Buying a home should be one of the important events of your life. But it is also an investment in your financial future. While regular mortgage payments over time create capital in your home, there are upgrades and changes you can make to your home that can quickly add value, resulting in a huge return on your investment.
Homeowners should look for quick and cost-effective ways to increase the value of their home over time, especially if they plan to sell it in the future. Here are six practical ways to increase the value of your home and get a strong return on your investment.
1. Increase the value of your home by upgrading to high-demand finishes.
If you hope to sell in the near future, you can increase the demand for your home by choosing upgrades that are popular with buyers today. This can mean installing stainless steel and / or quartz appliances in the kitchen, unlike other finishes that are less interesting even though they are of high quality.
Minor finishes can also affect buyers’ interest while reducing upgrade costs. Consider simple changes, such as switching from copper door handles and locks to brushed nickel material or replacing yellow bulbs with brighter LED lights.
2. Invest in energy-efficient home components.
Homeowners today are likely to place more emphasis on environmentally friendly elements, due to greater attention paid to environmental issues and the recognition that energy efficiency can save money on their bills.
If you are upgrading your home appliances – from your microwave to your oven – you will find an energy efficient one that can reduce your electricity and gas bills. You may also want to consider upgrading to a smart thermostat that can improve energy efficiency. This type of thermostat can save you money on energy every month if you live at home. There are many advance features in the market ou can control any single feature with your smartwatch if they compatible with any application.
3. Repair your landscaping ahead.
Real estate agents talk about “limiting attraction” for a reason: the first impression has a huge impact on the sales value of your house. Cheap landscaping and other modest improvements to your exterior can help increase value for appraisers visiting your home and potential buyers looking for their own home.
4. Spend money on upgrades for the kitchen and bathroom.
Kitchens and bathrooms are widely considered to be the rooms in the house that leave the strongest impression on the buyer. They are also the fastest parts of your interior that are obsolete, while appliances, finishes and other decorations are outdated. This makes modernizing the kitchen and bathroom a great place to spend your money. From a financial point of view, bathrooms in particular are an excellent option for modernization and repairs – especially if you are adding a new bathroom or expanding from a half-bathroom to a full one.
5. Add your finished square shot.
If your house has an unfinished basement or other unfinished rooms or spaces, building that space can be a relatively inexpensive way to increase the value of your home. For example, if you are building a basement room in an unfinished space, you can easily add more than 100 square feet to your home while adding another bedroom that will add value to your home.
Many homes are valued by multiplying the square pictures at the same rate for this type of house in your community, so increasing these square pictures is likely to increase your selling price.
6. Paint the coarse parts with fresh paint.
Does the house seem a bit ruined, inside or out? Self-painting has low material costs, but it can have a huge significant effect on your home.
Whether you’re painting your living room, bedroom or even the front door of your home, painting a light coat can recreate old faces – and give your home a quick charm.
While these slight changes may improve the comfort of your home while you live there, they may also increase your list price in the future when it is time to sell. A house that gains in value over time can have a huge financial benefit if you are willing to upgrade to a larger and nicer home.
Do you hope to use the property in your house to achieve other financial goals? Download the Smart House Refinancing Guide today.