One of the safest ways to invest your money is by increasing your home’s value. For the highest return on investment (ROI) projects, look to increase finished square footage, enhance your home’s curb appeal, update high-value areas, and stay in the know with current trends. Whether you are looking to sell or want to be ready when the time to sell arrives, these six tips will increase your home’s value.
Make It Spacious
People on the market to buy a home are largely motivated by finding more space. To accommodate these potential buyers, you need to find ways to make your home feel more spacious. Increase your home’s finished square footage and consider ways to make the floor plan open concept. Although an open concept doesn’t increase the property’s square footage, it creates the illusion of more usable living space and lets in more natural light.
1) Remodel or finish your basement
A ready-to-live-in basement is a huge boon to your home’s livable square footage and value. It will be one of the most cost- and time-intensive home improvement jobs but can increase the value of your home at 70% ROI. This means if you spend $10,000 on finishing your basement, you can expect a $7,000 increase in your home’s value. The average cost to finish a basement is $15 per square foot. The cost goes down if you do it yourself and increases if you hire a contractor. The quality of materials, your plans for the space, and extra features like a kitchenette or bathroom, determine the price as well.
Basements hold humidity significantly longer than other parts of a home. Combat the negative effects of humidity with porcelain tile floors. They are non-porous and easy to clean. Once you have the tile you want and the right tile tools, installation is DIY-able. Whether you are interested in making your basement into a workout room, an extra bedroom, or a game room, the increased finished square footage will attract buyers. If you can afford to invest in your basement, it is worth it for the financial return.
2) Open floor plan
Create inviting living spaces by investing in an open floor plan. An open floor plan refers to large open spaces with multiple functions. Most commonly, buyers are interested in the kitchen, dining area, and living room in an open floor configuration. That interest turns into a 7% appreciation per year for homes with an open floor plan.
A homeowner interested in increasing their home’s value by opening their floor plan should hire a contractor. The process involves removing walls, which means there are structural considerations for this project. The average cost of implementing an open floor plan is inexpensive compared to the basement renovation. It depends on load-bearing wall removal, the number of walls you remove, and how many stories home has. Contact professional contractors to determine the cost of making these changes to your property.
Amp Up Your Curb Appeal
A home’s curb appeal refers to how attractive it is from the road. A potential buyer’s first impression is based on the front yard and outside of your home. Upgrades to the curb appeal of a home include landscaping work, stylistic enhancements, and refinishing doors.
3) Stone veneer
A strip of stone veneer around the bottom third of the front-facing side of the home is a style that garners a high ROI. This stylistic upgrade costs much less than using real stone ($46 per sq/ft), with an average cost of $11 per square foot. More extensive stone installations require foundation work as well. For any necessary concrete work, you will need a dependable concrete mixer. Contact a professional to learn what enhancements your house needs to accommodate the outdoor stone veneer.
4) New paint
A coat of new paint is a classic upgrade to your home’s curb appeal that consistently increases your home’s value. The amount it increases your home’s value depends on the cost of paint, labor, and other equipment compared to home values in your area. Make your paint job as valuable as possible by prioritizing visible spaces, damaged regions, and painting with a neutral color.
Interior Style Updates
When you are trying to increase your home’s value, think about small projects in high-value areas. Your kitchen, bathroom, and floors are the most beneficial areas for improving the value of your home. Maximize your ROI by investing in upgrades in these areas.
5) Replace or refinish existing floors
Worn floors are a turn-off for many home buyers. Ensure your floors increase your home value by restoring tile flooring or reflooring altogether. Both restoring and reflooring earn an ROI of 100% or above. Another important stylistic consideration for your floors is seamlessly transitioning your tile floors with your hardwood. The two flooring types are different in texture, style, and transition strips, so plan ahead to make a clean transition.
6) Bathroom and kitchen
Bathroom and kitchen upgrade both ranks in the top five for high ROI projects you can do to your home. Rather than remodel your whole bathroom or kitchen, focus on smaller revisions. Consider retiling your kitchen’s backsplash with a popular tiling design. With a few tools, like an accurate tile cutter, anyone can complete these small projects.
One of the easiest ways to update your bathroom or kitchen is by swapping fixtures. Make all your knobs, handles, and faucets the same modernized style to create a cohesive environment. Small changes like this or tiling your shower impact a potential buyer’s impression of the house. You can expect a full bathroom renovation to earn you $20,000 in increased home value.
Restore, Update, and Stylize for Increased Home Value
There are many projects you can do to improve your home but if increasing your home value is the priority, stick to projects with a high ROI. This means focusing on high-importance areas like bathrooms, kitchens, and floors. Update components of your house with small projects that are in line with modern styles.
Read Also: Best Bedroom Designing Ideas
Finishing your basement and opening your floor plan are larger projects that increase your home value at a rate that matches the investment. Make sure your home’s curb value is high with fresh paint and updated style, so buyers get the best first impression possible.