A few home improvements can do wonders for your home's value and overall look. However, some changes pay off better than others and may attract many more potential buyers if you're planning to sell your house soon.
In this guide, we'll discuss the top 8 tips to increase the value of your home. So, let's get straight into it!
8 Brilliant Ways to Boost the Resale Value of Your Home
Get a Home Warranty
According to a study by the Service Contract Industry Council, homes with home warranties sell for almost $2,500 more and 16% faster. That's because a home warranty makes your home more desirable and offers your potential buyer peace of mind that they're investing in a functional house with up-and-running systems and appliances. On top of that, it ensures pocket-friendly repairs if something breaks down in the future.
You may wonder who pays for a home warranty plan if the deal is closed. Typically, a home warranty is lumped into the closing cost which usually a buyer pays. The seller may provide it to the buyer as a token of thank you for the deal.
Update Your Kitchen and Bathroom
Remodeling the bathroom and kitchen is always a successful idea to improve the resale value of a house. No, we're not talking about a complete renovation because it can prove to be overkill in most cases. However, small renovations like upgrading the appliances, bathroom fixtures, and kitchen cabinets can improve the overall appeal of your space. This in turn makes the house more inviting and boosts its resale value.
Bring the Basement to Use
Increasing square footage always works well to increase the value of a house. However, this can sometimes lead to overbuilding for the neighborhood. A great way to add usable square footage without overbuilding is by utilizing the existing space (i.e. basement or attic) in your house.
According to the National Association of Realtors, the 2022 Remodeling Impact Report includes basement conversion to a living area as a top-four interior remodel in terms of return on investment (ROI), with an estimated 86% of the project cost recovered when it's time to sell.
Fix or Replace the Roof
While this may not sound like a big deal to you right now, structural flaws can make or break your sale. Damages in the foundation or roof of the house can make the inspection reports of your home look awful, which in turn increases the chances of a failed deal. On the other hand, a well-built and solid roof not only improves the appearance of a home but also ensures the buyer that their future home is safe.
Repair and Repaint the Exterior
It is an excessively used cliché, but well, first impressions are impactful. A poorly maintained exterior can make the house lose its charm, and you definitely don't want buyers to downgrade your place at first glance.
A renewed and attractive paint job can help improve the appearance of your home by giving it a clean look. A fresh coat of paint can make your house look in mint condition, leave a positive impact on the buyer, and hence, improve its resale value.
South Facing Gardens
South-facing gardens are a huge attraction for most buyers. If you have a south-facing garden in your home, you're lucky because it dramatically boosts the desirability of the house.
However, we understand it's not possible for everyone to have one. In that case, set up a seating area in a sunny spot in your garden and make it a prime spot for your property. This allows you to con your way to a similar effect as that of a south-facing garden and increase the value of your home.
Improve Curb Appeal
You can boost the curb appeal of your place with small upgrades like scrubbing the exterior of your home and repainting walls or something more complex like adding a fresh walkway or installing a new front door. Adding fragrant flowers and vegetation on the house's front entrance may not directly increase its resale value; however, it can enhance the curb appeal, which resultantly impacts the home's value as well.
Refresh Interior Details
So far, we've mostly talked about the importance of a good house exterior, but it doesn't mean it's the only thing that matters. Apart from kitchen and bath upgrades inside the house, a fresh coat of paint, clean flooring, necessary repairs, and interior decor are important to catch the buyer's attention. A well-maintained house inside and out increases the chances of a deal at your desired price.
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