Wondering how to increase the value of your home? Maybe you’re getting ready to sell, or just looking to make some upgrades that will hold their value.
Whatever your reason, it’s essential to consider your ROI (return on investment) for the projects you take on.
You don’t want to end up spending more on improvements than you’ll get back when you sell. Below you’ll find some of the most cost-effective things you can do to improve your home’s value, while also ensuring a healthy return on your investment.
1. Increase Useable Square Footage
They say “location, location, location”. But after that, square footage is what matters to many buyers.
When real estate agents and prospective buyers pull comps (comparable sales) to see if the home’s value aligns with the asking price, this is a significant factor.
Finishing a basement or attic, tearing out a wall in a closed-off home, adding a bathroom, or changing the layout can add extra living space or at least make the home feel bigger.
Although these projects are a great way to add value, they also take a lot of work and aren’t the types of projects most people want to DIY. Unless you have a lot of remodeling experience, it’s probably better to leave the renovations to a professional.
2. Small Changes Can Add Up to a Big Difference
The little things matter. Compared to remodeling your kitchen or installing hardwood floors, it’s relatively inexpensive to:
- Add a new coat of paint or change loud paint colors. One artist in the UK recently had her home deemed unsellable because of the outlandish color scheme and whimsical features in her home.
- New stain for your deck, fence, cabinets, or any other area where wood is looking worn.
- Update dated light fixtures, knobs, ceiling fans, and hooks.
- Make small improvements to add energy efficiency. Sometimes it’s just a matter of replacing weather stripping or upgrading to more efficient LED lighting.
3. Improve Your Outdoor Space
When people talk about adding value to your home, you often hear curb appeal, but don’t forget the backyard (or the sides).
These may not be the first thing that attracts homebuyers, but they might be the deciding factor between them making an offer for your home or someone else’s.
But whatever you do, really weigh the pros and cons before you add expensive features like a swimming pool. While buyers in some markets see pools as a major plus, others don’t want the added expense, ongoing maintenance, or potential liability.
According to the Remodeling Impact Report from the National Association of Realtors, you’ll only get a 43% return on your swimming pool investment when you sell.
A little landscaping, patio furniture staging, adding a nice BBQ patio, or fixing cracked concrete should do it for the average home.
4. Minor Kitchen Remodel or Bathroom Remodel
A small kitchen or bath remodel can increase the value of your home, but the keyword here is “small”. Major remodels and upgrades may be nice, but they are also unlikely to get a high return on the investment you put in.
Replacing the hardware on bathroom cabinets is a low-cost way to modernize the space that does not require much labor or skill. You might also consider adding shelving or hooks if the bathroom is in need of extra storage space.
While replacing the entire sink and countertop might not be in the budget, swapping out the faucet can make a big difference in the appearance of the space. If you’re handy with basic plumbing, you might even be able to make this upgrade yourself and save on labor costs.
Some of the more complicated upgrades such as installing new tile or a new toilet are likely best left to a professional.
Home improvement ideas like this likely won’t add multiple thousands of dollars to your home’s value, but they can give your home a slight value bump and increase your selling desirability.
5. Do a Deep Cleaning
It should go without saying, but yes, you can increase the value of your home with only a little elbow grease plus the cost of some sponges, gloves, and cleaner. And now more than ever, homebuyers want a home that feels clean and safe.
Move furniture and appliances. Take out personal items and clean out drawers. Leave no “stone” unturned.
6. Improving Lighting
If you’re able to increase natural light, do so. Open blinds, clean your windows, and strategically place mirrors to reflect the natural light.
It is also important to consider lighting when photographing and showing your home. You want to be sure the buyers see the home in its best light.
Choosing brighter bulbs is another easy way to increase the amount of light in your home. Before you run to the store and buy 50 LED bulbs, consider purchasing a few different types of bulbs to see which type of lighting looks most inviting. The type of light can really make a big difference.
While planning your home renovations, be sure that you don’t take on too much, or you may end up with projects you can’t finish. Overwhelming yourself leads to half-done and poor-quality work that will not increase the value of your home.
Take it slow or choose to hire a team of professionals that can knock out your list of renovations quickly and efficiently.
Skip the Renovation Hassle by Selling Your Home Fast, As-Is
You have many options available when looking to increase your home’s value, but it’s essential to consider the costs. Will you increase the home’s value enough to make up for the cost of the improvements?
If you can do it yourself, then the answer may be yes since you won’t have to pay for labor. But even then, you must factor in the time and the risk of the DIY going wrong. A recent study of 2,000 homeowners who chose the DIY route revealed that 63 percent regretted their decision.
If you’re one of those who would prefer to avoid the risk and frustration of a big remodel when attempting to increase your home’s value before placing it on the market, HomeGo might be an ideal option. HomeGo will give you a cash offer for your home as-is.
There’s no need to spend time, money, or energy on projects that have no guarantee they’ll increase your selling price.
HomeGo uses all local agents who can provide you with a same-day cash offer. You can close on the sale in as little as 7 days but stay as long as you need with our flexible leaseback program. Don’t spend your time and money investing in a home you’re ready to part with. Instead, sell to HomeGo as-is.