Owning a home is more than just purchasing a place to live. When you purchase a home, you are also buying a piece of property that has value and, over time, the equity you build up in your home is a smart investment. While many things impact the value of your property, home renovations and upgrades play a large role and can make all the difference.
Whether you are looking to sell your home in the near future or simply want to do your best to maintain your property for the long haul, these five proven ways to increase the value of your home will set you off on the right path.
Make Energy-Efficient Improvements
Most newer appliances meet energy-efficient standards. These standards help the appliance operate while using less energy, which helps to conserve resources and save money on your monthly energy bills. Older homes with outdated appliances are likely to have appliances that are not energy-efficient and this is often unattractive to today’s home buyer and puts more strain on the home over time.
You can increase the value of your home by replacing older appliances with modern, energy-efficient models. Appliances have come down in price, which makes this a reasonable home upgrade for homeowners who do not want to invest too much money in major upgrades.
In addition to upgrading major appliances, you can also improve your home’s energy efficiency by adding a smart thermostat which allows you to save on heating and cooling costs. This quick upgrade is relatively inexpensive, however, it can increase your home’s value by much more. Other ways to improve energy efficiency include replacing windows and adding home insulation.
Add a Fresh Coat of Paint
Repainting a room can instantly breathe life into an otherwise mundane area. This inexpensive and easy-to-do upgrade is even something you can tackle yourself with the proper tools. Investing in a fresh coat of paint for the interior of your home can be a wise investment. Not only will fresh paint increase the value of your property, but it will make selling your home much easier. Outdated paint colour choices or scuffed walls can certainly deter buyers.
Curb Your Curb Appeal
Your home’s landscaping and outdoor appearance make the first impression. Therefore, improving your home’s curb appeal can impact its resale value. There are many projects, both big and small, that can make a big difference in increasing the overall value of your home. For example, try freshening up the front door, mailbox, garage doors, and exterior lighting. You can also take on larger projects like sealing your driveway and adding interlock. These investments can make a significant difference in the value of your home.
Focus on the Kitchen and Bathrooms
For many people, the kitchen is a centralized room in the home where they spend a great deal of time. Therefore, it’s often a big factor of consideration for many prospective home buyers. Kitchen renovations can help you enhance the value of your home and often lead to a greater return on investment when it comes time to sell your home.
Second to kitchens, home buyers pay close attention to the condition of the home’s bathrooms. Small bathroom upgrades can go a long way! If an entire bathroom remodel is not in your budget, consider small projects such as plumbing upgrades, vanity upgrades, and new flooring.
Stay Up-to-Date with Preventative Maintenance
Don’t wait until the roof is too far gone or the furnace breaks down. Preventative maintenance is key and can save you a lot of headaches and money in the long run. Have your air ducts cleaned regularly, replace your furnace filter, and stay on top of the weeds out back. These are just a few examples of things you can do on a regular basis to avoid unnecessary hassles.
A Higher Home Value
With these home upgrades in mind, you can easily increase the value of your home. Consider upgrading to energy-efficient appliances, applying a fresh coat of paint, enhancing exterior curb appeal, and improving main rooms in the home like the kitchen and bathrooms. Add in preventative maintenance and you are all set!
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