A surprising number of homeowners neglect the benefits that come with improving your home’s value. Even if you don’t plan on selling your home, there are scenarios where increasing your home’s value will also increase the amount of money you can get from an equity line of credit or mortgage refinancing.
This is useful to homeowners, because you can invest that money into further upgrades for your home, dramatically increasing its home value by wisely playing inside the system.
In this article, we’ll share with you a number of home improvement tips that can dramatically increase the value of your home.
Kitchen Remodeling and Appliance Upgrades
While the living room may be the focal point of most homes, the kitchen is actually where investments pay off the most in the long run. This is because kitchens are the heart of the home and, as such, it’s in a kitchen where most of the day-to-day needs of the home can be met.
You don’t want to dump an excessive amount of money into the kitchen, so going into six-digit figures would be a tad overboard. However, you can generally expect to recoup around 75% of your investment into the kitchen, according to Remodeling Magazine.
Of course, you should also be aware that factors outside your control, like inflation and the housing market, will affect your home value as well. Thus it’s a good idea to use an app like SoFi’s home tracking, to keep an eye on the value of your home in real-time.
It’s a good idea to start small – focus on replacing the faucet, adding energy-efficient appliances, and painting or replacing the cabinets.
People who spend a lot of time in the kitchen want to have the most efficient space, so investing in countertops that are quick and easy to clean, and cabinets to store important cooking utensils is a great place to start.
Give the Bathroom a Fresh Coat of Paint
Similar to the kitchen, the bathroom is another area where you can recoup a lot of your investment. But also similarly, you don’t need to go overboard.
Start with a fresh coat of paint, new light fixtures, and a nice vanity mirror above the sink. You should also re-grout the bathtub tiles, and update the toilet to a more water-efficient model.
Like with energy-efficient kitchen appliances, always remember that eco-friendly upgrades are going to give bang for your buck, because they increase savings for homeowners.
Add a Deck to the Exterior
Decks increase the living area of the home, but cost cheaper to build per square foot than building new rooms. Wraparound decks are particularly attractive because they can be used for lounging, barbequing, dining, and even entertaining. You’re also increasing the exterior appeal of your home.
Even if you don’t think your home’s square footage will allow you to build a full-sized deck, think about the backyard. If you have space, you can always add a pergola and some outdoor furniture to create a nice space to entertain.
Either way, you’ll be able to take full advantage of your home’s exterior, and it’s estimated that wooden decks generally recoup over 100% of their value – meaning if you build a deck for around $13,000, it should add around $26,000 to your home’s value.
While a large deck may not be the best option for your property, you can make the best of a small one by making it very appealing. You can do this by painting it a nice color, adding a pergola, and replacing the worn-out railing with a decorative one.
