August 20, 2019
Whether you’ve lived in your home for a few or many years, you may be wondering, “What’s the current value of my home?” According to a study conducted by NerdWallet, seventy-three percent of Americans say knowing their home’s value provides a better picture of their overall financial health. If you’re thinking of selling your home in today’s seller’s market or you want to continue building equity, here are a few ways to increase your home value.
Landscaping is important for curb appeal and home value assessment — it may even be the easiest and most affordable improvement you can make to your home! Take a look at your neighbors’ yards — are they full of flowers and bright colors? If you have a walkway, add some lanterns. You can even consider repainting your front door a bright, vibrant color for extra appeal.
However, you shouldn’t overspend. While you may want a landscaping design right out of a home improvement magazine, don’t forget to review your overall home improvement budget.
According to a 2018 survey by Coldwell Banker, safety-enhancing technologies top the list of “smart home technologies” that buyers desire. Consider adding smart thermostats, fire and carbon monoxide detectors, security cameras and lighting. Smart home technologies are relatively inexpensive improvements that can increase your home value and appeal.
Renovating your kitchen may give you the greatest return on investment. Evaluate your budget and determine whether you’d like to reface or replace your cabinets and hardware. Also, simple lighting changes can have a big impact on the aesthetics of your kitchen. Consider changing your backsplash and if your budget allows, replace your old appliances. For maximum appeal, your appliances should all match.
Remodeling your bathroom can also increase your home value, but a complete renovation may not be necessary. Again, review your home renovation budget and consider tackling inexpensive items such as vanities, toilets, and fixtures. Painting your bathroom a new color can go a long way, too.
You may even be considering adding an addition onto your home or refreshing the home’s layout. If you’ve purchased an older home, the floor plan may be choppy. Evaluate the space and consider taking down a wall for an open floor plan. You may want to consider adding another living area, finishing a basement or building a seasonal room.
If you’ve made significant renovations to your home or you’ve added an addition, don’t forget to tell your insurance agent. Since your home value has increased, you need to be properly covered in the event of a fire or other disaster.
This summary is for general informational use only and may not include all relevant information.
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