Your home is your castle, it’s the place your friends and family gather to share special moments and where memories, both good and bad are made. However, buying a home is more than just providing a safe place for loved ones, it’s also one of the biggest investments many of us will ever make. Like
Your home is your castle, it’s the place your friends and family gather to share special moments and where memories, both good and bad are made. However, buying a home is more than just providing a safe place for loved ones, it’s also one of the biggest investments many of us will ever make. Like any investment, we want the value to grow. The good news is that you don’t need to wait for the next real estate boom for your home’s value to increase, there are value adding actions, you can take to speed up the process.
Here are 5 tips to increase your home’s value:
1. Have A Plan
Before you begin upgrading part of your home, it is best to put a plan in place. Start with understanding why you are upgrading your home, is it for your personal enjoyment, or are you looking to put your home on the market soon. This will help focus your upgrades on what you will enjoy personally versus what will a potential buyer be looking for. Take note of areas of your home you would like to update and parts of a home that require or will require upgrades soon due to wear and tear or damage. Write down how much money you have set aside for all of your upgrades. Besides each project jot down the rough cost to complete. Now that you have a wish list and a budget, put each item on your list in three categories wants, needs, and dreams. Finally, look at a timeline, note any project that needs to be completed prior to another project being completed. For example; if both your kitchen backsplash and countertops where on the list, you would need to replace the countertops prior to the backsplash. You should now have enough detail to build a project schedule.
2. Think Outside of The House
Even though you rarely ever recoup the cost of installing a pool in your backyard, you almost always see an equivalent increase in your home’s value when you invest in your landscaping. The exterior of your home is what friends and neighbours notice when they are walking up to or by your home. Start by cleaning up the area around your home, remove any clutter and debris, lay down new sod or overseed your existing lawn, dig up new beds for flowers and shrubs or revive your existing beds with new flowers and don’t forget to add a fresh layer of mulch for an added punch. Potted plants and flowers around your main pathway and front entrance make a home feel more welcoming. Finally, add a small antique table and chair on your front porch to add that lived in feeling to the exterior of your home.
3. Look Out Your Windows
Give your windows and doors a once over if there is excessive dirt built up, a good clean is in order. Your windows allow sunlight to enter your home, making your space brighter and helping warm it up in the colder months. If there is built-up dirt, it limits the sunlight’s ability to enter your home, leaving it feeling dull. If your windows and doors are tough to open and close or are damaged you should think about replacing them. New windows and doors will not only increase the value of your home, but they will help reduce your energy bills and increase your home’s curb appeal.
4. Kitchen & Bathrooms
If you are contemplating a larger home renovation, concentrate a greater portion of your energy and budget on the kitchen and the bathrooms. Any real estate agent will tell you that the kitchen and the bathrooms are what sell a home. These rooms both get a lot of use and people want to be comfortable in their surroundings. The kitchen is where family and friends gather to share good food and good memories and the bathroom is where you spend your most private moments. It’s no wonder why these rooms add the greatest value to a home.
5. Small Improvements Can Make a Big Difference
Not all upgrades need to be large renovations. Small improvements can make a big impact on the value of your home. Think about updating the hardware and replacing older faucets in your kitchen and bathroom, replacing older light switches, plugs, and light fixtures and adding a fresh coat of paint. All of these updates can change the entire look of the room and are all projects that most DIYers can handle over a few weekends.
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