If you know for a fact you won’t be living in your current home or area for the rest of your life, you might be looking into ways to increase your home value. Even if you don’t plan on moving and simply want to upgrade the look and feel of your home, you can undoubtedly benefit from learning how to increase home value. In either case, there’s a right way to increase the value of your home with a few well-chosen renovations.
How to Increase Your Home Value with Renovations
Consult With a Professional
Rather than hop online to do a search of the most profitable and popular home renovations, get in touch with a realtor, interior designer or contractor in order that you have a solid and well-informed idea of the improvements that will do your home the most good and which you might want to reconsider or eliminate entirely. Know that you’ll likely have to pay to receive advice on the right way to increase home value. That being said, receiving professional help can more than pay for itself in the end.
Have Your Home Inspected
In addition to getting advice on the best renovations for your home, you should also have your property professionally inspected. You don’t want to be halfway through your bathroom remodel and discover you have a problem with your pipes that’s not only going to cost you thousands of dollars, but will also require that you tear up all of your renovations. You can avoid this headache by having your roof, plumbing, electrical system and everything else that makes up the structure of your home thoroughly inspected. This is something else that will likely cost you money as you attempt to increase home value, but something that will also likely pay for itself.
Go Small Before You Go Big
No matter how generous of a budget you have for your home renovations, start with small improvements that have high yields. For instance, a simple new coat of paint can do wonders for the feel of your home as well as its overall value. If your aim is to strictly improve the value of your home, you’ll want to opt for neutral colors that are likely to appeal to a majority of potential future buyers. Additional small yet effective improvements you can make to your home include:
- Getting energy efficient appliances (and making your home more energy efficient in general)
- New bathroom lighting and fixtures
- Improving your interior air quality (which might require new carpet)
- Keeping up with regular repairs and maintenance
Brushing Up the Exterior Look of Your Home
As you’re making improvements to the interior of your residence to increase home value, be sure you don’t neglect the exterior as well. Specifically, you’ll want to plant shade trees that can block out sunlight and keep your home cooler and your future cooling bills low. Because shading trees take a while to mature, this is an especially good tip if you don’t plan on selling your home in the near future but haven’t ruled out the possibility. You can also plant local shrubs that are easy to take care of and give your home curb appeal.
Additional improvements you can make outside to increase home value include keeping your lawn and shrubs well-maintained and getting new roofing or siding (even both, if it’s in your budget). Again, make sure the changes you make appeal to a large percentage of potential buyers, if you plan on putting your home on the market in the next few years.
A lot of thought and careful planning goes into your strategy to increase home value. Think big and small, short-term and long-term and you’re sure to see a sizeable return of investment.
Are you ready to start your renovation project? Consider a home refinance to help with the costs.