Whether you are planning on selling a property, refinance, or seeking additional equity, you should always try to get the highest possible value
for your property. There are many different ways to increase a property’s value, but some offer a better return on your initial investment. Avoid costly remodeling projects that will not go a long way towards increasing the value of your home. Instead, use these top 6 tips to get a better ROI while boosting property value.
#1 – Get a New Front Door
Updating your front door is one of the quickest and most cost-effective ways to add value to your home and increase the curb appeal of your property. When choosing a new front door, go for a steel door, as they offer more protection and more value. New front doors will instantly add more value and make your home look great.
#2 – Get Siding for Your Home
Either replace your existing siding or get siding to replace a wood exterior. Siding will help keep your home looking great, while ensuring your home is protected from high winds and other dangers. Old, worn out siding can lead to a decrease of 10% of your overall home value.
#3 – Remodel Your Kitchen
The kitchen is one of the most important rooms in a house. When property values are determined, the kitchen will play a big part in the final value. Consider a minor kitchen remodel. This could include adding new flooring or replacing some of your counters. You do not need to overhaul your entire kitchen, but taking care of any unsightly blemishes will go a long way to boosting property value.
#4 – Remodel Your Bathroom
Next to the kitchen, the next area in your home that draws the most focus and has the largest impact on the value of your property is the bathroom. Focus on fixing any plumbing issues and then make minor cosmetic changes. For example, you could add tiling or install an exhaust fan. These are minor projects that will instantly transform the appearance of your bathroom.
#5 – Finish and Attic or Basement
In most homes, the basement and the attic will not be considered a room, unless it is finished. A finished basement often requires several specific features. They need to have windows that occupants can easily exit and a finished ceiling and walls. By turning an attic or basement into a finished room, it can be listed as another bedroom, adding more value to your home. You could instantly go from having a 3 bedroom home to a 4 bedroom home.
#6 – Add a New Deck
A home with a large deck is a major attraction and selling point. With a large back deck, you are adding more living space. Adding a new deck, or expanding the size of your deck, is one of the most affordable and effective ways to increase the value of your property.
Hopefully, you will be able to use some of these tips, to start increasing the value of your property. In general, homes often increase in value over time; though, certain factors will affect this, such as the demand for homes in the area and current economic factors. Pay attention to all areas that will have an impact on the value of your property. From a business perspective, it is important to keep an eye on the value of your property. Thank you for reading, if you have further questions, please leave a comment.