The home we purchase is generally the greatest investment we make. Yet in the grind of daily life it is easy to allow that investment to become tired looking and for wear and tear to cause our home to lose its value. When the need arises to increase home value, there are a number of inexpensive tricks and a few more expensive ones that can be employed. With some thought and planning, not only will a home’s value increase but a healthy return on investment can be realized.
The first glimpse of a home is generally made from the road. How neat, tidy, clean, fresh and updated the home appears from the road is called its curb appeal. Any home owner can begin at the curb to significantly increase home value by increasing its curb appeal. Inexpensive fixes such as removing all dead or straggly looking vegetation, a fresh coat of paint or repaired walk, porch or entry door can add significant dollar value to the property.
One of the next and immediate indicators of home value is at the first step inside. The entry area of the home reflects its entire personality. It is also one of the most impactful areas to increase its value. An open, airy, and freshly painted entry with solid, stylish flooring is a great indicator that the home owners have kept updates that reflect a contemporary market. While it may be a bit expensive to knock down a non load-bearing wall in order to achieve an open entry, the return on investment will well exceed the cost of demolition and repair.
Be careful if you are planning to do a kitchen or bath remodel, as most homeowners tend to implement first. Typically these are costly and the return on investment may only be around 60%. An important factor to consider is the potential of your remodel to actually boost the home’s value beyond the neighborhood’s ability to support a new selling or market price.
Remember that bedrooms in any home carry a large percentage of the home’s value so use caution when wanting to convert a highly valued bedroom into a far less valued home office. A beautifully designed office with built-ins may bring around a 40% ROI but if that office cost a bedroom to create then there is a chance of a negative ROI and the home’s value could potentially decrease if it is to be placed on the market.
A greater bang for the home value buck is in scanning the home for potential areas that are cluttered or support the creation of clutter. Buying or building furniture that doubles as clutter clearing storage while creating a sense of openness and serenity not only increases the home value but is priceless in its function.
A solid, crack-free, sag-free foundation beneath a home and a new or nearly new leak proof roof is the core to your home’s value. Vigilance and timely repair will cost nearly nothing but insure your home stays at the peak of its current market value.
Finally, individual style and taste are just that. Individual. Use care and caution if you simply adore hot pink in a kitchen but the trends are toward muted yellows. Your fresh coat of paint may not kick up the value of your home as much as it kicks up your flair.