting
- Smart TV
- Smart coffee machine
- Smart washing machine
- Smart home appliances
- Smart energy meters
These types of smart devices make it possible to control the features from your smartphone. All you need to do is download an app onto your smartphone, and the device will listen for verbal commands through Alexa, Google Assistant, or Siri.
Smart appliances are energy-efficient because they adjust settings automatically depending on how much power gets used. For example, smart washing machines can become linked to your washer’s lid sensor. This helps it to know to switch off after the lid gets opened. A process like this helps to stop wasting any electricity and water.
Smart TVs have similar energy efficiency features. They can automatically adjust brightness and power settings depending on how bright the room is. You’ll only use as much power as necessary.
Adding smart technology to increase home value only makes good sense.
If you’re selling your home, keep these seven simple ways to increase the value of your property in mind. If you’re thinking, “I want to sell my house fast in Bristol,” these ideas can help you get the best offer for your home.
Keep in mind that there are other things you can do to increase how much people will pay for your property. During the selling process, use staging to make your home feel warm, inviting, and comfortable. Your goal is to help prospective buyers see the vision for how they can make the home perfect for their families.