How to Increase Your Home Value on a Budget
Whether you’re selling your home or refinancing your mortgage, your home’s value plays a big part. And in most cases, home values are determined through appraisals from state-licensed appraisers.
While some home characteristics assessed by appraisers are out of your control (such as your view, and the price of recently sold similar homes in your area), you can help increase your home value (and selling price) by making some affordable upgrades and fixes.
Here are some to consider:
Renovate your bathroom
An easy room to update for less than $750 is your bathroom. Replacing an outdated vanity, old plumbing or adding a new tile floor can instantly transform your bathroom into a new look and feel. Also consider upgrading your bathroom faucet and shower head to more impressive models.
Upgrade your kitchen
Kitchens are one of the most looked at areas by prospective home buyers. You can make simple kitchen upgrades such as adding under cabinet lighting, which adds aesthetically pleasing light to your kitchen compared to overhead lighting (which creates shadows). Updating an old faucet is another straightforward and affordable project which makes washing dishes and veggies more enjoyable. You can choose from a variety of faucet styles, finishes, and even touchless models.
Have key house areas inspected and fixed
Deteriorating roofs, outdated electrical systems, plumbing problems and termites are critical faults that are difficult to see but damage your home value. So hire an inspector to check out these areas, and repair them if needed. Small problems (such as a hidden water leak) can become expensive problems quickly.
Paint your walls
One of the simplest and most affordable home improvements is painting your walls. Freshly painted rooms make your home look clean and updated, and can enhance your home value to prospective buyers. Neutral colors appeal to the widest amount of people, and a gallon of paint costs around $25.
Add shrubs, plants and trees to your home outdoors
Well-landscaped shrubs, plants and trees can raise the appeal (and value) of your home’s outdoors. Aim to purchase items local to your region or drought-tolerant. These require less water and maintenance, which saves you money.
Simple upgrades can help raise your home value
You don’t have to break your bank to improve your home value. Simple kitchen and bathroom improvements provide powerful value, while having critical home features such as your roof inspected is essential.