For most American homeowners, their house is the single most valuable asset they own. If you’re in this group, it may make a lot of sense to try to increase home value over time, even if you’re not planning to sell in the near future. Fortunately, this is relatively simple to do just by making smart investments and keeping up with your repairs.
Not sure how to get started? Here are five common ways to increase the value of your home!
- Remodel the Kitchen
Ask any real estate agent, and they’ll tell you that kitchens are what sells homes. If your kitchen doesn’t seem impressive at the moment, remodeling it may offer a 100 percent or greater return on the investment. That number could easily be even higher, depending on the amount of labor you can do yourself and the finishes you choose.
- Boost Your Curb Appeal
The first thing prospective buyers will see is the outside of your home, so it makes sense to invest in making a good first impression. For example, a new coat of paint can instantly make your home look more attractive. Most experts recommend using neutral colors such as tan, gray, or beige to give the exterior just the right amount of warmth.
Beyond new paint, other common ways to boost curb appeal include replacing the front or garage door, windows, and the home’s siding. For a smaller project, consider planting bright-colored flowers in the front yard (or get a professional landscaper to do it).
- Upgrade Your Appliances
On top of reducing your utility bills, energy-efficient appliances provide plenty of appeal to buyers who are looking to lower their own homeownership costs. Does your home currently feature older appliances that date your interiors and guzzle energy? If so, upgrading to newer models is a quick way to increase your home’s value.
- Add Smart Technology
Recent studies show that safety-enhancing gadgets are at the top of smart technology buyers want in their homes. These smart gadgets include lighting, programmable thermostats, door locks, security cameras, fire detectors, and carbon monoxide detectors. Even in cases where smart tech may not increase home value, it will always add some appeal.
Smart technology is particularly popular with buyers who consider themselves “techies,” a population that’s rapidly growing. And unlike remodeling the kitchen, you can install these gadgets yourself for less than $1,000.
- Expand Square Footage
Adding square footage is an obvious way to add value to a home, but it’s usually best to consult with a professional first. That way, you can ensure you’ll make the right addition and achieve a good return on your investment. Keep in mind that adding more square footage will also mean you’ll have to spend more money on upkeep and maintenance of the property.
