10 Ways to Increase the Value of Your Home
Florida home values have seen an 8.7% increase over the past year and values are expected to continue to rise according to a study conducted by Zillow. As homeowners anticipate the continued appreciation of their Real Estate, it is always smart to continually build equity in your home by tackling intermittent improvements. We have compiled a list of the 10 best ways to increase the value of your home and get it ready to sell.
1. Treat your Windows
Prospective buyers always pay close attention to a home’s windows, therefore updated energy efficient windows have become a hot commodity. Not only are old single-pane windows a major turn-off to buyers, updated energy efficient windows may also provide a tax credit and cost savings on your energy bill. HGTV estimates that you can recoup up to 90% of your costs when investing in energy-efficient windows. It would be smart to make this the first item on your to-do list so that you can reap the benefits while continuing to update your home.
Additionally, many homeowners don’t realize that window treatments significantly add value to a home. While simplistic blinds and shades may not increase your home’s value, stylish plantation shutters can completely change the look of your home. Plantation shutters are more durable than blinds and draperies and are custom built for your home. They also come with a lifetime warranty and are usually featured in real estate descriptions as a major selling point.
2. Curb Appeal
Outdoor projects can drastically increase a home’s value and there are a variety of things that you can do to the exterior of your home to give it a new feel. The most obvious improvement is the addition of landscape. By adding landscape you can transform a home’s look from unkempt to well-kept in the matter of a weekend. Moreover, hardscaping your home will also considerably increase the curb appeal. Adding driveway pavers, walkways, stone retaining walls, or slate steps are all eye-catching attributes of a home that is ready to sell.
An often overlooked concept of increasing curb-appeal value is the addition of a porch. This is a fantastic update to the exterior of a house. A small front porch can make a huge difference in appearance and is extremely inviting to visitors. Adding seating and decor to a small front porch can transform a once bland entry way into an extension of your home.
3. Update Kitchen and Appliances
Most Real Estate experts would agree that updating the kitchen will provide the greatest return for the money invested. Data suggests that remaining modest in your remodel plans delivers the highest percentage of cost recouped as equity. Small kitchen improvements such as adding color with a new backsplash or transitioning to new stainless steel appliances will make a big difference to an outdated kitchen. For the biggest returns, professionals recommend staying with simple inexpensive modern touches such as recessed lighting, new plumbing fixtures or a new countertop. However, if your kitchen hasn’t been updated in decades or you have the ability to transform into an open kitchen, then a full blown overhaul may be cost effective.
4. Beautify your Bathroom
Bathrooms are a focus of potential home buyers and an out of date bathroom can be a serious deterrent. Due to the sheer wear and tear that this portion of your home incurs, it is important to frequently provide upkeep to ensure functionality as well as aesthetic appeal. Focus should be geared toward simple upgrades that make a big impact. Consider upgrading counter tops or even switching to a pedestal sink that can create a spacious look. Adding new faucets, a vintage towel rack and switching from overhead lighting to wall mounted lighting will add warmth and value to your bathroom. If new tile is cost prohibitive, consider freshening up the space with new grout and watch your new bathroom sparkle.
5. Convert an Unused Space
Are you like many urban residents that are creatively looking for ways to add extra living space without drastically changing the footprint of the home? By reevaluating your current living space, you may find that you have more potential for additional living space than you thought. The attic, basement, and garage are all areas of the home that can be converted to a prospective bonus room.
6. Improve Roof Condition
While a new roof may not increase the value of your home enough to cover the cost of installing it, the improvement is definitely important from a point of sale standpoint. If your roof is in poor condition and you are weighing the financial gains that the new roof may provide in equity or resale value, the math may not add up. However, if your roof is in poor condition, the likelihood of prospective buyers entertaining the notion of purchasing your home will be few and far between. Although the return may not be as high as other areas of your home, a solid roof condition is extremely important when trying to sell your home. Even if your roof is in good condition having an inspection report proving that there is remaining life is a plausible selling point.
7. Freshen up the Paint
One of the easiest and most basic upgrades that you can implement in and around your home is applying a new layer of paint. Painting the interior or exterior of your home provides an instant facelift. Freshly painted rooms make a clean and updated first impression. If you’re trying to sell your home sooner than later, keep in mind that you want the color to appeal to the greatest number of people rather than satisfy your personal taste. Neutral colors are generally more accepted by the masses, so purchase a couple gallons of affordable paint and begin to transform your home.
8. Increase Your Home’s Visual Space
Another cheap and easy tactic to increase your home’s value is to present a large and spacious interior. This can be accomplished rather easily by removing unessesary clutter and bulky, unused furniture. Visual space is how large a home feels and by replacing heaving draperies and uneeded clutter that has collected over the years will allow for a sunny spacious home.
9. Keep up with routine maintenance
Keeping up with routine maintenance may seem like a no-brainer, but you would be surprised at how many minor repairs stand in the way of selling your home. Things such as a broken fence latch or a shutter in need of repair give off the impression that other less conspicuous features of the home may be in disarray. Additionally, some home buyers are equipped with financing that establishes minimum property standards. Therefore, the lender may not even allow a potential buyer to purchase a home that has a leaky faucet, worn paint surfaces, or a faulty handrail. Keeping up with routine maintanence is a practice that should be carried out whether or not you are in the market to sell your home.
10. Consult with a Realtor, Designer, and Inspector
Recruiting a realtor or interior designer is a great idea for those trying to sell their homes. Many realtors will provide feedback as a courtesy for utilizing their services and can deliver a plethora of insight based on their recent experience in the current housing market. Designers may be able to offer suggested improvements such as colors or furniture placement that can drastically improve the look and feel of your home. Another quality consultation should come in the form of a home inspection. Hiring an inspector to look over the areas of the home that aren’t highly visible may seem unnecessary, but keep in mind that hidden issues will hurt your home’s value at the time of sale and small issues today always end up being big problems down the road.
Moore Resources is an Independent Insurance Agency located in St. Petersburg, FL and offering Homeowners Insurance, Auto Insurance, Personal Insurance and Business Insurance. Our reach extends beyond the Tampa Bay area to the entire state of Florida. Moore Resources has regionally been dedicated to serving the local residents of Pinellas, Hillsborough, Polk, Pasco, Manatee and Sarasota counties; including St. Pete, Tampa, Clearwater, Bradenton, Brandon, Dunedin, Gulfport, Lakeland, Largo, Lutz, Palm Harbor, Pinellas Park, Riverview, Ruskin, Seffner, Seminole, Temple Terrace, Tierra Verde, Town n Country, and the Gulf Coast Beaches.
The purpose of this blog is to present general information only. It does not interpret specific policies or coverage. In order to obtain detailed information regarding your insurance, contact a licensed insurance agent.