4 Small Changes That Will Increase Your Home Value
Whether you are refinancing a home, preparing to sell, or wanting to improve the value, your property is an asset worth investing in. A little can go a long way, so it is all about finding the right balance that provides the best return on your investment. For every dollar you spend on repairs, you receive an ROI of about 80% which is why it is imperative to monitor costs to make sure that the benefit outweighs the risk to your home’s overall value.
It is critical to define a home improvement budget because investing too little might cause a bank lender denial or a sale loss. Too much might consume any profit potential because you exceeded the real estate market value. Here are four small changes that will increase your home value.
1. Painting
Typically, homeowners paint every three to seven years. It is also a primary way to improve the real estate market value since appraisers aesthetically score a home’s exterior and interior parameters. It is advisable to do a bit of research on color schemes. Some colors have more buying and selling power than others. It will also allow you the time to look for loose boards, siding, or cracks when painting.
2. Hardware/fixture updates
Homeowners spend more on kitchen remodeling, so you want to tread carefully when budgeting. You could quickly redo your cabinets with pull-out shelving and under cabinet lighting which adds to a kitchen’s functionality. Replacing the plumbing fixtures and door knobs also enhance the aesthetics in the kitchen and the bathroom.
3. Smart Home Updates
An affordable way to increase the market value of your home is by upgrading to your thermostat, security system, locks, and blinds to tech-friendly products. The ability to control temperatures will reduce heating and cooling costs which ensures long-lasting benefits for homeowners. Having a security system monitored by smart technology will also give any homeowner peace of mind which will stand out to anyone who looks at your home while on the market.
4. Declutter and Stage Your Home
De-cluttering and spring cleaning can significantly improve a home’s value because of the visual appeal. You can also rearrange the interior furnishings by shape or to attract or detract natural light. If you need more Closet Organization Tips adding storage shelves or cabinets in the garage can also improve the appraisal value. You can also add hooks for heavy equipment or bicycles to stage an organized environment.
Changes That May Decrease the Value of Your Home
Do not invest in lavish décor like lighting or expensive appliances as they will cost you the benefit of any remodeling you did to add value. Shy away from bold color palettes or wallpaper as every person’s taste is different. Do not even consider cutting two bedrooms into a larger one as growing families would rather have an extra room. Think about the reason and then add the cost. If it does not add to the value, do not do it.
Homeowners want functionality, but they also need aesthetically pleasing space which is why you should take the same advice to prepare for an appraisal. You do not have to invest a great deal of money when you only need to make a few changes to improve your home’s value.
