When considering the value of your home, certain factors, such as the current state of the market, are out of your control. However, one way you CAN increase the value of your home is with strategic updates and additions. Here are a few “high impact” options to increase the value of your home.
Invest in Your Kitchen
In several cases, a high-end kitchen provides one of the best returns on investment in a home. If you buy a newly constructed home, it is recommended that you invest in your kitchen during the initial build. Doing so will cost less in the long-term versus waiting to renovate at a later date and replacing items such as the countertop, appliances, backsplash, etc.
It’s important to note that the kitchen is a highly visible part of the home. If you have resale in mind, it’s crucial to design the kitchen in a way that future buyers can envision themselves using the space without making any costly upgrades of their own.
Don’t Forget About the Bathroom
It’s no secret: bathrooms are a heavily-used space in your home. When upgrading your bathroom(s), choose materials that can withstand wear and tear for years to come. Since bathrooms have less square footage and surface area than other spaces, it’s more cost-effective to invest in higher-end finishes such as granite countertops and tile flooring. Finish off the space with ample lighting. A dimly-lit bathroom is impractical and unwelcoming.
Add Energy Efficient Features
With the increasing costs of energy, one way to save money while increasing your home’s value is adding energy efficient features to your home. There are a number of ways you can do this, such as updating your HVAC system, adding insulation, implementing gas heat, etc. Another increasingly popular option is installing a Nest thermostat for temperature control. These updates may result in significant savings on your utility bill while increasing your home’s appeal to future buyers. If you need help determining your home’s energy efficiency, visit the Home Energy Rating System.
Update the Garage Door for Curb Appeal
Your garage door is the largest, and most visible, entrance into your home. It can set the tone for the entire home in terms of how potential buyers see it. If you are looking to update your garage door, consider a wood stain finish or other design elements. Doing so will allow your garage door to have a more impactful impression over plain, traditional metal doors.
Create an Outdoor Space
Landscaping and outdoor living areas are great ways to boost your home’s value. Even small outdoor investments, such as planting trees or flowers or adding new mulch, can lead to a return on investment surpassing 100%. Be cautious about going overboard with landscaping, as the prospect of extensive lawn maintenance may scare off future buyers.
A beautiful outdoor space is also a great value-add, as you are adding another living space and extending your home. Consider adding a patio, deck, sunroom, or firepit to give your home a distinct feature worth remembering.
Go with a Finished Basement
Looking for another value-add project to do inside your home? Consider a finished basement. The added living space from a finished basement project increases the value of your home and is more cost-effective than adding that same square footage above ground.
There are many ways you can use your finished basement, such as a kitchenette, spare bedroom, and/or an additional bathroom. Any one of these can largely impact on your home’s resale value.
Increase the Value of Your Home
If you are thinking about the future and want to increase your home’s value, there are a number of ways you can do so. Take a look at your home and think about rooms or spaces you can add or upgrade. If you need help getting started, consider these “high impact” options. This is by no means an exhaustive list of value-add projects, but they will help increase the value of your home.