In the old days, people bought a home and lived there throughout their lives. Today, people buy a starter home, upgrade when their family grows larger, and then downgrade once again when the nest empties out.
No matter which stage of your life, you may be considering how to add value to your home and your property.
There are many ways that you can add value to your property and increase the amount of money you can make when you sell.
While adding an in-ground pool or completely redoing the master bedroom may seem like a good idea, these home improvements rarely yield a good return on investment (ROI).
Instead, look to smaller improvements that you can make throughout your home and in your yard to really increase your selling price.
Below you’ll find a list of improvements that are guaranteed to add value and be a good ROI for the cost.
If you want to increase your home’s value quickly and without the expense of a home renovation, minor smart enhancements like doorbell cameras, a smart thermostat, smart lighting, and security cameras can give your home an edge in a seller’s market.
Finish the Basement
Buyers who have a high income, especially those in the northeast, mid-Atlantic, and Pacific Northwest states love basements. An unfinished basement can add $15,000 to $20,000 to selling price. Finishing the basement can add $40,000 to $50,000. The total cost can vary depending on square footage, but the range is $6,500 to $18,500.
Install a Steel Door
For boosting curb appeal and offering security and insulation, you can’t beat a steel door. They come in a variety of finishes and paneling and look neat and clean from outside. They also offer a 91% ROI.
Upgrade Your Floors
Carpet is a thing of the past. Modern homeowners don’t want it and it turns buyers off. While hardwood flooring is the top choice, there are some very good alternatives, such as engineered or laminate wood. If you already have hardwood floors, it wouldn’t hurt to get those refinished.
Replace the Garage Door
A dingy, dinged-up garage door is doing serious damage to your home’s curb appeal. Installing a new garage door can return up to 92% of the investment. If the garage door is insulated, that can add to the value because it can help cut energy costs. Bonus points if the garage door is a smart garage door.
Touch Up Paint or Repaint Completely
An outdoor retouch of paint can go a long way towards enhancing the curb appeal of your home. Before you do, make sure you power wash the exterior to remove any built-up grime.
Repainting the living room or the entryway is another good way to increase the value of your home. Choose a neutral color. Taupe is a good way to go, especially for living areas.
Make a Fixture Swap
Your kitchen and your bathroom probably see more use than most other rooms in the house. This means that the more appeal that you can add to it, the more it will be worth to a potential buyer. New drawer pulls, knobs, and faucets in a style that matches can pull a room together and give it a modern look.
Get an Inspection
There’s plenty we can’t see that may be wrong in our homes. Hire an inspector to look at your home and have them inspect the roof, the wiring, the plumbing.
Small problems such as a tiny, hidden leak, can become big problems that cost more money. It’s cheaper to fix it when the problem is small. Besides, upgraded wiring, plumbing, and a new roof add value to the sale price.
Get it Clean
Cleaning up both the inside and the outside of your property will return almost immediate results. Clutter, dust, and odors are a turnoff to buyers. If you smoke, do so outside or consider switching to vaporizing. Vaporizers produce less odor than cigarettes, and sometimes the vapor smells pretty good.
Update Your Windows
Getting newer, energy-saving windows can immediately add value to your home. Today’s windows are made to be nearly soundproof, so you don’t have to worry about your next-door neighbor’s garage band.
Consider Adding a Greenhouse
If you have the room on your property, adding a greenhouse can add value to your home. You’ll have the choice of adding a freestanding greenhouse or an attached greenhouse.
A detached greenhouse gives you the choice of size and design, but you must get power to it. Attaching the greenhouse to your home adds living space, provides a daytime heat source and provides a source of humidity during winter months. Besides, you could grow your own vegetables, flowers, and herbs, and save on your grocery bill.
Reduce the Amount of Maintenance
Many homebuyers, particularly first-time home buyers, are concerned about the costs of maintenance. Replacing the roof, the HVAC system, and adding a tankless hot water system can recoup a high amount of the cost.
Update the Bath
You don’t have to completely gut the bathroom and replace everything. However, you might want to consider replacing the tiling, the fixtures, and maybe reglazing the tub. You might even want to change one bathroom into a bathroom with a walk-in shower.
Make Your House Bigger
Adding additional square footage is another way to add value to your home. You don’t have to add on a new room. You can finish a basement or add a deck onto the back of your house.
Install Energy-Efficient Appliances
When it comes to appliances, many people may take the refrigerator with them when they move, but leaving behind energy-efficient dishwashers, stoves, ovens, and hot water heaters can add tremendous value to your home.
You don’t have to spend a lot of money to spruce up your home for sale. Small additions can go a long way when it comes to adding value. Larger renovations may be tempting, but remember, you want a good return on investment. These options are the best.
Michael is the marketing and creative content specialist at GotVape.com with primary focus on customer satisfaction. Technology and fitness combined with a healthy lifestyle obsession are his main talking points.
- How is the Recent Pandemic Affecting Real Estate Market Prices in Canada?
- 16 Alternative Sites to Zillow for Real Estate and Agency Listings
- 5 Tips for Turning Your Home into a Rental Property
- How To Choose The Perfect Family Home
- An Insider’s Top Tips to Sell Your Home Quickly
- 7 Home Upgrades that will Attract First-Time Homebuyers