Nearly two-thirds (65%) of U.S. homeowners believe the value of their home will continue to rise over the next 10 years, according to a survey conducted by The Harris Poll among over 1,400 homeowners in August 2018. That may be optimistic, considering that some factors that determine what a house is worth, like its location and the popularity of that market, are out of your control.
If, like 70% of American homeowners, you believe your house is your biggest asset, taking care of it is probably a top priority. The good news is, keeping up with repairs and making smart improvements are both proven ways to increase home value over time.
Whether you want to build equity or get top dollar when you sell, use the tips below to raise the value of your home. Plus, who wouldn’t want that “Pinterest worthy” space to brag about?
Swap out your cabinet hardware.
Removing and replacing your cabinet fronts or hardware is a project so simple even novices can DIY it, but one that can make your home more valuable, too. It’s an affordable way to make a kitchen look new and modern.
Change the upper or cabinetry colors in your kitchen.
While having uniform kitchen cabinetry might seem like one of your house’s selling points, you should opt for light upper cabinetry and dark lower cabinets if you want your abode to sell for a premium. According to a 2018 report by Zillow, homes with so-called tuxedo cabinetry fetched $1,500 more than anticipated on average.
Power wash your house.
Spring cleaning shouldn’t just be reserved for the interior of your house. Cleaning up the outside can help you reap major rewards when it’s time to sell. Power washing the sidewalks and driveway can quickly remove years of dirt as well as making it more valuable in the eyes of buyers.
Upgrade your landscaping.
Landscaping is one of the most cost-effective ways to increase your home value.Healthy trees, plants, and flowers along with a well-manicured lawn can improve the home’s appearance. Also, remove dead vegetation, hide hoses, and keep everything looking pristine to make the best first impression.
Create an outdoor seating area.
Creating a little outdoor seating space could be the finishing touch you need to boost your home’s exterior appeal. Set up a deck or porch as an outdoor living area with comfy cushions on furniture, an outdoor rug, a grill…or a TV if the area is covered.This expands the square footage of your home in a buyer’s mind.
Repaint your walls.
It may only take a few hours to complete, but adding a fresh coat of paint to a room can completely transform your space for the better and add serious value along the way.
Matte finishes look more sophisticated, and we prefer to stay away from eggshell. Choosing contrasting colors, even if two shades of white—one for walls, the other for trim, doors, and ceiling—will add detail and depth to the space.
Add some smart technology.
If you want to make your home more valuable, then it’s time to start thinking smart. Investing in some smart home technology can increase your home’s value quickly, without the expense of a huge renovation.
If renovations in your neighborhood are simple, keep it simple. Otherwise you will find yourself spending too much on updating your property, but will not realize the return of your investment on closing day. Go to open houses in your neighborhood prior to putting your house on the market. Pay attention to the kitchen, baths, flooring and fixtures—then go home and start with those ideas.
At First Equity Funding, we focus solely on asset based lending to real estate investors looking to buy or fix up residential and commercial properties in New Jersey, New York, Pennsylvania, Connecticut and 36 other states throughout the US. Grab a quote today or contact us for more information.