Maximize Home Value: Top 10 Ways to Boost Property Price

Increasing home value involves strategic enhancements that elevate both aesthetic appeal and practical functionality. From renovating key areas like kitchens and bathrooms to incorporating energy-efficient upgrades and expanding living space, each improvement contributes to a higher appraisal. Smart-home technology integration modernizes the property adding convenience and appeal.  

While external factors such as location and market trends play a role, proactive maintenance and timely renovations ensure sustained appreciation. Whether aiming to boost equity or maximize resale value, investing in home improvements is a crucial step toward a more valuable and desirable property. 

What Adds Value to a Home? 

Increasing revenue is an integral part of improving return on investment. One particular avenue to explore in this is increasing the perceived value of the property. While that does include the hard facts and specifics of what makes it great, those are not the only options. Instead, this is about the little things that turn a livable rental into a functional and appealing potential home. These ideas are a good option to increase home value: 

1. Clean and Declutter  

To enhance your home’s value, start by reducing its contents. Cleaning and decluttering are cost-effective tasks, even in larger residences. Professional cleaning for a four-bedroom house typically costs between $200 and $225. Alternatively, you can save money by undertaking the task yourself. Begin by sorting through cabinets and closets and creating donation piles. Then, clear out drawers and storage spaces, ensuring that unnecessary items are not retained. 

2. Expand Livable Space  

Adding space to your home offers numerous options, such as incorporating an additional bathroom or bedroom or transforming an area into a standalone living space with its own entrance.  

High-return home renovations that enhance your home’s value include expanding the kitchen or finishing the basement. Installing a deck, patio, or terrace appeals to potential buyers who appreciate outdoor lounging spaces. 

3. Enhance Energy Efficiency  

Purchasing homewares bearing the Energy Star or the Energy Star Most Efficient label can save money and contribute to environmental conservation. These products, including appliances, electronics, doors, and windows, undergo certification by organizations recognized by the U.S. Environmental Protection Agency (EPA) and must pass rigorous testing to demonstrate energy efficiency and environmental safety. 

Another increasingly popular feature is solar panels, although it is advisable to conduct a comprehensive analysis to ascertain suitability based on your location. Moreover, adding insulation to key areas of your home boosts energy efficiency and reduces expenses associated with cooling and heating. 

4. Refresh with a New Coat of Paint  

Start by repainting any rooms with an outdated color scheme.  

The cost of an interior painting project varies between approximately $970 and $3,000. Your specific painting budget will be determined by the size of the room. Painting a bathroom, typically the smallest space in the house, ranges from $150 to $300, while a 330-square-foot living room might require up to $2,000. 

Conversely, an exterior paint job comes at a higher cost, ranging from $1,810 to $4,505. 

For minor tasks like repainting a door or a single room, handling it yourself could amount to $200 to $300. However, for larger projects, especially exterior ones, hiring a professional painter might be more beneficial. Professionals have access to wholesale paint prices and possess expertise in selecting appropriate finishes. 

5. Elevate Curb Appeal  

Improving curb appeal can significantly increase your home’s value, from power washing your driveway to mowing the lawn. Some ideas include installing a fresh walkway, planting shrubs, using planters, applying mulch, or even constructing a new patio or outdoor kitchen. 

6. Upgrade Your Exterior Doors  

Increase your home value by upgrading your exterior doors. Transform your entryway with modern, stylish options that leave a lasting impression. Upgrade to solid mahogany or opt for frosted glass panels for a contemporary look. Consider replacing garage doors too, as they occupy significant front-facing space. Invest in quality materials like wood or glass to elevate your home’s appearance and attract potential buyers.  

With exterior door upgrades, you not only enhance aesthetics but also improve functionality and security, ensuring a worthwhile investment in your property’s value. 

7. Upgrade Your Kitchen  

Not just a blatantly basic necessity, maximizing open counter space also directly translates into a kitchen that looks more airy, useful, and desirous. Nothing when cooking is more frustrating than running out of space for a scalding hot pan right out of the oven or enough room for that final bowl to throw together all the other scattered ingredients! Giving the impression of more space is always a good thing. 

Many buyers focus on the kitchen as a home’s central feature, so an outdated one can ultimately diminish the sales’ results. Similarly, limitations in kitchen functionality due to layout, space, or other concerns hinder space optimization. However, this project demands substantial investment, with the return not necessarily matching every dollar spent. Usually, the average complete kitchen renovation costs about $80,000, with homeowners typically recouping around $60,000 upon selling.  

