Increasing the value of your home is something that most homeowners strive for. After all, your home is likely your biggest investment and asset. Making improvements and updates to your home not only allows you to enjoy it more while you live there, but it can also mean higher returns when you do decide to sell.
With the right upgrades and renovations, you can potentially recoup at least 70% or more of your investment.
However, not all home improvements are created equal when it comes to return on investment. So, it’s important to focus your time and money on projects that will have the biggest impact on your home’s value.
Here are some easy ways that you can increase your home’s value.
1. Remodel your bathroom
Giving your bathroom a makeover is an easy way to modernize your home and make an impression on buyers. No matter how modern your home is, if your bathrooms are outdated, it can be a turnoff for buyers and give them pause.
Some impactful yet affordable bathroom upgrades include:
- Replacing fixtures like faucets, showerheads, and lighting
- Installing new vanities or re-staining existing vanities
- Replacing shower doors
- Installing new flooring
- Painting the walls and ceiling
- Adding storage solutions like cabinets or shelves
For a more extensive remodel, you may want to work with a bathroom remodeling company, like Legacy Remodeling, to redo the shower and tub areas. This involves installing new tile, plumbing, and fixtures – potentially adding a walk-in shower.
The national average for a midrange bathroom remodel is around $10,000, which homeowners can expect to recoup about 60% of.
2. Update your kitchen
The kitchen is the heart of the home, and a renovated kitchen could be what homebuyers are looking for. Old, outdated kitchens can severely decrease buyers’ interest and your home’s value.
Some affordable kitchen updates include:
- Replacing the sink and faucet
- Painting or re-staining cabinets
- Updating countertops
- Adding a fresh backsplash
- Refinishing floors
Most potential buyers will be looking for updated finishes like granite countertops, stainless steel appliances, and tile backsplashes. Focus your budget on the elements that will provide the most bang for your buck.
According to the Remodeling Impact Report from the National Association of Realtors, midrange minor kitchen remodels can cost between $20,000 and $70,000 but allow homeowners to recoup about 86% of that cost.
3. Give your home a fresh coat of paint
A new coat of paint is one of the simplest and most affordable ways to instantly boost your home’s value. Painting the interior and exterior of your home helps give it an updated, clean look that appeals to buyers.
Focus first on painting any rooms that are looking dingy or dated. Neutral colors like off-white, gray, and beige are safe options for most rooms, as they make spaces appear larger and brighter.
For exterior painting, stick to popular siding colors like tan, gray, blue, and green. Avoid unusual or overly bold colors that might turn off potential buyers.
The minimum cost of paint and supplies for an interior paint job starts at around $300, while you may spend more to paint the exterior of your home. However, this small investment could gain you thousands more when you sell.
4. Improve exterior curb appeal
A home’s curb appeal is crucial, as it’s the first impression buyers get of your home when they drive up to it. However, you don’t have to worry about breaking the bank to improve your home’s exterior look. There are many quick and easy ways to boost curb appeal:
- Clean up the landscaping and plant new greenery
- Add mulch or rocks to garden beds
- Repaint the front door
- Install new exterior lighting
- Repair walkways and steps
- Update house numbers and hardware
- Add potted plants or flowers
- Repaint exterior shutters
- Power wash siding and fencing
Enhancing the exterior and landscaping shows buyers that you care about home maintenance and makes a great first impression.
5. Update flooring
If you’re going for a really visible and valuable upgrade, install new floors. Old, worn carpeting and outdated vinyl or tile floors can really show a home’s age. But by simply replacing the flooring, you can make your home look fresh and move-in ready.
You can go for luxury vinyl plank flooring or laminated wood flooring, as these are the most affordable. Tiling is also popular and can make your house look really furnished. Other options include refinished hardwood floors or completely carpeting it.
Focus first on high-traffic areas like the entryway, kitchen, and hallways. Also, try to match new flooring to the existing style of your home. Generally, you can recoup about 70% to 80% of the cost of new flooring at resale.
6. Update fixtures and finishes
Replacing outdated light fixtures, faucets, doorknobs, and other finishes provides an easy cosmetic upgrade. Modernizing these features makes your home look recently updated and more appealing to buyers.
Stick to simple, classic styles and finishes that will have widespread appeal to buyers. Spend more on fixtures in main rooms like the entryway, kitchen, and master bath. The cost of new fixtures and hardware starts at around $50 per room, and you can expect to recoup 50% to 80% at resale.
Making strategic upgrades and improvements to your home pays off when it comes time to sell. Focus on projects that will provide the highest return based on your budget.
Cosmetic improvements like painting and flooring make a big visual impact at a lower cost, while major remodels to the kitchen, bathrooms, or outdoor space can significantly boost your home’s value for a higher price point.