10 Tips to Increase Your Home's Value
Increasing the value of your home seems like a long and expensive task. Although it can be costly for certain things, it is actually easier that you would think. Follow these tips, and your home will be worth more before you know it!
Plan your remodel:
Whether you just bought your more or you have lived in it for a while, the fastest way to increase your home's value is by making a plan by making a list of the things you would like to change and the updates you would like to make. Once your list is created, prioritize what is a "must have" and what is more like a dream. Try to come away with a reasonable balance.
Tackle one room at a time:
Make the commitment to tackle one room at a time. Whether it's as simple as a coat of paint or knocking down a wall, by tackling one room at a time you can keep projects achievable.
Small improvements can really pay off:
Whether the improvement be fixing a couple electric plugs, or re-decorating the living room
; stick to one upgrade per month and you will be happy with what you see.
Clean your house now for profits later:
If your house is currently on the market, you will attract more potential buyers if your house is clean. By making a clean house a priority, there are several things you can do. First, you should stay on top of maintenance issues, such as spotting potential problems before they become expensive ones. Secondly, you don't want to allow dirt and junk to build up over time because it will be more difficult to clean and potentially cause mold.
Curb appeal counts:
If a potential buyer comes to look at the house, they will often ask themselves, does this home look attractive, welcoming and structurally sound at first glance? Make sure your home looks good on the outside before putting it on the market as this will increase the chances of it being sold quickly.
Upgrade the kitchen:
There are several ways in which one could upgrade a kitchen
, here are a few examples:
- Do a mini-remodel. Change the paint. It sounds simple, but it works. You can also paint a faux-wood finish onto your cabinets. This looks just like cherry.
- Add a splash of color with a new back-splash. New tile is attractive. Home improvement stores teach classes on this.
- Go stainless steel. The cold feel of steel is a hot ticket item for buyers. Transition your appliances as they wear out and go with a similar metallic look in your light switches.
- Make your kitchen rock with a rolling island.
- Hang a pot rack with fresh new pots, pans and a hanging wine bottle holder.
- With the rolling island, your kitchen will catch every buyer's eye.
Beautify your bathroom:
There are several ways in which one could beautify their bathroom, here are a few examples:
- Focus on your faucet. Bathrooms are not utilitarian anymore. People like to feel relaxed, like they are in a spa. Drop-sinks are old news, people want the under-mount sinks.
- Go granite or marble with your counter tops. If you are toying with the granite idea, your bathroom counter is most likely smaller than your kitchen counter and less expensive. This is a great place to start your first granite project.
- Nix the overhead lighting in favor of wall mounts to add warmth and value to your bathroom. Make sure that around your mirror you have even lighting with no side shadows.
- Heated floors attract buyers like bees to honey.
- Upgrade your bath area. With an 85 percent return, install a shower with body sprays and stone surround tile. If you are not selling right away, you will feel like you are in a Zen garden every time you step into your bathroom.
- Keep it clean. Dirt and grime can become embedded in bathroom surfaces very quickly and then freshen it up with new grout.
Weigh the benefits of upgrading versus selling:
First, you will want to estimate your costs to buy a new home. Add up the realtor and home selling costs (packing, moving and the new loan financing). Don't forget hidden items! The buyer may ask you to replace the carpet before you sell. Or, what if you have to replace appliances? Try making your best effort to include everything it will cost in time and money to sell your home and buy a new place. Then you will want to estimate what you may get for your house and how much cash you will leave with to put down on a new home. Also, if you like your neighborhood and the people you live nearby, consider remodeling instead of moving.
Hire a certified home inspector:
By hiring a certified home inspector, you will be able to see what could potentially be wrong with the house and then know which upgrades to make before putting the house on the market. This could avoid having a contract on the table, only to hear the inspector has found dry rot or something else wrong with the house.
Pay down the principal on your loan:
Remember not to overdo your down payment. If you spend all your money in a down payment, you may not have enough to do the improvements you want.
Note: The rule of thumb is if you are moving into a fixer upper, go for 10 percent down.
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