Some factors that determine what a house is worth are out of your control, like its location and the popularity of that market. When thinking about how to increase home value, root your expectations in reality. Here are five tips to raise the value of your home.
Make it more attractive
A home's exterior needs to make a prospective buyer want to walk through the front door. Make sure landscaping is well-maintained. If your yard seems dull in comparison with your neighbors, consider planting flowers or repainting the front door. Once the exterior looks good, focus on the kitchen and bathroom. When these two rooms are outdated, they can keep a property from reaching its highest valuation.
Make it low maintenance
Since many home buyers worry about buying a home that will need constant maintenance, replacing a major component before putting it up for sale — like the furnace, water heater or even the roof — may calm fears of an emergency repair in the near future and help get you a higher price. Consider replacing easily stained carpet with hardwood floors or replace high-maintenance wood siding with vinyl siding.
Make it more efficient
Consider double-paned windows, enhanced attic insulation, LED lighting and efficient appliances as a way to increase home value and entice energy-conscious buyers. If you are willing to go bigger, put solar panels on the roof. Since panels are a big financial and structural commitment, they only make sense if you are hoping to increase value over the long term, not looking for a quick boost in resale value.
Make it bigger
Bigger homes often command higher values, and even if an appraiser doesn't officially acknowledge the full value of added space, a buyer will likely notice.
Adding a room is the obvious way to make your house bigger, but you can also create additional living space by finishing the basement or building a deck.
Make it smarter
Safety-enhancing gadgets top the list of "smart" technologies buyers want in their new homes, according to Coldwell Banker. These devices include thermostats, fire detectors, carbon-monoxide detectors, security cameras, door locks and lighting. While smart tech doesn't always increase home value, it does add appeal, said Tavia Galvin, a Colorado Realtor.