Buying a new home is an exciting experience. Aside from thinking about making it livable, it’s important to plan how to increase home valueto maximize your investment. You can also increase the selling price by as much as 35%1 with these practical tips.
Ways to Increase New Home Value
Update the Kitchen: Home buyers and owners often put emphasis on the kitchen. After all, it is the most functional room of the house. Adding a new countertop, floor, or appliances is less of an investment than gutting out the room, but it can yield even bigger results. Popular, value-adding options include stainless steel finishes and quartz countertops resistant to heat, stains, and scratches.
Open Up the Space: Create an open floor plan by eliminating non-structural walls and kitchen islands. The sense of flow adds value, as does increasing your living space by converting a basement into a functional room or setting up an office or playroom. Even consider flexible multi-purpose rooms, accommodations for extended family members, and laundry rooms with washer/dryer units.
Lower Energy Costs: An energy-efficient home not only cuts down the bills. It also makes it more salable. Efficient water heaters, ENERGY STAR certified windows, and LED lighting can increase current home value. Modern attractive lighting fixtures can save energy and add aesthetics, but you also want to focus on natural light with larger windows and skylights.
Paint It Right: Paint covers a large surface area, inside and outside, so a fresh coat can replace signs of wear and tear with elegance. Neutral colors such as whites and off-whites are top sellers. While quality paints may cost more, they are what homebuyers look for. In fact, painting a home is the most cost-effective improvement, especially if you paint the house yourself.
The Outdoors: When you look at what adds value to a home appraisal, expanding the living space to the outdoors is one. A deck, patio, grill, pool, and attractive landscaping add curb appeal. Select and trim plants and other greenery to complement the home’s décor and architecture and your personal style.
Use Technology: Not every high-tech device will add value, but programmable thermostats, motion sensors for lights, and remote door locks and security systems will. Whole-house generators with enough juice to power the entire property are useful during power outages.
Maintain Floors and Carpets: There are some cheap ways to increase home value, and having your carpet professionally cleaned is relatively inexpensive. It works best for neutral-colored rugs that are in good condition. Worn carpets can be covered by area rugs, or you can replace entire carpets if up for the investment.
These are a few ways to boost a home’s value if you’ve just purchased one or are considering it. You’ll also want to keep up on maintenance. Plumbing leaks, old windows, aging furnaces, and inadequate insulation should be addressed. By now, you should be familiar with gauging the “market value of my home,” but Genesis Builders Group offers valuable resources on home buying. For assistance, submit a contact form online or call (403) 265-8079.