Buying a home is viewed as an integral part of the “American Dream” — and for good reason. There are many benefits to owning a home. For one, they provide a sense of security in a touch-and-go economy. Homeowners don’t have to worry about rising rent prices or losing a lease. Owning a home puts a very valuable asset in the homeowner’s hands.
Owning a home helps build wealth. Plus, they typically appreciate over time. As you continue to make fixed monthly mortgage payments, you’re building your wealth through home equity.
If you want to build wealth and help your home appreciate though, you’ll have to put more value into it. Luckily, there are many ways this can be done — from contracting professional painting services to remodeling the kitchen to boosting its curb appeal.
Considers Its Curb Appeal
What’s the first thing you see when you go to look at a new home? The outside. It can be easy to forget curb appeal, but at the end of the day, it tends to be one of the most important considerations to make. How your home looks on the outside can say a lot about how it looks on the inside. Even if you don’t think it does, potential buyers probably might. So how do you go about improving the curb appeal of your home?
Cleaning up the lawn, planting a tree, or adding flowers are all great ways to increase a home’s curb appeal. Overgrown or patchy lawns are eye-catching, but not in a good way. Lawn maintenance services tend to be affordable, however, so it shouldn't be a hard fix to clean your yard.
Other ways to improve curb appeal involve cleaning up the outside walls of the home. Adding a fresh layer of paint or power washing the walls can significantly change a home’s appearance. You may even consider painting or staining fencing that lines your house.
Add a Fresh Coat of Paint Inside and Outside
Painting alone is a great way to increase the value of your home. Whether you choose to add some color to the exterior or interior, either option will give a whole new, updated look to your home.
Before you decide to repaint your home though, you’ll want to know what colors, textures, or shades to choose. Different paints add different appeals to homeowners and buyers. For instance, opting for neutral paint will make the space in your home appear larger.
Another area of your home to paint is the doors, especially the front door. This is one of the first things you notice when entering a home so make sure it's worthwhile.
Make It Bigger
The more house you have, the more it's going to cost. That’s why putting on additions and making your home bigger is a great way to up its value.
Whether you’re thinking of adding on a garage or an extra bedroom, there’s plenty of ways to incorporate some extra space. Simply take a look around your home and think about where a new addition could be beneficial. Maybe you’ve been sharing a bathroom with your kids for too long. For that reason alone, an extra bathroom could go a long way.
Just remember that these kinds of renovation may end up costing more than they can give back in resale value. Plan additions strategically and consider your budget before going through with any lofty renovations.
Fix Up Any Damages
If you're selling your home, fixing up any damage is almost always going to be necessary. Unless you’re selling to house-flippers, your everyday buyer isn’t going to put a deposit down on something that needs too much work.
Make a list of any damages to your home and go down the line by prioritizing the biggest or most important damages. Whether there are water leaks or structural damage to your home, take care of these issues sooner than later to get the most out of its resale value.
Make It More Energy Efficient
An energy-efficient home is an achievable solution to upping a home’s value. Plus, cutting energy costs is something you should consider whether you’re looking to stay in your home forever or sell it in a few years. Luckily, many energy companies provide free audits to their customers, which provide suggestions on how they can maximize energy efficiency in their homes.
A few ways to make your home more energy efficient include switching all light bulbs to LED, regularly cleaning and replacing all filters, or adding new windows to allow for natural light.
Don’t forget about the tech updates you can make on your home to boost its energy efficiency. Solar panels are one innovation that’s catching on with the public. These new sources of energy have been known to help cut energy costs — albeit with a hefty upfront cost. If you can, installing solar panels is a great way to add value to your home. If not, there are plenty of other updates you can make to boost your home’s energy efficiency.
Improve the Air Quality Inside
If you end up making energy efficiency improvements in your home, remember to prioritize air quality. Updating your HVAC system is an easy way to both make your home more efficient but also boost the indoor air quality. Another way to improve air quality includes removing old carpets and replacing them with more environmentally friendly products, such as tiling or laminated flooring.
Remodel the Kitchen
Kitchen remodels add a lot of value to a home. Everything from new cabinets to new appliances can add significantly to its value. Of course, kitchen remodels can be expensive though. Luckily, you don’t have to completely redo the kitchen to add some value.
Focus on what aspects of the kitchen are in the most need of an update. If your appliances are old, you may opt to buy newer energy-efficient ones. What’s more, this not only increases home value, but also lowers overall energy consumption costs. Whatever kitchen updates you decide to make, just make sure to prioritize — and always do a deep clean before selling.
Remodel the Bathrooms
Just like the kitchen, bathroom remodels also add a considerable amount of value to a home. These remodels can include replacing an outdated vanity, plumbing, or lighting fixtures. You may also consider repainting bathroom walls or adding new tiles to the floors. Other renovations include adding a second sink or making energy-efficient updates.
Update the Garage
The garage can be an easy place to forget about when doing a home remodel. A well-organized and updated garage, however, can be a big selling point for some homebuyers. Ways to update this part of the home could include installing a new garage door, adding extra shelving for storage, or even adding on a new addition to store an extra car.
If you’re looking to sell soon, consider updating the garage. However, some areas of the home may have more potential to reel in extra value. While having a decent garage is important, areas like the kitchen and bathroom should usually be top priorities.