Adding value to your home can help you sell it later on. It can also save you money on taxes if your property value rises.
Significant renovations like adding a bedroom or laundry room can boost appraisal values, but more subtle upgrades can also add value. Here are some of our favorite ways to increase your home’s value before you sell.
1. Update Your Kitchen
Home buyers often place a high value on kitchens, which means that updating your kitchen can help to increase your home’s value. However, be careful not to go overboard with your renovations; it is important to make sure that the updates you choose are high-quality and will appeal to a broad range of buyers. A home warranty plan may provide coverage for a run down appliance or a kitchen appliance needing a repair.
For example, you may want to consider laying different flooring in the kitchen to create a unique look, but you should keep in mind that potential buyers will likely have their own preferred style, so it is best to stick with neutral colors.
2. Update Your Bathroom
If you don’t want to take on a full remodel, opt for cosmetic changes in your bathrooms. This will lower project costs and still yield a high return on your investment.
One of the most effective updates for a bathroom is painting. Buyers will notice fresh, neutral paint and be more attracted to the room.
Also, swap out old hardware with a modern finish, like brushed nickel or oil-rubbed bronze. It’s an inexpensive upgrade that makes a big impact on buyers, Lindahl says. Also consider replacing the vanity mirror for a more modern, framed version.
3. Add a Deck or Patio
A deck or patio can make your home more appealing to potential buyers. These outdoor living spaces are ideal for warm-weather entertaining and relaxing. If you’re planning to sell your home in the near future, consider cleaning up these areas so they look pristine and inviting.
While it’s important to consider your budget when making home improvements, a deck or patio can significantly increase your home’s value. Remember, any change to your property’s structure will increase taxes, but the extra resale value could easily offset the cost of the project.
4. Add a Garage
Having a garage is an important factor for many buyers when looking at homes. It provides a space to store their vehicles and keep them safe from weather elements.
A clean, organized garage can also impress potential buyers and make the rest of the home look well-cared for. It’s important to get rid of clutter and even rent a storage unit for any extra furniture or items you’re not using, so the garage looks more spacious and welcoming.
However, homeowners should be careful not to turn their garage into living space because that can negatively impact resale value. If you’re considering converting your garage, consult with a real estate agent or appraiser to find out how much this could cost you at the time of sale.
5. Add a Deck or Patio
If you have a backyard space, adding a deck or patio can be a great way to increase your home’s value. Potential buyers will love having a place to relax or entertain outside.
However, make sure that you choose the right outdoor structure. You want something that will be easy to maintain and will not take up too much of your yard.
A patio may be a better choice than a deck because it is less expensive and easier to maintain. However, you should keep in mind that adding a deck may cause your property taxes to increase.
6. Add a Fence
A fence adds privacy, a sense of security and enhances curb appeal. It can also help keep pets and children safe. However, not all fences increase home value. Some can be expensive, and top real estate experts who price dozens of homes per year say that a new fence doesn’t always give a good return on investment.
Those that are well-maintained, aesthetically pleasing and add curb appeal may increase home value. A rotting or chipped fence, on the other hand, can detract from the property and make potential buyers walk away.
7. Add a Deck or Patio
A deck or patio can increase your home’s value and make it more appealing to potential buyers. Patios are usually cheaper to install than decks and can be made with concrete or pavers.
Patios are more durable than decks and typically don’t require as much maintenance. However, they may not have as high of a resale value as a new wood or composite deck.
Both patios and decks can be great additions to your home’s value if they are well maintained. Staging your outdoor space as a place for entertaining family and friends will help make it more appealing to buyers.