Consulting with a real estate agent can provide insights into the most cost-effective strategies to attract potential buyers and maximize returns. 

8. Present Your Home Effectively 

If you plan to list your home for sale, consider opting for a home staging service. Staging typically costs around $1,800 on average, although expenses vary depending on your requirements and property. Staging services include a broad spectrum, ranging from decluttering and depersonalization (such as removing family photos or personalized decor) to the rental of furnishings and repainting. In essence, the extent of staging work directly correlates with production costs.  

9. Hire a Certified Home Inspector  

Like you and your car, your house requires regular checkups. Conducting a home inspection holds significant value, whether you are selling or not. 

If selling, arrange for your own inspector before listing your home. Being informed in advance allows you to address any issues. A favorable home inspection outcome increases buyer confidence, potentially avoiding costly requests for repairs or concessions. 

Why bother with an inspection if not selling? Maintaining thorough records demonstrates ongoing house upkeep to prospective buyers. Moreover, addressing issues promptly and on your terms minimizes future expenses.  

10. Keep Up with Regular Maintenance and Repairs 

Take a walk around your home and list all the minor repairs needed. While each repair may seem insignificant, accumulatively, they can imply neglect if left unaddressed. If you are not confident in handling repairs, enlist a handyman for a day to swiftly tackle your list. Proactively managing maintenance now prevents future issues, particularly if you intend to sell. 

These are just a start on minor tweaks that can take an already excellent property and further maximize its potential. The lighting, exterior, and general ambiance of the property are other options, but this list is by no means exhaustive. Ultimately, the more attractive the property, even with the smallest modifications, the better the potential. 

What are the Reasons to Increase Your Home Value? 

Increasing the value of your home significantly contributes to your overall net worth, considering it is likely one of your largest assets. Enhancing your home’s value offers additional benefits, such as: 

1. Aesthetics and function: Making cosmetic upgrades, like reclaiming storage space for a bedroom or installing modern tile in the bathroom, not only enhances enjoyment and usability but also increases your home’s value. 
2. Increased profit upon selling: A higher home value translates to a bigger upside whenever you decide to sell. 
3. Greater accessibility to home equity: As your home’s value rises, you can leverage its equity for cash more effectively. 
4. Protection against market fluctuations: A higher home value provides some safeguard against significant downturns in the housing market. 
5. Elimination of mortgage insurance: Reappraising your home at a higher value could eliminate the need for mortgage insurance premiums if you are currently paying them. 

How to Pay for Home Improvements to Increase Value? 

When considering how to increase home value, ground your expectations. Updates rarely recover 100% of their cost, but they can enhance your family’s comfort and potentially expedite the sale of your home. 

Credit card: Utilizing a credit card for renovations is acceptable provided the balance can be promptly cleared. 

Personal loan: If lacking adequate equity for a home equity loan or HELOC, opt for a personal loan. Although interest rates are higher than home-equity-based financing, they typically surpass credit card rates. 

Home equity loan or line of credit: These secondary mortgages convert home equity into readily available funds. Home equity loans disburse a lump sum, while HELOCs offer a line of credit for gradual borrowing. Both options entail interest rates, fees, monthly payments, and tax advantages. 

Cash-out refinance: This popular refinance choice is suitable for accessing equity without acquiring a second mortgage. However, it is impractical with limited equity or when prevailing cash-out mortgage rates exceed existing rates. Evaluate these financing avenues. 

Conclusion 

Enhancing your home’s value involves a multifaceted approach, starting with maintaining a clean and clutter-free environment, which can significantly elevate its appeal. Additionally, expanding usable square footage through basement finishing, attic conversions, or extensions not only increases functionality but also boosts property worth. Upgrading the kitchen and bathrooms further enhances value by modernizing and improving functionality. Investing in curb appeal through landscaping and exterior enhancements attracts potential buyers. 

While the value of your home is influenced by various factors, certain improvements can positively impact its worth. Exploring options such as cash-out refinancing, home equity loans, or home improvement loans can provide avenues for financing upgrades. When considering renovations, it is essential to assess not only the initial cost but also the potential return on investment to ensure you make financially sound decisions, especially if you are preparing to sell your home.