10 Tips to Boost the Value of your Home
- Aug 30, 2016
The home is your sanctuary, but not everyone might see it that way during an open house. That’s why it’s important to take the necessary steps to not only provide a space a buyer can see themselves living in, but also generate curb appeal to stand out from the rest. It only takes a few improvements either through DIY or by hiring a professional to see significant returns. Improvements will also help to sell your home faster and doesn’t put a strain on your wallet. If you feel your home should draw a higher return on investment, then follow Ask Avenue’s 10 tips to boost the value of your home:
- Hire a Professional to Assess the Value of Your Home
A realtor or interior designer can give you an honest assessment of your home by providing the advantages and disadvantages it holds in the market. Realtors will visit as a courtesy, but an interior designer will normally ask for less than $100 for an hour of their time, but they provide invaluable insight on how to go about planning improvements, whether it be which color to paint the walls or how to arrange the furniture in the living room for a showing. You can also assess the value of your home with an online home value calculator.
- Paint the Rooms
When someone attends an open house they often find it difficult to see themselves living in the home, but by providing bright colors, it sticks in their memory and may refer to your home as “the one with the green room” to their friends and family. For as little as $100 for DIY or $1000 for a professional, you could see a potential return increase of 1-3%. Fresh paint creates a clean look, but keep in mind neutral colors are best because they appeal to a greater number of people.
- Tackle One Room at a Time
It doesn’t need to be a massive project done in haste. Take your time by assessing which rooms requires the most attention then work your way around the house. Make a list ranging from low to high priority and plan well ahead of the first open house date.
- Spruce Up the Bathroom
Improving your bathroom(s) is one of the best ways to improve the value of the home. Expect returns at 2-3% for a cost range of $300 to $1,000. This is because buyers want a clean home, especially the bathroom, as it is on average the most used room in a home.
Bree Al-Rashid, a real estate agent with Redfin believes it can be the improvement that is the ‘make-it or break-it’ factor for a potential buyer.
“Simple improvements like caulking the tub or re-grouting the tile floor will go a long way in the mind of a buyer,” Al-Rashid says.
Improvements can range from small touch-ups to installing new light fixtures that brighten the room and make it more appealing.
- Improve the Air Quality of the Home
Nothing turns off a buyer more than a stained and worn out carpet. Old carpeting can also be jam-packed with potential allergens and collect a huge amount of dust over the years. Tear up that grungy living room carpeting and install hardwood or laminate flooring to create a rustic modern look. Wood floors are also incredibly easy to clean compared to carpeting. You don’t need to tear up every room if you have a limited budget because the highest traffic areas will be the most important on open house day.
- Enhance the Exterior
Curb appeal does wonders for the value of your home. All it takes to make your exterior pop is some newly planted flowers and trees as well as a paint touch-up and any other necessary repairs. Costs can range from $150 to $7,500 depending on the amount of work needed, but provide returns of 2-5%. However, pay close attention to the roof because a new one signals the home is cared for and also masks the age of the home.
- Touch-Up the Kitchen
The kitchen is ultimately the most important room when selling a home, but it doesn’t require an extensive overhaul to increase value. Make the kitchen a priority because Investing $300 to $5000 can yield 3-7% returns. First you should address small repairs like a leaky faucet or a crooked cabinet, as well as something as inconspicuous as burn marks on the stove top. Then it only takes a few hundred dollars to update the kitchen by painting the walls, adding new curtains or even installing new drawers/cabinets.
- Clean Everything
A good first impression is imperative. A clean house is almost always the first thing a visitor to an open house notices, but it’s an easy job. If you are not willing to clean your home from top to bottom, then consider hiring a cleaning service for less than $400 to find the nooks and crannies that are rarely given attention.
- Create Space
No open house looks appealing with clutter. Try to reduce the amount of personal items in the home so an open house visitor can better visualize themselves living there.
Open concept homes are all the rage right now. If there’s a non-structural wall or a kitchen island that can be removed (if there’s already adequate cabinet storage) will drastically improve the home’s appearance and create a sense of flow. It only takes a few hundred dollars to transform the living space, such as replacing a solid island with a moveable one.
- Pay Down the Principal on Your Loan
Maintenance and renovations are great, but ultimately your financial strategy can be the defining factor in having your home sold quickly and at the price point desired. There are several loan features that can be bundled to provide the next homeowner with a loan that is suitable to for them. It also gives the next homeowner the ability to make any improvements you were unable to make yourself as well as providing the buyer to also yield returns on the property in the future.