In today’s housing market, most homeowners are enjoying huge increases in their property’s value. Then it makes sense that if you plan on selling your house, now’s a great time. While the rising tide might lift all the ships, some effective ways to increase your home’s market value to even greater heights.
6 Ways to Increase Your Home’s Market Value
Increasing the value of your home doesn’t always need substantial renovations. Focusing on small but impactful improvements can easily boost your property’s appeal, especially if you want to refinance your mortgage or sell your home. In this article, we will explore ways to increase the value of your home.
1. Improve Curb Appeal
We all know that first impressions matter, and it all starts with the exterior of your home. Thus, by enhancing your home’s curb appeal, you can easily increase your home’s market value. Start fresh and give the façade a new coat of paint. However, make sure that it complements the overall aesthetic of the neighborhood.
Also, replace outdated or worn-out fixtures like windows, doors, or roof shingles to give the exterior a well-maintained and modern appearance. Add a touch of elegance by ensuring well-manicured landscaping with neatly trimmed edges, vibrant fresh plants, and a tidy lawn. Consider investing in outdoor lighting that will help accentuate the architectural features of your house and create an attractive ambiance at night.
2. Bathroom Remodeling
A well-maintained bathroom can easily sway buyers and increase the overall value of your house. However, most homeowners often neglect this space without realizing that poorly maintained or outdated bathrooms are a major turn-off for buyers. So, another way to significantly increase your home’s market value is to remodel the bathroom with some simple yet effective changes.
You can start by replacing old fixtures like showerheads, faucets, and toilets with water-efficient and aesthetically appealing options. If you have the budget, consider hiring a bathroom remodeling company for a complete overhaul if your current design is outdated. Bathroom renovations can get you a good ROI when you sell the house. Pay attention to details like adding stylish mirrors, adequate lighting, and sufficient storage space.
3. Upgrade the kitchen
Like bathrooms, the kitchen also has a significant impact on a house’s market value. All potential buyers always look for a modern and functional kitchen.
There are many worthwhile ways to upgrade your kitchen. One is to replace outdated appliances with more energy-efficient models that improve aesthetics and save on utility bills. Consider replacing worn-out countertops and cabinets with more stylish and newer options. You can go for a design that helps maximize storage space and gives a sense of openness.
4. Add an Outdoor Entertainment Space
Property hunters don’t only look for a home but prefer buying a lifestyle. Thus, installing a simple outdoor entertainment area can make all the difference in your home’s value. You can go with small changes like creating a spacious patio or deck that seamlessly connects to the indoor living area, some paved seating area, or even a state-of-the-art outdoor kitchen. You also go with a cozy fire pit for intimate gatherings or a stylish dining area for al fresco dinners.
These are not only great and recommended ideas by property experts but also create interest and ‘soul’ in the property, commanding higher prices in the real estate market. Homeowners prefer to blend indoor and outdoor living; thus, by investing in such a space, you create a unique selling point which in turn increases your home’s appeal.
5. Embrace Energy Efficiency
We live in an environmentally-conscious world where energy efficiency has become an important selling point. By deploying energy-saving upgrades to your house, you can reduce utility costs and easily enhance the home’s value.
So, how can you make your home energy-efficient? You can start by insulating the walls, windows, and attic to prevent heat loss and maximize your home’s energy efficiency. You can consider replacing outdated appliances, cooling, heating, and lighting systems with energy-efficient alternatives carrying the correct labels. You can also install programmable thermostats with precise temperature control, resulting in huge savings.
There are also larger projects with bigger returns. You may also want to look into the benefits of solar power or geothermal systems.
All these changes play a significant role in increasing the energy efficiency of your home, let alone reducing its carbon footprint. Moreover, for homeowners with monthly mortgage payments, these energy-saving measures mean more disposable income and better funds management.
6. Expand the Square Footage
In our list of ways to increase your home’s market value, this one is the most risky, so be careful. Adding usable space to an existing house will always enhance the value of a house. This is particularly true for areas with limited acreage. Houses are priced and valued based on their livable square feet. Thus, the more livable square foot, the better it is.
You can convert a shed or garage into a guest living quarter, an office, or a rental unit. Also, you can turn the finished attic or basement into a habitable living space for a recreational room, guests, office, or gym or add a bathroom or bedroom, depending on your space. Before making these changes, consult a professional to ensure you make the right decision and yield the best return on your investment.
Conclusion
Increasing the value of your home is an investment that pays long-term dividends. Thus, focus on curb appeal, bathroom and kitchen improvements, energy-efficient upgrades, and converting unused spaces smartly. The above-discussed improvements can substantially increase your property’s market value and make your valuable asset stand out in the competitive real estate market.
However, before taking up any of the discussed improvements, keep your available budget, the local housing market, and current market trends in mind.
