No matter if you’re looking to spruce up your home to test the market, or are looking to spice up a tired and outdated home but are worried about putting too much money into the property, there are ways your hard-earned money can be put to good use. While many are DIY, those that are not comfortable trying their luck at renovations can still look to a professional and will have to factor in the costs. While upgrading a kitchen or bathroom will improve the value and demand to sell, it can also weigh on a budget. Here are five additional tips that will help increase the value of your home so you can look to capitalize on your equity.
Increase Curb Appeal
How your home looks from the street can play a huge part in your home's value. It is the first impression any potential buyer gets of your home, so the exterior needs to be on point to encourage a walkthrough. Landscaping is one of the best ways to achieve a well-maintained look. Planting flowers, repainting the front door, or setting up small gardens is a great way to increase your home's curb appeal.
Reduce Maintenance Costs
Prospective buyers and homeowners want a house that doesn't need constant maintenance. If your home has a problem area like a leaky water heater or roof, it should be addressed before you put your home on the market. Improvements that help homeowners keep the home clean and easy to maintain can increase value. High-maintenance wooden siding can be replaced with vinyl or a brick exterior to reduce yearly upkeep costs.
Adding a Home Lift
If you have a two-story or multiple-story home, you can instantly add value by installing a home lift. Stairs continue to be a major cause of falls within a home, so an alternative can be very appealing to buyers. Easy to use home lifts can also be a great addition for seniors or anyone who has limited mobility. Home lifts do cost several thousand dollars to install, but it will pay for itself eventually as an elevator is often considered an attractive selling point to buyers who may not want to deal with the hassle of stairs.
Make Your Home More Efficient
How well your home conserves energy can have a significant impact on the home's value on the market. Energy-efficient mortgages exist and allow borrowers to take on additional debt to install energy-efficient upgrades like solar panels. Double-paned windows, attic insulation, and LED lighting are three primary ways you can improve the energy efficiency of your home. Solar panels directly contribute to increased property values, but they are a significant investment.
Update to Smart Technology
In today's connected world brings a bridge to everyday appliances like refrigerators, washing machines, and more. Smart technology one thing new buyers look for, including thermostats, carbon monoxide detectors, security cameras, door locks, and lighting. Tech-conscious consumers are more likely to pay a high dollar for a house that is interconnected. Of all the improvements on this list, smart technology actually costs the least to implement.