Homeowners can greatly increase the value of their homes by performing the right upgrades. The following projects are usually small, and they won’t cost a lot of money or time, but they will help you increase the value of your home.
Many homeowners spend a minimum of $5000 on larger renovations like kitchen remodels and bathroom renovations. If you’re going to spend the money, then you want to make sure it will actually increase your home equity and/or help sell your home.
Some improvements are very simple and can be easily done by anyone with basic knowledge, including homeowners. For others, professional contractors should be used.
There are some significant ways you can increase the value of your home by making improvements to it. Homeowners can increase the value of their homes by making home renovations that will enhance its appearance or its functionality. And that leads to higher resale value.
Many relatively small improvements can significantly upgrade the interior of your home and increase its value. Many homeowners simply do not want to remodel their homes because they are afraid that the work will be extremely overwhelming.
If you make quality improvements to the interior or exterior of your home, it will be worth more, and will be more enjoyable to live in and around.
6 Ways to Increase Home Value and Curb Appeal
1. Repaint the Exterior of the House (Great for Curb Value)
This is one of the easiest projects DIYers can do for their homes. Sometimes the siding on your house will begin to look faded and tired. A fresh coat of paint will make it look new again. If you have a brick or stone home, look at the trim and door paint. Does it need to be repainted?
While painting is easy, be aware that climbing ladders to paint can be dangerous unless you know how to secure them. You also need to know how to pick the right type of paint and materials, so we recommend hiring contractors for exterior painting.
In addition to making your home look nicer, new paint can protect the siding on a home for many years, if it is properly applied. Depending on what type of siding was installed on your home, including fiber-cement, vinyl or stucco, a new coat of paint can protect it very well.
This job can be done for a few hundred to a few thousand, depending how much needs to be painted. But over the years, exterior painting has always added more to the value of your home than it costs. Expect about a 51% ROI, especially if the old paint is visibly faded or peeling.
2. Painting the Interior of the Home
Painting the interior of a home offers the same benefits to homeowners as painting the exterior of the house. Paint can easily change the look of any room in the house, and even add a bit of luxury to its décor.
It is important that the homeowner spends the money to do the job right. In some cases, this means hiring a professional crew to do the job for you.
Painting is a job homeowners can do themselves, in many cases. This will give you a significant ROI on your resale value. On average, this project will cost about $3.50 per square foot and give you an ROI of 107%.
It’s important to learn a little about painting if you have never done it before and want to DIY this job. If you have dark paint to cover, learn about primer. Be careful to tape around the areas you’re painting. Remove light switch plates instead of painting over them. These are some of the common mistakes observed in homes where people have done their own painting.
And be sure to stick with light, neutral colors that appeal to the widest range of buyers. These colors are also easy to paint over if a new owner prefers bright or dark colors.
3. Add a wooden deck
The ROI will be higher if you choose wood, the least expensive material for decks. Also worth noting that decks are worth more in warmer areas.
Be aware you will almost certainly need a permit to install a deck. This is a job for contractors who know how to install a deck properly. It can cost $10k or more, but will provide your family with many years of enjoyment, during almost every season of the year.
If you plan on staying in your home for at least another year or so, consider a composite deck. They cost more but are also more durable. And as your home’s value increases over the next few years, you’ll recoup the costs.
4. Replacing the Doors in the Home
As homes age, doors will start to crack and begin to leak air through the weather stripping or through the holes that are left around the door jam. Sometimes, it is easier just to replace the door than to completely replace the entire door to make the home more energy-efficient. And this leads to lower utility bills.
Replacing a door is affordable. While it may not directly add to the value of your home, doors that don’t fit or close properly, or that look cheap or dated, can turn off potential buyers.
Sometimes, however, all a door needs it a coat of white paint or a new doorknob. This can be an easy, inexpensive DIY project.
5. Enhancing the Landscape
People notice how a home looks from the street, and how well the landscaping is maintained. Installing a beautiful stone walkway or adding an elaborate fence to the back yard can make a dramatic impact on the overall look of the home, and increase its value. (More on fences later.)
Taking the time to do the landscaping right can create the perfect first impression, and allow the people in the neighborhood to enjoy a beautiful view of the home when they pass by.
Consider installing some eco-friendly materials in the existing landscaping. It is possible to replace the lawn with a fescue turf that requires less water every month.
There are many environmentally friendly shrubs that require very little watering, and there are native trees that tolerate extremely low levels of humidity or no moisture at all, and so only a very minimal amount of watering is needed each day.
6. Installing a Wood Fence
Installing a wood fence around your property can add value to your home for around $5000. But in some cases, it may cost more than it’s worth in terms of resale value.
A fence can improve the look of the landscaping that you already have. It can also keep dogs on your property and provide added protection for your family and pets. It’s a great way to improve the security and privacy in your home.
But expect a cost of $5000-10,000 to install fencing, depending on the type and amount of fencing you install.
There are many different types of fences that are available, from classic picket fences to pre-assembled panels.
It’s a good idea to consult a local real estate agent about what type of fence, if any, would increase your home’s value in the local market. Most will tell you to repair existing fencing, but not to add new fencing.
Installing a new fence is not an easy task. We recommend hiring a contractor to do this work. You also need to be sure you know where your property boundaries and easements are. That will help you avoid building the fence in a place a neighbor or your municipality could object to.
You should also be aware of HOA and covenant restrictions. Some neighborhoods only allow fences of a certain type, or may require you to get any new fencing approved by them.