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5 Cost-Effective Ways to Increase the Value of Your Home

Written by Posted On Thursday, 21 February 2019 09:20
5 Cost-Effective Ways to Increase the Value of Your Home Kerkez

Smart sellers know that to get the maximum amount for a house, the adage of spending money to make money is true. The trick is to update and modernize without doing expensive remodels that won’t recoup their investment. You need to calculate the cost of any improvements against your home’s potential market value after the project is done.

A cost vs. value chart is a good place to start. You can also get some solid advice from your realtor. They’ve seen it all: they recognize buyers’ wants and needs, know the local market, and have a vested interest in giving you honest feedback. They can even help you check out the competition. Take a tour of homes in the neighborhood and other comparative houses to get a sense of their condition and the amenities they offer.

If you’ve done your research but still aren’t sure where to begin, here are five tried-and-true things you can do to add value to your home while maintaining that crucial return on investment.

 

1. General Maintenance and Small Repairs

 

Go through every room and look at all the little things, both cosmetic and functional that might need repairing. Fix that broken window, that ripped screen, and that one cracked tile in the bathroom. Make sure all the locks work, all the doorknobs are tight, and all drawer hardware is intact. Are there missing lightbulbs or dated light fixtures? Take care of them. Consider replacing the grout and caulk in the bathroom, too. It’s an easy fix that doesn’t break the bank and instantly makes a dull bathroom sparkle.

Additionally, painting is one of the best things you can do for your home value. It’s painless and inexpensive, and it easily repays your investment. Choose a neutral palette to appeal to the biggest audience. Remember, you’re not decorating to your taste—you’re decorating for the masses.

 

2. The Kitchen

 

There is a saying: “You’re not selling your house, you’re selling your kitchen.” Most real estate agents agree that a complete kitchen remodel will net up to 85% of your money back. But with the average price of a kitchen remodel being over $21,000, a full revamp may not be worth it.

A relatively inexpensive way to bring a kitchen into the modern era is to reface rather than replace the cabinets. A fresh coat of paint on the walls, maybe a new backsplash, and some modern hardware can bring a dingy ’70s kitchen up to date. With the money you save, you could install new countertops or upgrade one of the appliances.

 

3. Flooring

 

Few things will turn off potential buyers more than dingy, stained carpet. In fact, it’s number four on Kiplinger’s list of things that buyers hate about your home. It’s well worth it to spend the money to replace the carpet if it’s had a hard life of pets, kids, and spills. Even better, if you have hardwood underneath, let it show.

 

4. The Exterior

 

First impressions count, so spend some time and money sprucing up the flower beds, adding fresh mulch, and replacing broken window screens or shingles.

Is your front door old, beat up, or dated? Wooden doors dry out and wear down in weather, while older steel doors get dinged up, and both have poor insulation value. Modern steel or fiberglass composite doors are inexpensive and easy to install, plus they insulate better, offer more security, and give your house an instant facelift that adds to the wow factor. Also, your new front door may qualify for federal, state, or local tax credits. Want to eke out every penny? Paint your door black.

 

5. Smart Security

 

According to a Coldwell Banker study, 91% of real estate pros felt that they “would benefit from incorporating Smart Home technology into the marketing of a home.” And what better place to start than a security revamp? Home security and smart technology go hand in hand, so much so that some major security providers have started expanding into smart safety.

You can remotely monitor your home system, and even add motion-detecting lighting that is controlled from your phone, thermostats that know what temperature you like at any time, and smart door locks that you can monitor remotely. These items not only make life more convenient, but also make your home more secure—and buyers will take note.

 

Complete these projects and you’re sure to realize your home’s full financial potential when it comes time to hand over the keys. All it takes is a couple of weekends of repairing, plus a few trips to the home improvement store.

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Alec Sears

Alec Sears graduated from Brigham Young University in public relations and business management. He is a digital marketing expert who has been featured on publications such as Business News Daily, Moneyish, Wrike and U.S. News and World Report, and has written for KSL Tech, Lucidpress, Business.org, and LivePlan, among others.

alecsears.contently.com/

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