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5 Key Ways To Increase Your Home's Value

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5 Key Ways To Increase Your Home's Value

If you’ve been searching terms like "how much is my home worth" and are disappointed with the results, you might be thinking about ways to increase its value. To get the best bang for your buck, consider some of these options.

Update The Kitchen

When searching for a new home, many homebuyers put the kitchen as a top priority, and if yours is outdated, there’s a good chance they’ll pass it by. While the national average ROI for a major upscale kitchen remodel (at a cost of around $126,000) is about 54%, if you take on a smaller renovation project (about $21,000), the average amount recouped brings an ROI of 81%.

For as little as $5,000, you could add new stainless-steel appliances and possibly new quartz countertops too for a fresh, updated look. You might also want to install new flooring, change out the hardware and paint the walls.

Add A Deck

Decks have become increasingly popular among homebuyers, with decks made up of composite materials most likely to pique interests today, though classic wood decks are a hit with most too. A quality wood deck generally costs less than a composite deck, bringing a greater return on investment once the home is sold. It’s a win-win for homeowners as it will bring lots of enjoyment for relaxing and entertaining while boosting property value at the same time.

Make It Bigger

As square footage has one of the biggest impacts on value, anytime you expand your home you’re bound to increase its value significantly. Even if an appraiser doesn’t officially note the full value of that added space, potential homebuyers probably will.

You can do this by adding a bedroom, bathroom or simply finishing a basement. A bathroom addition typically brings an ROI of up to 130%. It’s an especially good option if you only have one bathroom as most buyers look for homes that have at least one-and-a-half baths.

Bathroom Renovation

If you don’t have the money to add a new bathroom, a bathroom renovation can make a big difference, too. Even just a simple remodel such as refreshing the paint and adding a modern vanity can increase value, typically recouping anywhere from 60% to 68% of the cost. Be sure to update accessories too, such as wall art, bathmats and perhaps some of the fixtures too.

Make It Smart

Smart homes are especially popular among millennial buyers, the biggest homebuying generation today. To make yours smart, add devices like programmable thermostats, a smart security system (one of the most desired smart home features today), door locks, lights and appliances.

Smart appliances can make a significant difference in the value of your home when it comes to these high-tech features, increasing the average return on investment (ROI) by 11% over standard appliances. They not only make your home seem more updated, they provide feedback on energy use that’s helpful for monitoring energy consumption and ultimately lowering electric bills, something most homebuyers look for.

Posted-In: Personal Finance Real Estate Best of Benzinga

 

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