While research has shown that a home is a significant investment, increasing its value is crucial for maximizing your return on investment. Enhancing your home’s value can be beneficial for several reasons. It can increase the equity you have in your home, which can be useful if you ever need to borrow against it, sell your home, or you simply want to improve the property's overall worth. Here are five changes you can make to add value if you’re thinking of selling up.
- Add curb appeal
Curb appeal refers to the first impression your home makes from the outside, which can significantly impact your property's value. Some simple ways to increase curb appeal include landscaping, painting the front door, and installing new outdoor lighting. Other ways to improve curb appeal include small touch-ups, major projects, and adding new, superior materials to the front of your house, such as canopies, buildings, or shiny features. While the average landscaping cost is around $4,700, US research shows that a well-landscaped yard can significantly increase a home's value.
- Eco-friendly upgrades
The National Association of Realtors reports that homeowners can recoup up to 80% of their investment in energy-efficient upgrades. Energy-efficient upgrades can significantly increase your home's value as more and more homebuyers are interested in sustainable living. Upgrades can include installing solar panels, upgrading your HVAC system, or installing energy-efficient windows. The average cost of a solar panel installation is around $20,000.
- Increase your home storage
Increasing your home storage is one of the effective ways to boost your building’s value. For instance, having a bespoke shed built specifically for your home can provide the added benefit of increasing the overall value of your property. That is particularly essential if you plan on listing it for sale. Potential home buyers tend to consider all the structures on the property, so a personalized shed can make your property stand out in the area. Enhancing your home storage doesn't make your house attractive to buyers but can increase the selling price. Fortunately, you can count on a few builders who are experts in various projects, including building custom home sheds. You can even consider an industrial shed if you run a business from your house and need significant storage space.
- Replace kitchen cabinets and appliances
Renovating your kitchen can significantly increase your home's value, as it is one of the most frequently used rooms in the house. A well-planned and executed kitchen renovation can yield a return on investment of up to 100% or more in some of the hottest housing markets. Upgrading appliances, cabinets, and countertops and adding a kitchen island are just a few ways to increase your kitchen's appeal and overall value. However, it's essential to remember that the amount of value added will depend on various factors, such as the quality of the renovation, the local real estate market, and other home improvements made.
When selling your home, increasing your home's value is essential for gaining your return on investment. By renovating your kitchen, updating your bathrooms, adding curb appeal, installing energy-efficient upgrades, and increasing your storage, you can significantly increase your property's value and make it more attractive.