Are you looking to maximize your home’s value without breaking the bank? You’re in luck! Upgrading your home can be a smart way to boost its value.
We’ve curated a list of five basic upgrades that can instantly increase your property’s worth. These improvements are cost-effective and appeal to a wide range of potential buyers. Certain improvements can provide a significant return on investment, whether you want to sell soon or enhance your living space.
That being said, here are five simple home repairs that can instantly increase your property value.
#1. Improve Curb Appeal
Your home’s exterior is the first aspect potential buyers see. It makes the first impression, which can go a long way. A well-kept lawn, vibrant flower bulbs, and strategic tree planting can transform your home’s aesthetic.
According to Bankrate, good landscaping can increase a property’s market price by 15-20%. This simple upgrade can create a welcoming atmosphere and make your home stand out. Furthermore, experts recommend spending no more than 20% of your home’s current value on it. Landscaping projects like deck restorations, tree covers, xeriscapings, sprinkler systems, and lighting contribute to a building’s resale value.
Consider making a centerpiece in your front yard. A simple water feature, a stylish mailbox, or a well-placed tree can make a big difference. Remember, the goal is to create an enticing entrance that makes wannabe buyers want to see more.
Next, focus on your front door. Painting or replacing it can give it a fresh look. Bold colors, like red or navy blue, are popular choices that make a statement. Remodeling Magazine’s report notes that a new steel and glass front door can return over 188% of its cost upon resale. On average, these doors cost around $2,350 and can recoup an average of $4,430 in resale value.
#2. Consider Repainting
A fresh coat of paint is one of the most impactful yet affordable upgrades. Zillow reports that about 40% of home sellers redo their interiors before selling, and 30% agreed it helped their home sell faster.
Additionally, don’t overlook the exterior. A well-maintained exterior paint job can boost curb appeal and protect your home from the elements. While DIY painting sounds exciting, hiring professional exterior painters is often the best choice for outdoor projects. These experts bring years of experience, proper equipment, and knowledge of the best paint types for different climates and surfaces.
According to the Paint and Color Trends Report 2023, over 80% of experts say warm, neutral colors appeal to a broad audience. This makes them ideal for interiors. On the other hand, about three-quarters of experts agree that white is best for exteriors. Or, as EA Pro Painters puts it, leave it to professionals to deliver flawless designs that fit in with your neighborhood.
#3. Upgrade the Kitchen
The kitchen is usually considered the heart of the home. Small updates here can yield significant returns. According to HGTV, minor kitchen remodels can recoup about 96% of their cost at resale.
Focus on the basics. Old cabinets? A fresh coat of paint can work wonders. Is your lighting dull? Swap it out for something stylish. Outdated hardware? Replace it with something modern and energy-efficient. Energy-efficient appliances look modern and reduce power usage, which is a major negotiating point. These small changes can make your kitchen feel fresh and updated.
Lastly, consider installing a new backsplash. Materials like subway tiles or mosaic patterns are affordable and easy to install. It’s a simple project that makes a big difference, giving the kitchen a finished, high-end feel.
#4. Lighten Up Your Bathroom
Like the kitchen, bathrooms are crucial. Buyers want a space that’s clean and modern. Even minor tweaks can have a massive impact. An Opendoor survey notes that over 60% of respondents consider a bathroom update the biggest design turn-on. Likewise, 54% of respondents deemed an outdated bathroom a major design turn-off.
For example, a larger or more stylish mirror can make your bathroom look more spacious. Moreover, swapping out old faucets, shower heads, and cabinet hardware for modern designs can freshen up the bathroom’s look. Popular finishes include brushed nickel and matte black. Storage items like floating closets or medicine drawers can also increase functionality and appeal.
These updates are cost-effective and relatively easy to do yourself. Finally, don’t forget about lighting. Upgrading to LED fixtures can brighten the space and save on energy costs. Consider adding a dimmer switch for added ambiance and functionality.
#5. Smart Home Technology Integration
In today’s digital age, smart home features are becoming exceedingly mainstream. They make your life easier and also add value to your property. Some individuals are happy to cough up more for a home with smart technology.
Start with simple, affordable upgrades like smart thermostats, keypad door locks, or doorbell cameras. These devices offer energy savings and enhanced security. Smart lighting systems are another great option. They provide convenience and can significantly reduce energy costs. Next, focus on installing an HVAC system. Remodeling by JLC states that an HVAC installation costs about $17,750 and has an average resale value of $18,366. Meaning, you receive a 103% ROI.
For a bigger impact, consider installing a smart home security system. According to Zillow, homes with these systems can sell for up to 5% more than expected.
People Also Ask
Q1. What Home Improvements Decrease Property Value?
While most upgrades add value, some can backfire. Overly personalized renovations, like converting a bedroom into a home theater, can turn off buyers. Over-improving your lawn, installing a pool in a non-pool-friendly area, or choosing bold, trendy designs might also decrease value.
Q2. How Much Should I Spend on Home Improvements?
The basic principle is to spend 5-15% of your home’s value on upgrades. However, this can vary based on your goals and the local market. Moreover, allocate some funds for unexpected expenses. Focus on projects with a high ROI, like kitchen and bathroom updates. Remember, overspending doesn’t mean a higher value.
Q3. Which Home Improvements Are Tax-Deductible?
Most home improvements aren’t tax-deductible for your primary residence. However, energy-efficient upgrades like solar panels or new windows may qualify for tax credits. Home improvements for medical purposes or home office renovations for self-employed individuals might also be deductible. Consult a tax professional for specifics.
All in all, increasing your home’s value doesn’t always require major renovations. These five simple upgrades can make a significant impact without breaking the bank. From enhancing curb appeal with landscaping to modernizing your bathroom on a budget, each improvement can contribute to a higher property value.
However, remember, these are just a few ideas. The key is to focus on changes that appeal to a wide range of potential buyers and provide a high ROI. By implementing these upgrades, you’re increasing your home’s value while creating a more enjoyable living space for yourself. So why wait?
Start planning your home improvement project today!
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