Most U.S. homeowners believe that the value of their property will rise over the next few years. Although that may be true, there are some external factors that determine the worth of your property—for instance, the popularity of the market and its location—which are completely out of your control.
Since homes are one of the biggest assets for most American homeowners, taking care of it should be your top priority. Making smart improvements and keeping up with repairs in your house are all proven ways of increasing your home value.
Whether you wish to get top dollar or build equity when you sell, here are some ways you can raise the value of your property:
Improve the curb appeal
Improving your home’s exterior is a sure fire way to make a good impression on a buyer! Ensure your existing landscape is maintained and doesn’t seem dull in comparison to the neighbors’ yards. Consider repainting your front door and planting more flowers.
Update kitchen and bathrooms
Millennial homeowners are twice as likely to target bathroom and kitchen remodels. Remodeling these two areas of the home may have the greatest impact on the home resale value; after all, these are high-traffic, high-use rooms.
A minor kitchen remodeling project can recoup 81% of its cost, as opposed to an upscale remodel of the kitchen with stone countertops and custom cabinets. Add simple updates like adding new appliances, a backsplash or swapping out fluorescent overhead lighting fixture for monorail lighting.
The same goes for bathrooms; target a midrange remodel with inexpensive elements like toilets, vanities and fixtures to get the look of an update—without having to break the bank.
Modify the floor plan
People often prefer an open floor plan; so, if you’ve purchased a home that has a more closed off design, remove a wall between two rooms to add square footage and increase the value of your property within a year. Most homeowners bring down the wall between the living room and kitchen and add an island to create the impression of an open look.
Moreover, you can focus on creating more living space by adding another decent-sized bedroom, or building a deck to broaden your buyer list; after all, people always consider houses with more bedrooms than required by their family.
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