If you want to increase your home value, you might have one of two different motivations. First, you might want to boost the value so you can sell it for more money. Second, you might just want to grow the value while you are in it so to allow you to refinance the mortgage and possibly borrow money against the increased value. In either case, there are many tips to increase the value of your home that you can use.
Inspection of the Property
Knowing any potential problems with your home and addressing them immediately improves the value of your home. The peace of mind of knowing everything is known or fixed is priceless. Also, an inspection may also include an appraisal, which is not a bad idea if you are wanting to take out a second mortgage.
Paint a Room or Two
Whether it's a single room or the entire exterior, a fresh coat of paint improves the visual aesthetics where it's applied. The market value increases and it gives you a nice fresh feel to your home. Depending on your timeline, you can do it yourself or hire a professional.
Plant Some Trees
Trees add value to most residential properties for multiple reasons. They allow for shade and coverage of the yard. They also provide privacy in many cases. They also add an overall aesthetic value. Their potential lumber and firewood have an actual monetary value.
Replace the Roof
Prospective homeowners are spending a lot of money on the home that they buy. That means they're likely to be cash-strapped for years to come after the purchase. The longer they can wait before doing a roof replacement, the more valuable they will find your home.
Opt for Energy Savings
From insulation to manage heat retention or keep it out to energy-efficient appliances that use less energy than their predecessors, anything you can add to your home that minimizes how much you or future owners will have to pay for monthly utilities will add property value.
Update a Bathroom or Kitchen
These two rooms benefit the most from any kind of update you can do. A full renovation isn't necessary. New wallpaper and just refinishing cabinetry can go a long way to breathe new life into these spaces.
Go for an Open-Concept Floorplan
Open-concept floorplans are a national trend in most housing markets. If you can knock out any walls to open up your own living space, you'll add a feature that should add some serious market value to your home.
Home improvement projects don't always bring a return on your investment, but they also have a really good track record of delivering results. Do as many things as you can to boost your home value, and you should generally come out ahead in making your money generate more financial wealth than you currently have.
