If you have owned your home for a few years, you may be wondering what you can do to increase the value of your home. One of the best ways to add value to your home is to keep it up to date by periodically improving it, thereby building more equity over time.
Remodel the Kitchen
The kitchen is one of the most important rooms to remodel, because it can add a great deal of value to your home. The kitchen is a central part of the home, and an up to date kitchen is most often on a buyer’s must-have list.
Homeowners can generally expect a 60%-120% return on their investment when remodeling a home’s kitchen, which is much higher than the return on many other rooms in the home.
When remodeling your kitchen, some of the smallest things can result in a generous ROI, such as updating the hardware and lighting, while also painting the cabinets.
Install Modern, Energy-Efficient Appliances
Energy efficiency is one of the major watchwords today, so installing energy-efficient appliances is important. Homebuyers also want modern appliances that are visually appealing, such as stainless steel appliances and gas ranges.
If you have a high-value home and want to stay current with modern styles, install appliances that are integrated within cabinetry. This includes refrigerators and dishwashers that are designed with cabinet fronts or panels to create a seamless look in the kitchen.
Along with kitchens, remodeling bathrooms has a high ROI when selling a home. By updating the bathrooms, the home will be more desirable to buyers, and the ROI could soar close to 200 percent in some cases.
When remodeling a bathroom, consider replacing the lighting, cabinets, tile, and at least refurbishing the tub. If it is a master bath, a walk-in shower is a must in many markets. And if the home is at the higher end of the market, additional features could help such as heated floors, a floating toilet, and a window in the shower.
Improve Lighting Throughout the Home
Today’s homebuyers want light and bright rooms. So, updating a home’s lighting can add a lot of value. Update lighting fixtures as needed, while splurging a little on fixtures in the major rooms of the home. Also, consider updating to energy-efficient LEDs for a modern and bight home.
Open Up the Space
If you have an older home, opening up the rooms will add a great deal of value for buyers today. This can include combining and eliminating rooms, in addition to raising ceilings heights.
Buyers today want kitchens that are part of the living space, while becoming less inclined to want closed-off formal living and dining rooms.
Curb Appeal: Touch Up the Exterior
The exterior of a home is like the cover of a book, setting the stage for what’s inside. That’s why curb appeal is so important – it’s the first impression a buyer has been visiting your home.
To increase curb appeal, and increase the value of your home:
- Paint the exterior. Clean and paint the gutters.
- Add some fresh greenery and flowers.
- Freshen up the lawn.
- Make the front door pop: paint, add décor, replace the hardware.
- Add exterior lighting.
- Makeover or replace the mailbox.
- Update your house numbers.
Keeping your home remodeled and up to date adds value, and helps it continue to appreciate year over year.
And when you decide to sell your home, you will not have nearly as much to do, because you have kept it up to date during the years of ownership.