What Factors Can Increase My Homes Value?

Your home is an investment, and as with any investment, its value will change over time. Given the current status of the real estate market, you don't need to hope that the value will increase as it is expected that its value increases over the years ensuring a healthy profit once you decide to sell it. There are many value-influencing factors, such as the property’s location, that can’t be changed. However, there are plenty of factors or changes you can work on to boost your home’s value. Here are some of the different ways to increase your house’s value.

1. Expand the Livable Areas

It’s no secret that larger properties tend to be more expensive than smaller ones. After, the square footage of a property plays a huge role in its value. However, you might not realize that the size of the property’s livable areas also influences its value.

For example, let’s assume you own two 2000-square-foot properties located side by side on the same street. The first property’s livable areas or enclosed room portions take up 1200 square feet of space. The second property’s livable areas take up 1600 square feet of space. In this comparison, the second property will likely have a much higher value because it has a greater livable area despite the total property size being the same for both properties.

For this reason, you should consider expanding the size of your property’s livable area. You can do this by adding more rooms or a garage.

2. Revamp Your Kitchen

They say the kitchen is the heart of the home. After all, this room is a type of workspace where residents spend an ample amount of time. Many prospective home buyers check the kitchen as soon they enter a property. This is because this room generally indicates a lot about the rest of the property’s upkeep and decor.

Homes with an old kitchen with outdated counter and stove top designs generally sell for less because buyers get the impression the owner wasn’t interested in updating this room. Such buyers will probably want to upgrade the kitchen after purchasing the property. Therefore, they will likely offer a lower bid for the home to make up for their future renovation costs.

You can capitalize on this by revamping your kitchen before putting the property up for sale. You don’t have to go all out and change everything. However, a few modern appliances, new floors, and a modern countertop can go a long way in giving your kitchen a sleek and modern look that will boost the home’s value tremendously.

3. Make the Home More Energy-Efficient

Modern homes are generally designed to be more energy efficient than their older counterparts. Homebuyers seek out such energy-efficient properties because their power consumption tends to be lower. This reduces their monthly electricity and heating bills and is generally better for the environment.

If you plan to sell your home in the near future, you can boost its value by making it more energy-efficient. You can do this in a number of ways such as installing insulated windows with multiple panes of glass and replacing traditional light bulbs with compact fluorescent bulbs.

If you’re willing to go all out, you can even install solar panels on your roof. However, you should be careful about the amount you spend on these energy efficiency-boosting changes as your costs will eventually exceed the value boost your home receives.

4. Give Your Home a Fresh Coat of Paint

Nobody wants to pay hundreds of thousands of dollars for a home with old paint that is cracking and peeling. Such homes have a dilapidated and rundown look, which gives homebuyers the impression the previous owner didn’t care about upkeep. For this reason, you should give your home a fresh coat of paint before putting it up on the market.

This is actually one of the most cost-effective ways to boost your home’s value because paint is relatively cheap and it’s possible to paint your home interior and exterior yourself. So consider spending a few hundred dollars for a new paint job and wowing homebuyers with your home’s fresh appearance.

5. Get New Exterior Doors

Your home’s exterior appearance will impact its overall value significantly. After all, this is the side of your home that passersby typically see on the day-to-day. You can work on upgrading your porch or the steps leading up to your front door. However, upgrading your doors is probably the easiest way to give your home exterior a better look.

If your house was built several decades ago, its main entrance door likely looks old and outdated. The paint job could be peeling and the door handle may have a boring looking design. Consider swapping out the door for a brand new one that looks better.

This could be a door with built-in windows and a crystal doorknob. Such looks offer a premium look that can add to your home’s total value.

6. Stage Your Home

Staging your home is one of the easiest ways to boost its perceived value without actually making any permanent changes. Consider hiring a designer to bring in new furniture and put up paintings and other decor items to give it a luxurious and cozy feel. Such staging will set you back a couple of thousand dollars, but it will give your home a much greater perceived value.

How the Wall Team Can Help You

As you can see, there is no shortage of ways to boost your home’s value. If you’re interested in getting the best deal when selling your home, please contact The Wall Team. Our expert team of realtors can assess your property and find ways to help boost its perceived value to ensure you get a great deal once you put it up for sale.