Beyond being a comfortable place where you can relax and spend time with the people you love, your home is an asset. If you invest the time and effort into increasing its value, you’d be increasing your net worth and setting yourself up for more profit when you sell.
This is because sellers whose homes have higher value can increase the asking price of their properties. And, if you need cash for any reason, you can borrow against your home’s equity.
Furthermore, higher-value houses are better protected from market swings whenever there are major dips in the housing market. Another reason to increase your home’s value is because it can significantly boost your equity stake if your home appraises for a higher value.
Your home improvement could even lead to the elimination of your private mortgage insurance (PMI) premium. And since you’ll still be living in your home after the upgrade, you’d be increasing your use and enjoyment of your property.
It’s important to note that the rate of value increase to your home depends on a number of factors. One of them is the community where it is located. If your home is located in a desirable area close to amenities like transportation, shopping, and schools, its value will increase significantly after renovation.
Also, a home in a neighborhood with a sense of safety and low crime rates would be more desirable. Whether you plan to sell your home or just want to grow the value of your investment, this article will show you top tips that can increase the value of your home.
Upgrade Your Flooring
Your flooring plays a crucial role in determining the value of a property, so it should be one of the major upgrades you make to your home. If you have the right type of flooring throughout your home it can increase its worth. One of the most sought after flooring types by prospective buyers is hardwood flooring. This is because of its durability and timeless appeal.
According to Arizona Hardwood Floor Supply, “Choosing wood flooring for your home or commercial property is a smart investment. There are a variety of styles of wood that could work for the flooring in your home or business.
However, it is important to choose the most attractive one that will increase the value of your property.” So, captivate prospective homebuyers with a hardwood floor’s natural beauty and timeless style. Whoever buys your home can personalize it based on their preferences.
Other flooring options like luxury vinyl, and tile can also give you increased resale value. If you opt for tile floors, you can incorporate waterproof tile flooring such as porcelain, stone, or ceramic. These are durable and attractive options that can give a long-lasting appeal to your property.
If you want to create a cozier ambiance in your living room or bedroom, you can go for a carpet floor. Carpets are generally affordable and offer a wide selection of neutral styles.
Embellish Your Home’s Exterior
The exterior of your home impacts its overall value. To increase your home’s curb appeal, maintain your yard through thoughtful landscaping, limbing, and pruning. You can enlist the help of a landscaper to ensure your curb appeal matches your home’s interior charm.
Also, consider upgrading your garage door and front door. If your garage door has noticeable dents or dings, it can impact your home’s curb appeal. You can either remove the dents if possible or replace the entire door, especially if it’s beginning to rot or if it has holes or cracks.
You can also add a fresh coat of paint to your home’s exterior to give it a new and inviting look. Consider adding decorative elements, lighting, and furnishings to outdoor lounging areas such as your patio or deck.
Kitchen and Bathroom Upgrade
Most people consider the kitchen as the heart of the home. So a makeover will definitely catch the eyes of prospective homebuyers and increase your home’s appeal. If you don’t want to spend so much on it, you can do a few touch ups such as installing new cabinet handles, or a fresh coat of paint. If you can afford it, update your appliances to more modern and energy-saving ones as this will make a big difference.
Consider installing modern fixtures in your bathroom and improving the lighting. You can also replace your bath fan with a less noisy model. Also, paint your vanity cabinets and apply contact paper inside for extra flare and pattern. Another quick way to make your bathroom look and feel new is by replacing your hardware, faucet, and showerhead.
