What Adds Value to a Home?
Determining what adds value to a home can be tricky, and the amount of value that you gain is even more complicated. It’s not as simple as totaling your receipts from your trip to the home improvement store or the sum of your renovations when the contractor’s work is finished. Some projects add more to the value of your home than others. Some changes to your home may actually hurt its value. That’s why it’s so important for homeowners to think carefully about the impact of their plans before proceeding. If you’re eager to boost your home’s value, there are several changes you can make.
Make Way for a Home Office
HomeLight makes a solid case. In its 2021 survey, 60 percent of real estate agents said buyers considered home offices a top priority. That may be because the number of people working from home has risen by nearly 160 percent since 2009. When that in mind, it makes sense that adding a home office or a place that could be a home office to your home is a major selling point in today’s market.
Create Curb Appeal
While the availability of online tours may have dulled the wow factor a bit, curb appeal still matters. Win over appraisers, real estate professionals, and would-be buyers with a powerful presentation. Redfin suggests that you make sure that the front yard is neatly landscaped, the front walkway is in excellent repair, the front door is freshly painted, and the front of the house looks inviting. Is your garage visible from the street? If its doors are in rough shape, consider replacing them.
As iBuyer notes, painting is a relatively inexpensive way to revitalize your home and boost its appeal in the eyes of potential buyers. Painting the walls with warm, neutral colors is a fantastic way to freshen and clean up the space. This sort of palette also makes it easier for buyers to imagine themselves in the space, which can help close the sale.
Update the Kitchen or Bathrooms
Kitchen and bathroom updates are surefire ways to raise the value of your home, according to Forbes. These are certainly essential spaces in a home, so it makes sense that buyers would be concerned with their state. Perhaps that’s why the current trend is for robust materials, functional design, and useful storage.
Upgrade with Energy-Efficient Appliances
Whether you decide to update your kitchen or bathroom or not, upgrading older appliances and features with energy-efficient ones can benefit both your wallet and your home’s value. These environmentally friendly appliances help keep your energy bills lower while you’re using them. When you’re ready to sell, buyers appreciate them because they also like the notion of low energy bills.
Smart home technology is increasingly popular, and it’s becoming more accessible and more affordable. MoneyCrashers offers a list of some of the most in-demand smart technologies:
- Smart home security systems
- Smart lighting systems
- Smart thermostats
- Smart smoke detectors, radon detectors, and carbon monoxide detectors
Add Living Space
More living space increases your comfort and your home’s value. How do you get it? As NerdWallet indicates, there are several possibilities. You could gain additional square footage by putting on an addition. If your home has an unfinished basement, you could finish all or part of the space. Attics also have the potential to transform into living spaces. Alternately, you could build a deck or patio and create an outdoor living space.