Determining Property Value
In the real estate world, determining home values is one of the most useful things a real estate agent does. This will be the first step in deciding whether now is the time to sell, or not.
The agent can also help you when you want opinions expressed about home improvement projects you’re considering, and tell you what projects will actually increase your home’s value.
Just be sure the agent isn’t taking advantage of you, having you spend money you don’t have.
D.I.Y.
You can increase your home’s value all by yourself. After all, the last thing you need is to have an outside party putting unnecessary pressure on you, anyway. Besides, you can save yourself a lot of money by doing as much of the work yourself as possible.
You’re obviously already aware that certain home improvements add more value to your home than others. So let’s go over some creative and effective do-it-yourself ideas that are sure to increase your resale value.
Adding Space
Although you may not be sold on making major renovations, adding square footage of living space is the single best thing you can do to add real value to your home. It doesn’t even have to be on the main floor, either.
If you have a basement or an attic with unused space, or even an area currently being used as storage space, this has the potential to be turned into more square feet of livable space. A large closet can be turned into a half bath, and a basement or an attic can be turned into another bedroom.
A FINISHED BASEMENT: AVERAGE COST $18K – $34K
CAN ADD: UP TO $40K – $50K IN RESALE VALUE!
Curb Appeal
The next biggest thing you can do to increase your home’s value is to work on your curb appeal. Your home’s curb appeal is what potential buyers see as their first impression.
The property value of your home will increase as prospective buyers get the impression of a well-maintained and cared-for home. Pressure wash the exterior of the house, then take a look from the curb to see what potential homebuyers see.
A Critical Evaluation
As you’re looking at the house, try to see the flaws – make a list of things you can do to improve them. Then start by cleaning up the yard, mowing the lawn, and doing some landscaping.
Another idea is to choose an accent color that complements the existing color of the house. Painting things like the garage door, front door, and/or window frames make a house look like a million bucks, and adds value to your home.
Pay special attention to the front door and entryway. Use potted and hanging plants and featured placement for a “homey” yet tasteful touch.
COST VARIES GREATLY, BUT CURB APPEAL PROJECTS ARE SAID TO HAVE 100% OR MORE AT RESALE!
Smart Home Efficiency
The next thing high on the list of adding home value is energy-saving features, like smart home technology. Homebuyers love any improvement that will help them save money on energy costs and improve the home’s efficiency.
Popular things that add to your home’s value in this way include adding a smart thermostat, and/or putting in energy-efficient appliances. Increasing your home’s energy efficiency is a terrific idea, and the appliance that gives the most value overall is a washing machine.
COST OF SMART THERMOSTAT: $249 FOR NEST BRAND (+ INSTALLATION)
SAVE UP TO $173 PER YEAR – TYPICALLY RECOUP 100% OF COST AT RESALE
The Kitchen Remodel
If you look at your kitchen and go, ‘ewww’, then buyers will, too. In this case, it’s likely your entire kitchen needs renovation. It’s true this can be expensive, with the average homeowner spending around $150 per square foot, and the average total being about $16,600.
Of these costs, according to a 2022 study, typically people get anywhere from 54% – 78% back in home value on the real estate market at resale, depending of course on what level of service and quality. If you really need to improve in this area, do a minor renovation instead of a major one.
Here’s an unexpected way to add value that gets an excellent return – stone veneer, and it can be used inside for fireplace exteriors and accent decor, or more commonly outside, such as replacing the bottom third of the street-facing section of the house with the faux stone. It looks very nice, very professional, and is cost-effective.
COSTS: APPROXIMATELY $10K
RESALE: UP TO 96% RETURN
Improve Lighting
Many buyers look for a house with great lighting. Make sure you use LED light bulbs for energy efficiency and replace light fixtures and light covers. Try taking blinds or curtains off windows and allowing natural light to flow through in darker rooms. Get creative! It’s an inexpensive idea that makes a huge difference.
Other Ideas
Put a fresh coat of paint on the bathroom walls that always need it, and wherever else needs it, but be sure to use light, neutral colors. Another great idea to spruce up the master bedroom (or any room for that matter) is to put some crown molding in. That’s always a tasteful touch that people notice.
Of these costs, according to a 2022 study, typically people get anywhere from 54% – 78% back in home value on the real estate market at resale, depending of course on what level of service and quality. If you really need to improve in this area, do a minor renovation instead of a major one.
Here’s an unexpected way to add value that gets an excellent return – stone veneer, and it can be used inside for fireplace exteriors and accent decor, or more commonly outside, such as replacing the bottom third of the street-facing section of the house with the faux stone. It looks very nice, very professional, and is cost-effective.
COSTS: APPROXIMATELY $10K
RESALE: UP TO 96% RETURN
Improve Lighting
Many buyers look for a house with great lighting. Make sure you use LED light bulbs for energy efficiency and replace light fixtures and light covers. Try taking blinds or curtains off windows and allowing natural light to flow through in darker rooms. Get creative! It’s an inexpensive idea that makes a huge difference.
Other Ideas
Put a fresh coat of paint on the bathroom walls that always need it, and wherever else needs it, but be sure to use light, neutral colors. Another great idea to spruce up the master bedroom (or any room for that matter) is to put some crown molding in. That’s always a tasteful touch that people notice.