How to create value from your old home with some remodels
Owning a home is a huge step in life but it is also an investment in your future. You can create equity in the home with regular mortgage payments but there are changes you can make in the home to increase its value in no time, which can result in a significant return on the investment. As a homeowner, you should look for cost-efficient ways to enhance the value of the home with time, especially if you want to sell it in the near future. Let us take a look at a few ways to create value for your home and enjoy a solid return on the investment.
1. Upgrade to high-quality finishes
When you have planned to sell the house in the future, it is possible to increase the demand for the home by opting for upgrades that are highly popular among buyers today. It could mean the installation of steel appliances or quartz countertops inside the kitchen as compared to the other finishes which may not drive interest, even if they are of top quality. Even minor finishes can lead to buyer interest and help keep the cost of upgrades to a minimum. You can consider simple changes like switching from the brass locks and doorknobs to the brushed nickel. Alternatively, you can swap the yellow bulbs for the bright LED lights. Such upgrades do increase the value of your home.
2. Work on the landscaping
The curb appeal in your home will have an impact on the market value of the home. First impressions always have a big impact on the sales value and affordable landscaping can help enhance it. You can consider modest enhancements to the front of the exterior to increase its value to the appraisers who visit your home and the potential buyers who are looking for a home of their own.
3. Consider energy-efficient features for the home
Homebuyers will place a higher emphasis on the eco-friendly areas in your home. It is due to the greater focus and awareness towards environmental issues as well as the recognition of the fact that energy efficiency will help save money on utility bills. When upgrading the home appliances, starting from the furnace to the microwave, you must look for energy-efficiency equipment that can help reduce the cost of utilities like the gas and electricity bills. Upgrade to a smart thermostat which enhances energy efficiency and will save you money each month on the utility bill.
4. Upgrade the bathroom and kitchen
The bathrooms and kitchen are regarded as rooms in your house which makes a huge impression on all homebuyers. It is also the most common part of the interior to become outdated as the finishes, appliances and other decor go out of style. Hence, the bathroom and kitchen upgrades will help create value in the home and it is a great place to invest your money. In particular, a bathroom is a good option for renovations and upgrades. Consider professional home remodeling services and think of expanding from the half-bath to the full-bath or adding a new bathroom altogether.
5. Increase the square footage
Those who have an unfinished basement or rooms can consider building out the space. It is a cost-efficient way to increase the value of the home. When you build the basement bedroom in the unfinished space you can add much more space to the footprint of your home while adding one more bedroom which can boost the value of your home. A lot of homes are valued through the multiplication of the square footage with a comparable rate for a similar home in your neighborhood. Hence, increasing the square footage will boost the selling price of your home.
6. Use fresh paint
All homes look a little worn after a few years. You can consider a paint job which is a cost-effective way of increasing the value of your home. It will have an impact on eye appeal. Whether you want to paint the bedroom, living room, or the front of the home, use a bright coat of paint to make old surfaces look brand new. It will also add an immediate charm to the area.
These are modest changes that can improve the comfort in your home while you are living there and can also enhance the future price when it is the time to sell. Your home will gain value with time and have a huge financial value when you are ready to move to a larger home. These are affordable and easy-to-do upgrades for any type of home. You will notice an immediate up level in the eye appeal and value whenever you put the home on the market for sale.
- by Matt Watts
