When you’re buying a home, the price is obviously a major factor. But if you’re considering
putting down a small down payment to buy your first home or upgrading to a larger house in
the future, you will definitely want to consider ways to maximize its value. Whether you’re
buying your first home or moving up from your starter condo, investing in your house can pay
off big time when you put it on the market one day. In fact, real estate appraisers often assign a
property’s fair market value based on several factors – many of which are easy for you to
implement at home.
Estimate How Much Your Improvements Will Be Worth
If you’re considering installing new flooring, a new kitchen, or even a swimming pool, you may
be wondering how much those renovations might add to your home’s value. After all, you don’t
want to go through all of that work only to see your home’s value decline because of it!
Fortunately, there are several online calculators that can help you estimate the added value of
your home improvement projects. For example, this home value estimator from Trulia can help
you determine how much a new swimming pool could add to your property’s value. Keep in
mind, however, that these are just rough estimates. The actual value of your home might end up being higher or lower than these online calculators suggest.
Add New Windows and Doors
Another way to instantly increase the value of your home is by adding new windows or doors. If
your home doesn’t already have some type of window or door openings, you will want to add
them anyway to let in natural light and fresh air. Adding new windows and doors is also a great
way to increase your home’s energy efficiency. New windows and doors can increase the value
of your home by anywhere from $200 to $1,000 per window or door. However, you may want
to consider using higher-quality windows and doors that cost a bit more. This is because the
appraisers who estimate the value of your home will take into account the grade of windows
and doors. A $200 window next to a $1,000 window will be noted by the appraisers, and the
cheaper one will likely be deducted from the home’s value.
Repaint the Interior
While painting the exterior of your home can certainly increase its curb appeal and value,
painting the interior will not have any impact on the home’s actual market value. But that
doesn’t mean painting the interior isn’t important! Painting the interior of your home can have
a dramatic impact on the health and wellness of the people living there. Studies have shown
that proper indoor air quality can improve your health while also reducing your risk of allergies
and asthma. Additionally, a fresh coat of paint can dramatically transform the look and feel of
any room. It can also make your home more appealing to potential buyers when it’s time to
sell. Studies have shown that even minor renovations, like painting the interior or replacing
light fixtures, can greatly increase the value of your home. So while you may not calculate any
added value from painting the interior of your home, you may actually see the return in your
pocket when you go to sell it!
Install New Floors
Installing new flooring throughout your home is a great way to add value to it. Carpet is one of
the cheapest flooring types and can be found for as low as $1.25 per square foot, while
hardwood and tile are more expensive and can range from $5-$10 per square foot. Whichever
type of flooring you choose, be sure that it complements the existing style of your home, from
the color to the design. This will help the new flooring blend in with the rest of the home,
instead of looking out of place. New flooring can increase the value of your home by as much as
$8,000, making it one of the most cost-effective renovations you can make. However, keep in
mind that the appraisers will factor in the type of flooring you choose. So if you opt for carpet,
which has a lower resale value, the appraisers will take that into account.
Add More Storage Throughout the Home
Most people don’t have enough storage throughout their home. And while adding more
storage can be a major project, it can also significantly increase the value of your home when
you go to sell it. In fact, the National Association of Realtors (NAR) estimates that home buyers
are willing to pay up to 15% more for a house with ample storage. There are many ways you
can add more storage throughout your home. You can add a closet in a spare room, place
shelves in the garage, or use wall space to hang clothing or shoes. You can also use the extra
space in your home by adding a loft or basement. If you’re looking to maximize the value of
your home, adding more storage is a smart decision.
Indeed, the cost you pay for a house is significant. In any case, you likewise need to consider
how much value you’ll work in your home and the amount it will be worth when you go to sell
it. While you’re purchasing a home, the cost is clearly a main consideration. Yet, on the off
chance that you’re thinking about putting down a little initial investment to purchase your most
memorable home or moving up to a bigger house from now on, you will need to consider ways
of expanding its worth. Gauge how much your enhancements will be worth, add new windows
and entryways, repaint the inside, put in new floors, and add more capacity all through the
home to expand the worth of your home. Eventually, you might observe that your house is
worth more than you paid for it!