The value of your home is likely to go up year on year due to several factors, including the economy, housing demand in your area, the neighborhood you live in, etc.
While most of these factors are beyond your control, there are several upgrades and changes you can do as a homeowner to increase your home’s value.
In this post, I’ll share with you some proven ways you can use to drive the price of your home up over time.
Proven Strategies You Can Use to Increase Home Value
Whether you want to increase the value of your home investment or are looking to fetch a higher price when selling your house, these are five ways you can increase your home’s valuation.
Repaint Your Home
If you’re selling your home, outdated and peeling paint will be a turnoff for buyers. So, before you list your house, having it repainted will give it an instant appeal and can also increase its selling price by up to 5%.
If you decide to make repainting your home a DIY project to save on costs, ensure you stick to light, neutral and modern colors because bright colors may not appeal to everyone.
If you’re not good with paints and have the budget for a few hundred dollars, you could hire a painting consultant to help you pick out colors that will make different rooms in your home more appealing to buyers.
Boost Your Curb Appeal
Real estate tycoon Barbara Corcoran often says buyers decide whether they’ll buy a home within eight seconds of viewing, which means first impressions do really matter.
Therefore, you have to ensure your home's curb standouts because it is the first thing a potential home buyer will see.
Some of the things you could do to improve your home's curb appeal include mowing the lawn, repainting the exterior, growing colorful flowers, trimming the trees, hiding the bins, and revamping your front door.
You can do most of these things yourself, and they could increase your property's value by up to 20%. For example, painting your front door charcoal gray or black could boost the price of a home by $6,000, and installing a steel front door could add over $1000 to your home value.
Make Your Home Energy Efficient
Many buyers are willing to pay more for homes with energy conservation features that will reduce their utility bills.
Some of the energy-efficient features they look for include solar panels, double-paned windows, LED lighting, enhanced attic insulation, and efficient appliances.
If you’re not sure how energy efficient your home is, you can get your utility company or a certified energy auditor to determine that for you.
Should they find your home guzzles energy, the auditor can also advise you on within-budget energy-saving appliances you can install to get the most savings on utility bills and a higher sale price for your home.
Upgrade Your Bathroom and Kitchen
Ask any real estate professional which rooms you should remodel in your house before putting it up for sale, and I guarantee you the bathroom and kitchen will top their list.
Why is this the case? An old bathroom and kitchen significantly reduce the price you can ask for your home, so you want to modernize these two spaces before selling.
You don’t have to have a big budget to modernize your kitchen and bathroom. For example, for $5,000, you can repaint your kitchen, install new appliances, spruce up the countertop and floor, etc. These upgrades can increase the sale price of your home by as much as 7%, according to Consumer Reports.
The same applies to your bathroom. Midrange bathroom remodeling including changes such as modernizing the wallpaper, installing WaterSense faucets and showerheads, and redoing the floor and cabinets, will also increase your home's value.
Home staging involves making your house look as big, bright, and neutral as possible in order to make it more appealing to most buyers.
Some of the things you can do to stage your home include decluttering your spaces, finding ways to allow more natural light in, thoroughly cleaning your home to ensure it is free of dirt, swapping old decor for show-ready pieces, etc.
These are things you can do yourself, but if you have the money, hiring a trained home stager for less than $1000 can help maximize your home’s appeal.
Properly done home staging will highlight the positives of your home while deemphasizing its negatives, and this can bump the price of your home by 5+%.
Other upgrades and changes you can make to increase the value of your home include:
Converting your basement, garage, or attic into a living space. This can increase the home sale price by 4 to 6%.
Adding a patio or deck with space for a built-in grill and seating room can potentially earn you 3 to 5% more on your home.
Embracing technology by adding smart thermostats, fire and carbon monoxide detectors, cameras, lighting systems, and lights. This also makes your property more appealing to potential buyers who may be willing to pay 3 to 5% more for your home.
HomeBuyers of Pittsburgh: The #1 Professional Home Buyer
Once you’re done making upgrades to your home to increase its value and are ready to sell, get in touch with HomeBuyers of Pittsburgh.
We can quickly offer you a competitive cash price for your home, helping you avoid the stressful home selling process and realtor fees that eat into your home sale profit.
Also, if you're ready to sell your home but are not sure you’ll get a good price for it because you don’t have the resources to improve it before selling, no problem! HomeBuyers of Pittsburgh can buy the property from you as is in cash.
Don’t worry we'll not take advantage of you due to the condition of your house. We will offer you a good price based on market conditions that will make it easier for you to transition to your new home.
Call us today at 412-444-8914 or email us at info [at] urbanpgh.com, and we can begin the fast and hassle-free process of selling your home.