6 Ways To Increase Home Value

So you’re getting ready to put your home on the market, and you want to get top dollar when it sells. Like any homeowner, you’d like to make a few house improvements to maximize its selling price, but you may not know what to prioritize. Or perhaps you’re not ready to sell, but you know there are upgrades that could boost value. Do you focus on the exterior, or do you completely remodel the master bath? There are a lot of remodeling projects that might increase home value, but it’s key to know which improvements are the most important. Here, we’ll give you insider tips from experienced realtors on the top six ways to increase home value that will give you the best return on your investment.

Create eye-catching curb appeal

First, no matter how great your home is on the inside, if the exterior doesn’t catch a buyer’s attention, it won’t matter. When driving by, what attracts your eye to the house? Updating a home’s exterior will give it that coveted curb appeal that buyers are willing to pay up to 7% more for, according to a study in Money magazine. First, a new front door is an immediate upgrade. Touching up paint, replacing old windows, new shutters, and house numbers, as well as an updated mailbox are also ways to add polish to the exterior.

And don’t underestimate what investing in landscaping can do for curb appeal. Things like neat flower beds or shrubs, new pavers, an immaculate and healthy lawn, as well as lighting are some of the less costly improvements that make a massive difference in your home’s exterior.

Kitchens: the heart of the home

It’s commonly said in the real estate world that kitchens sell a home. Indeed, buyers across the board are willing to pay more for a home with a modern, updated kitchen. Kitchens have become a central gathering point for families. They are not just used for cooking, but also entertaining and eating meals and socializing. What works best when updating these multi-functional spaces? New appliances and updated cabinetry are first on the list. Next, think about paint colors, as well as updated countertop surfaces, since these are major points that can make a kitchen look new. Sellers can recoup between 53 – 78% of costs on kitchen updates, so there is often strong ROI. While these improvements are a good investment, kitchen upgrades are some of the most costly, so be cautious if you commit to a kitchen remodel and keep expenses under control.

A great work from home office

More than any other point in time, people are working from home. And the trend is continuing post-pandemic, as working from home at least part of the time becomes routine. Now, buyers want a designated work from home office space. In fact, a survey from HomeLight, a home office was a top priority for home buyers, according to 60% of the top real estate agents in the US. If your home has an existing office space, go for improvements like built-in shelving, cabinets, and specialized outlets for internet access. If your home doesn’t have an existing office, consider converting a bedroom to a home office.  It’s clear that these days, a modern home office can really maximize the ROI on your home.

Treat outdoor space like an extra room

So you’ve got curb appeal from the front of your home, but don’t forget the outdoor space behind the home. Outdoor living areas have remained near the top of homebuyers’ wishlists over the past few years. Since so many people are utilizing their homes more for working, it makes sense that people are spending more time in their outdoor space too. So what makes an outdoor area draw buyers?

First, great lighting along a walkway, or spotlights that illuminate the trees and the area at night. Second, a patio spacious enough for comfortable seating is a great choice. According to a recent survey, an attractive patio can add 8-10% to a home’s selling price. People want to imagine spending time outside cooking or having drinks around the patio with friends, so a spacious patio or adding a deck are great ways to help buyers envision this. Consider adding shade to boost comfort and visual appeal.

If your outdoor space has a pool, investing in updates like modern textures, pavers or new lighting are another way to boost the value. One strong trend in the past few years is adding an outdoor kitchen, which may range from a full serve bar, refrigerator and oven or simply a grilling area. Fire pits are also popular with buyers in outdoor spaces, depending on the climate.

Remodeling bathrooms can boost sale price

According to Zillow data, bathroom renovations result in the largest returns when it comes to improvements that increase your home’s value. If the bathroom is in good condition, think about cosmetic improvement. It goes without saying that caulking and tile should be spotless, but vanities, new mirrors and a double sink will immediately lend an updated appearance. If you’re going for a full remodel, aim for a spa-like experience, with a larger tub or spacious shower and luxury touches like a heated floor.

Bonus tip: Buyers Prefer Neutral Paint Colors

One more key to the sales appeal of your home is the exterior color. If the exterior is dark, consider painting it a light, neutral color. These days, homes that are light on the color spectrum, like pale gray or light beige, are selling fastest. As for the interior, repaint any rooms that feature strong colors. Buyers want to envision the home as a neutral canvas, ready for their own personalization. That’s best achieved with light shades of gray, “greige” or white.

There is no shortage of ways to spend money to beautify your home, but smart sellers know how to prioritize the home improvements that will really make a difference in the actual  home value. Make sure you’re aiming for the right touches that buyers will love. When choosing remodeling projects, aim for these top six ways to maximize your home’s value.