In general, any improvements made to your home should increase its value, but not all improvements are created equal. For homeowners interested in quickly bumping up the value of their home without breaking the bank, here are a five key areas to focus on that will generate the biggest return on investment.
Find and fix minor repairs
It is the nature of homes to steadily fall into disrepair, and if left unattended, these minor repairs can detract from the value of the property. Little repairs, like fixing a leaky faucet or patching beat-up drywall, may not seem like much when looked at individually, but can cumulatively result in a house that appears to be a little ragged. Attending to these little repairs is cheap and easy, and maintaining the home will help prospective buyers rest easy knowing that the house is in good physical condition. Stay on top of these repairs to avoid having to pay and fix everything all at once when the house is going on sale.
Update the exterior of the house
The exterior of the house is the first thing people see when arriving at a home, so having an attractive exterior goes a long way in making a good first impression on appraisers and potential home buyers. One of the cheapest, and quickest, ways to give the home a facelift is to invest in an exterior paint job. Painting the home can yield a 112% return on investment, so a good paint job can easily increase the value of the home with minimal investment.
In addition to painting the outside of the home, it is important to tend to the landscaping around the house. A concerted effort to eliminate weeds and manicure the lawn will greatly improve the home’s appearance. Consider a house with tall grass and overgrown weeds. This home would appear ramshackle and unkempt. Avoid this by tending to the weeds and applying a fresh layer of mulch to give the yard a cleaner look. There are also plenty of landscaping options that will improve the home’s beauty for a minimal investment.
Spruce up the kitchen
Many people consider the kitchen to be the heart of the home, and kitchen renovations can yield a high return on investment, sometimes up to nearly 170%. A kitchen renovation does not need to be a full remodel, but investing in a kitchen paint job and updating the kitchen appliances to energy-efficient models will go a long way to increase the kitchen’s value. The kitchen faucet and lighting fixtures can be replaced for only a few hundred dollars while giving the room a completely new feel.
Freshen up the bathroom
In addition to the kitchen, many appraisers consider the bathrooms to be a focal point in the home. Tidying up the home’s bathroom’s by removing old wallpaper or applying fresh paint can lend the room an updated feel. For a little more money, update the cabinets, sinks, and any fixtures in need of an update, like a faucet or toilet.
Update plumbing and electrical
Plumbing and electrical upgrades are some of the better investments to make in the home. Most homes won’t need major renovations to these systems, but even minor updates can make the house feel more modern and reduce inefficiencies, like leaky pipes, that may be present.
Stay tuned to Marrokal.com for more helpful tips and information on the latest home renovation trends.