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How To Increase The Resale Value Of Your Home

How To Increase The Resale Value Of Your Home

A home is one of the most significant purchases you’ll make in your lifetime. As a valuable asset, it must be well taken care of to minimize depreciation. 

An owner must perform regular preventive maintenance to ensure your property stays relevant. Apart from yearly check-ups and minor fixes, upgrades can be done so it remains profitable.

If you’re planning to invest in a home to resell it in the coming years, here are eight tips to increase your home’s resale value.

1. Enhance Its Curb Appeal  

Before asking yourself, ‘how can I sell my house fast for cash?’ take time to put yourself in the buyer’s shoes and start from the outside. The exterior section of your home is what a buyer sees first. Thus, enhancing your curb appeal is key to making your home exterior more attractive.  A home seller must be able to draw in buyers from the outside by making it more inviting.  

A well-maintained lawn complemented by a healthy mix of greenery and vibrant flowers can make a difference, so does a freshly washed pathway and newly-painted exterior walls. You can perk up your outdoor area by either hiring a landscaper or doing the trimming and cutting yourself.

2. Make Sure Your Garage Doors Work  

For most, the garage door is vital for security. To some, it can add to the home’s aesthetic appeal, too. No matter the reason, it’s not surprising that most home buyers find a faulty garage door a major deal-breaker.

But these aren’t the only reasons why you should fix it. According to a report, a garage door replacement tops the list of home improvement projects. It has a payoff with an average return of investment pegged at 94%. Installing stone veneers and a minor to mid-range kitchen remodeling project round up the top three.   

3. Get A New Siding 

A siding is more than just an aesthetic home addition. It’s a must-have in promoting energy efficiency and regulating temperatures in your living space. It keeps you and your family warm during the winter and holds the heat to make you feel comfortable during the summer season. Sidings can promote better insulation, preventing excessive heat loss, and condensation.

Besides saving on energy bills down the road, installing either fiber cement or a cheaper vinyl siding can yield over 68% returns for the homeowner. As part of your home’s exterior, a new siding can also help increase your curb appeal.

4. Install Solar Panels 

Investing in a more energy-efficient home, such as installing solar panels, can cost a homeowner a few bucks but it will pay off in the long run. Homeowners who use solar panels are likely to save about USD$ 19,000 cumulatively during a 30-year use. Additionally, solar panels can increase a home value of over 4%, translating to a USD$ 9,274 additional profit for medium-sized homes.

Enhancing your home’s energy consumption is especially beneficial if you’re located in areas where temperatures can be harsh, including New Jersey, Pennsylvania, North Carolina, Florida, Washington, Hawaii, and other states. Consult an energy specialist or utility provider for helpful advice to get the most out of your investment. In addition, seek government programs that provide incentives and subsidies for this eco-friendly undertaking.      

5. Remodel The Kitchen

An outdated kitchen is another deal-breaker for most buyers and it’s easy to understand why. The kitchen isn’t simply where food is kept and cooked but it’s also where the family can gather and interact with each other. 

A modern and highly functional kitchen design could get prospective buyers thinking about getting your property sooner than later. This is especially true for families that love to organize parties and spontaneous get-togethers with relatives and friends.    

While owners are expected to spend USD$ 26,214 for a low to mid-cost kitchen renovation, they’re expected to recoup their cost by about 72%, or USD$ 18,927.

6. Get A Bathroom Makeover

Next to the kitchen, upgrading the bath area is one good way to increase property value. In terms of returns, a newly-renovated bathroom can yield over 60% in investment returns so that it can add to your home’s resale value. 

Upgrading the fixture to gold and chrome could add a little luxury to your bathroom without breaking the bank. Apart from the form, focus on the function and hire professional plumbers to fix any water issues. A leaky faucet and clogged drains are a significant turnoff for buyers, so make sure to address them as soon as possible. 

7. Clean And Declutter Your Home  

Apart from a well-manicured yard and significant updates in your kitchen and bathroom upgrades, deep cleaning and decluttering are two of the more straightforward updates that can increase your home’s selling price. A 2019 report by a real estate referral company said that over USD$4,000 can be added to a property’s value just by keeping it clean and clutter-free.

An immaculate and organized home increases its appeal, even if it’s deficient in some areas, like its size. A small quaint home could look instantly better compared to a bigger but filthier home. A tidy home can also help reduce stress. Therefore, start cleaning your living spaces not only for your buyers but also for your well-being.    

8. Add More Space

The pandemic has forced many individuals to work at home and embrace a new lifestyle. This lifestyle has also increased the demand for more usable living space.

If you’re offering a home with a limited area, consider adding usable space as houses are often priced according to each livable square foot. A property with more space often fetches higher prices. Besides, buyers will notice this type of upgrade and will likely take an instant liking to your property because of it.

As such, now may be the best time to add another bathroom or fix your basement. Otherwise, create an additional room for guests. Most homes don’t have this feature, so a property with this type of particular room helps elevate your property from the rest.

The Bottom Line 

Significant makeovers may take a lot of time, so prepare your property as soon as possible to increase its value. Depending on your budget and how much money you hope to get, you can perform simple or more ambitious home rehabilitation projects.

Before embarking on these enhancements, make sure you’re getting high returns from your spending. Perform the suggested home makeover ideas in this article to guide you through the decision-making process.

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