Eight Ways to Increase Your Home's Value
These suggestions may help you get the best price for your home when it’s time to sell.
Whether you're looking to put your house on the market in the near future or simply want to increase your home's value as time goes on, there are plenty of ways to make it more attractive to prospective buyers. Some projects are bigger undertakings than others, but even minor tweaks can go a long way.
Here are eight ways to help increase your home's value:
A good place to start is to give your home a new paint job. According to HGTV1, doing so is among the most cost-effective improvements you can make, as freshly painted rooms make them look cleaner and updated. The colors you choose can make a difference, so be sure to use colors that are likely to attract the most people. Your best bet is to stick with neutral hues.
2. Make efficiency improvements
People are far more conscious about energy efficiency than they used to be, and many homebuyers will look for this quality when buying a house. Anything you can do to improve your home's efficiency is going to add value. Projects will vary in price, but could include extra insulation, efficient appliances, upgraded heating/cooling, window replacement, and solar panels.
3. Help your neighbor maintain their lawn
Maintaining your lawn is a major part of creating curb appeal, but if you have a neighbor whose lawn maintenance leaves a great deal to be desired, that can be unattractive to homebuyers. This is especially important if you're looking to sell your home soon. If you think it's a problem, offer to help your neighbor take care of it, whether that means mowing it for them or providing some landscaping services.
4. Upgrade your bathroom or add a new one
Bathrooms are major selling points, and either adding one or upgrading one can be the difference between someone buying your home or moving on. As HomeAdvisor notes2, "Bathrooms are an important part of a home. If there are not enough bathrooms or if they are very outdated, it will be a big turn off to potential buyers. Updating bathroom amenities and fixtures or adding an additional bathroom if you have the space can really increase a home’s sale appeal."
5. Remodel your kitchen
Buyers usually love a remodeled kitchen. This can get very expensive, however. It's a good idea to do plenty of research before you sink a lot of money into the kitchen. You'll want to make sure you don't end up spending more than the value it adds.
"You don't have to start from scratch to create a winning recipe," HGTV says. "For maximizing your home's value, kitchen updates are key. Start by swapping out just one item, such as a stained sink or ancient microwave for shiny new stainless models. Even small kitchen updates will add big value to your home."
6. Redo your floors
Similar to how a new coat of paint can make a room feel fresh, so can new flooring. Whether it's new carpet, hard wood, or laminate, brand new flooring eliminates any wear and tear, stains, scratches or other unsightly blemishes that your floor has accumulated over the years.
7. Plant a tree
While it's more helpful if you're not looking to sell right now, planting a tree is another excellent way to add to your home's value, while also being good for the environment. If you place it in a way where it will provide shade as it grows, it can increase your home's efficiency by cutting down on cooling costs. Buyers also enjoy trees for aesthetic purposes.
8. Fix the little things
Ultimately, the more improvements you make, the more you could potentially increase your home's value, and it may be best to work on smaller projects. Make minor tweaks and fix little issues around the house, and your work will add up. For example, replace caulk around your bathtub, change old light fixtures, and repair cracks in stone and brick. Call a home inspector to help you pinpoint any problem areas that should be taken care of.
If you need help financing your home improvements, consider taking out a home equity credit line from Nevada State Bank.3
3. Loans subject to credit approval; terms and conditions apply. See banker for details. NMLS #467014
The information provided is presented for general informational purposes only and does not constitute tax, legal or business advice. Any views expressed in this article may not necessarily be those of Nevada State Bank, a division of Zions Bancorporation, N.A. Member FDIC.
Equal Housing Lender NMLS #467014