Last Updated on August 24, 2023 by Jason Nguyen
Your property’s value may depend on factors such as local housing demand, neighborhood, and the economy as a whole. However, you can also boost your property’s value by making changes and several home upgrades as you get the home ready for a sale.
Whether you want to continue increasing the value of your investment or plan to sell your property in the future, there are various upgrades you can consider to increase your property’s value. But it’s essential to note that not all upgrades are made equal. While other home projects can add significant value to your property, some may reduce your home’s resale value.
If you want to maximize your property’s value effectively, here are the home upgrades you should take into consideration:
1. Energy-Efficient Upgrades
Energy-efficient upgrades like solar panel installation can minimize your utility bills. These are also appealing to buyers, especially those who want an energy-efficient home to lower their costs as a homeowner.
So, if you have old appliances, consider upgrading them by choosing energy-efficient, modern appliances. Although they’re a bit pricey, you’ll enjoy more savings in the long run.
To reduce your monthly energy bills, installing solar panels is an excellent upgrade. Aside from reduced electric bills, it can boost your home value and lower your property’s carbon footprints. If you’re unsure if solar panels are worth it, continue reading this.
2. Kitchen Remodel
Kitchen updates pay off as more homebuyers opt for updated and modern kitchens. When remodeling your kitchen, it’s best to start small. You don’t need to be as extravagant as other homeowners unless you have a lot of money.
If you’re on a budget, you can start by replacing your kitchen faucet, replacing your old lighting fixtures, and adding new cabinet hardware. Instead of replacing cabinets, you can paint your old cabinets with a new color. It’s also good to refinish your cabinet boxes and replace your cabinet hardware. Such small upgrades can improve your kitchen’s overall look.
3. Landscaping And Outdoor Upgrades
When boosting your property’s value, you should never overlook landscaping and outdoor upgrades. These home upgrades greatly impact how potential buyers perceive your property from the curb.
Research what kinds of plants, trees, grasses, flowers, and shrubs will look attractive year-round before you start with your landscaping. Adding new fencing, a stone patio, and brick walkways are also a great outdoor addition.
If you’re unsure what types of outdoor improvements are best for your property, work with a reliable landscape company with experience in such projects.
4. Paint Your Exterior And Interior Walls
Repainting your property will make it feel new and give it a fresh look. For interior walls, get rid of the wall stickers and cover the dirty spots, outdated colors, and scratches with a fresh coat of paint. If possible, opt for neutral colors as they’re more appealing and can make your space look bigger.
For your exterior walls, you can consider hiring a pressure washing service company to get rid of your exterior walls’ dirt and touch up the damaged areas with paint. It’s more cost-effective than repainting your entire home exterior.
5. Bathroom Remodel
Aside from the kitchen, your bathroom is the second part of your house with a top-dollar value. Your bathroom’s quality can negatively or positively impact your home’s value in a big way. For instance, bathrooms that haven’t been updated in years may look dated and may cause more problems over time. As a result, this may hurt your property’s value.
If you don’t want that to happen, do some simple updates to your bathroom to make your entire home more desirable and appealing. Some upgrades that can transform your bathroom include:
- Storage And Shelving
Getting a new storage solution and shelving is an excellent way to change your bathroom. One of the most popular home improvement trends these days is open shelving.
- Sink And Vanity
Not all homeowners consider changing their sink and vanity because they tend to be expensive. However, it doesn’t have to be because you can always opt for affordable models. There are various options with reasonable price tags that can completely change your entire bathroom’s look.
6. Flooring Upgrade
Another essential aspect of your home is the flooring. You’ll see an immediate increase in your home’s value once you install hardwood floors. If you have existing hardwood floors, consider refinishing your flooring instead of full restoration because it’s less costly. However, depending on your flooring’s condition, you can decide whether or not to replace it with a better flooring type.
7. Square Footage Addition
Adding extra square footage can significantly impact your property’s value. Bigger properties with more space typically sell for a better price. So, if you’re planning to sell your home soon, you might want to expand your square footage to increase your home’s value.
When adding extra square footage, you can consider the following upgrades:
- Construct more extra rooms in your garage
- Add a wooden deck in your backyard
- Construct a small office or guest house in your backyard
Other than expansions, increasing the functional space of an existing structure of your house can make a difference in improving your property’s value. For example, you can finish your basement or consider an open floor layout to create more living space. This can increase your usable square footage and boost your home’s overall value.
8. Smart Home Automation Upgrades
In today’s modern world, more and more people are getting interested in smart home devices because of their benefits. They don’t only boost your property’s value but also make your home appealing to prospective buyers.
Some of the smart home automation upgrades you can consider are:
- Smart smoke detectors
- Smart thermostats
- Smart home security systems
Depending on your budget and preferences, you can choose any smart home devices to install. If you’re confused with the options, ask for recommendations from your family or friends. You may also search for ideas online.
FAQs
What actually increases the value of a home?
Location is the most important factor in determining the value of a home. The closer the home is to amenities like schools, parks, shopping, and public transportation, the higher its value will be.
The condition of the property also plays a role in its value. A well-maintained home will be worth more than a fixer-upper. The size of the home is another important factor. A larger home will typically be worth more than a smaller one. The lot size can also affect the value of a home. A bigger lot means there’s more land, which can add to the value.
The type of home is another factor that can affect value. A detached single-family home will usually be worth more than a condo or townhouse. And finally, the age of the home can impact its value. Newer homes tend to be worth more than older ones.
So, there you have it. These are the factors that can impact the value of a home. If you’re looking to increase the value of your home, it’s important to keep these things in mind.
What hurts a home appraisal?
Several things can hurt a home appraisal, including the overall condition of the property, the location of the property, and the recent sales prices of similar properties in the area. The appraiser will also take into account any special features or amenities that the property has to offer. Ultimately, the appraiser’s opinion of value is what matters most in a home appraisal.
Does roof age affect appraisal?
Age can be a factor in the appraisal of a roof. If a roof is newer, it may be appraised higher than an older roof. This is because a newer roof is likely to last longer and have fewer repair needs than an older roof.
Age can also be a factor if there have been recent advances in roofing technology that make newer roofs more durable or energy-efficient. For example, a roof that was installed before the introduction of impact-resistant shingles may be appraised lower than a similar roof that was installed after the technology became available.
Do appliances count in a home appraisal?
Appliances are generally not factored into home appraisals. This is because appliances are considered personal property, and as such, their value is not taken into account when appraising a home. That said, there are some exceptions to this rule.
For example, if the appliances are permanently installed in the home (built-in dishwashers, for example), then they may be considered part of the home and their value will be taken into account in the appraisal. Additionally, if the appliances are included in the sale of the home, then they will be factored into the appraisal.
Conclusion
Your home is one of the biggest investments in your life. So, if you don’t want your investment to go to waste, do your best to maintain your property’s marketability and boost its value by considering the above upgrades. Usually, when home upgrades are done properly, your expenses will have a positive return on investment (ROI).
