Whether your goal is to renovate your home this year or sell it, making home improvements can increase your home’s value. Here are 5 tips that can help you get the most bang for your buck.
Clean and declutter
Deep cleaning and decluttering your home can add more than $4,000 to its resale value, on average, according to a 2019 HomeLight report. Buyers appreciate a clean, pristine home, but if you don’t plan to move, you could benefit from making better use of your space, getting more organized and having less clutter to stress over.
While cleaning and decluttering is inexpensive, these tasks still require a lot of work. You can begin by going through cabinets and closets and starting a donation pile. Clean out drawers and other storage areas of your home as well, making sure you’re not keeping anything you don’t need or want.
Increase your home’s efficiency
There are many ways to improve your home’s efficiency, and they don’t all involve tens of thousands of dollars in upgrades. Installing a smart thermostat is a great way to improve efficiency and save money, for example. The right smart thermostat will allow a homeowner to control their home’s climate from anywhere, giving them the power to manage energy costs regardless of whether they are sitting on the couch or away on vacation.
Such investments in home tech — particularly when connected to the HVAC, which is the largest mechanical system in the home — provides a strong selling point and highlights the home’s overall comfort, functionality, energy efficiency and convenience.
Spruce it up with fresh paint
A coat of fresh paint can instantly update your home. Some 62% of realtors recommend painting, according to the 2017 study. Choose warm neutral colors such as beige, tan, grey, and “greige” — a blend of grey and beige. Lighter colors can make smaller rooms appear larger.
You could add an accent color to walls make a special feature pop, such as the walls of a nook or a bay window.
Enhance your curb appeal
Improving curb appeal is a big step you can take to boost your home’s marketability. In fact, curb appeal can account for as much as 7% of a home’s value, according to a 2020 joint study by the University of Texas at Arlington and the University of Alabama. Repaint or replace your front door, power-wash the siding, if necessary, paint your siding, trim, and window shutters. Trim the hedges, keep the lawn mowed, clean your gutters, and plant flowers in the front yard. Have fun with it!
A new paver patio or outdoor kitchen can also add to your home’s value and make your property a lot more enjoyable and livable even if you don’t plan to sell just yet.
Update the essentials
Start with the basics — how old is your water heater? Your electrical panel? Your furnace? These items don’t inspire Pinterest boards, but they’re critical to property sales. If a buyer’s inspection report shows that the electrical panel predates modern codes or the furnace is more than 15 to 20 years old, there’s a strong chance that a buyer will negotiate for a sizable credit to replace it.
A potential buyer might also walk away from the deal if upgrades seem too daunting. Stay in a strong negotiating position by keeping your homes’ mechanicals up-to-date.