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Whether you’re thinking of selling now or in the future, it’s worth considering what you can personally do to add value to your home. Many people undertake home upgrades and renovations not only to improve their own living situation, but to make more money whenever they decide to sell.
However, some home upgrades produce a greater return on investment than others. Here are four of the best upgrades you can make in order to boost the value of your home.
Add energy-efficient features
Many potential home buyers are now paying attention to energy-efficiency when shopping around for a new place. That’s because installing energy-efficient features in your home can dramatically lower bills and cut down on the amount of routine maintenance needed.
These features will also be attractive to environmentally-conscious buyers who are seeking out a home that doesn’t use wasteful amounts of energy.
As far as what kinds of features qualify as energy-efficient, there’s a multitude of different options out there. Simple features you can add include extra insulation in the walls and sealant for any cracks in order to more efficiently keep in heat. You could also install energy-efficient windows made with specialized insulating glass, which can save you somewhere in the range of $500 per year on heating and cooling costs.
Lastly, you might even consider putting some solar panels on your home in order to harness a source of renewable energy. Even though installing solar panels may sound like a big expensive undertaking, it really isn’t.
In many cases, you can receive affordable financing and get tax credits at the local, state, and federal levels for solar panel purchases. In the long-term, you may end up saving significant amounts of money on electrical bills as a result of utilizing solar power for home.
Work on the exterior paint job
The exterior of your home is the first impression for people passing by and viewing your home alike. Making sure your home looks beautiful on the outside is a great way to boost value—and it doesn’t even have to be particularly expensive.
If you really want to revamp your home and upgrade its curb appeal, you can repaint the whole exterior of the house, making it look virtually brand new. However, you don’t necessarily have to repaint the entire house in order to make it look great.
If you want to save time and money, then focus on the parts of the exterior with visible problems. Wash dirt and grime off with a pressure washer and touch up the places where paint is peeling or chipping away. Also, simply repainting your home’s trim and front door can make a positive impression on potential buyers and boost curb appeal.
Remodel the kitchen
A minor remodel of your kitchen can tremendously increase the value of your entire home. Most people spend a lot of time in their kitchens, and thus want the kitchen to feel like a warm and comfortable space.
While kitchen remodels can be expensive, you really just need to invest in some basic updates in order to boost the value of your home. Skip most of the luxury features, especially if you have an older house. A brand new modern kitchen can look strange and awkward if it doesn’t match the interior design of the rest of the house.
So, when planning your kitchen remodel, consider the simple things that you can update. For starters, you could give it a fresh coat of paint, install new cabinets, and put in modern appliances. Make the kitchen look stylish but, at the same time, ensure that it fits in with the rest of your house.
Create more square footage
You don’t need to buy more property in order to increase your home’s square footage. Instead, get creative and find alternative ways to make space. Invest in remodeling your basement if you have one, and turn this into a versatile space that offers utility to potential buyers.
You could also take some steps to create an open floor plan, which is so popular with home buyers nowadays. Consult with a professional contractor and find out whether it’s possible to alter or remove a wall in the home to create more living space. The open layout often allows for more natural light and can be great for entertaining guests.
Every home comes with its advantages and disadvantages. When considering what to upgrade in your own home, focus on turning negatives into positives. That way, you’ll end up with a more well-rounded home that appeals to potential buyers.