Your home is likely your biggest investment, so it makes sense to want to maximize its value. Whether you’re planning to sell soon or just want to build equity, there are many ways to increase your property’s worth. From quick DIY projects to major renovations, here are 8 effective strategies to boost your home’s value and appeal to potential buyers.
1. Professionally Stage Your Home
If you’re planning to sell soon, professional home staging can help your property stand out. Staging involves arranging furniture and decor to highlight your home’s best features and help buyers envision living there.
The cost of staging varies widely based on the size of your home and the extent of staging needed. Basic staging services start around $800-$1,000, while full-service staging for a large home can cost $2,000-$3,000 or more. While not a permanent improvement, staging can have a big impact on perceived value. Staged homes often sell faster and for higher prices than non-staged comparable properties.
2. Boost Curb Appeal
Speaking of first impressions, enhancing your home’s curb appeal is crucial for attracting potential buyers. Start with basic landscaping maintenance like mowing, edging, and pruning overgrown shrubs.
Other ways to boost curb appeal include:
- Adding colorful flowers or plants
- Installing landscape lighting
- Pressure washing the driveway and walkways
- Updating your mailbox
- Painting or replacing the front door
For bigger impact, consider larger landscaping projects like installing a paver patio, building a deck, or adding an outdoor kitchen. While costlier, these upgrades can significantly increase your home’s outdoor living space and overall value.
3. Upgrade Exterior Doors
Replacing old, worn exterior doors is another way to improve curb appeal and energy efficiency. A new steel front door recoups nearly 65% of its cost while also enhancing security and insulation.
Don’t overlook garage doors, either. New garage doors offer one of the highest returns on investment, recouping over 90% of costs on average. They dramatically improve your home’s appearance while also providing better insulation and security.
4. Fresh Paint Inside and Out
A fresh coat of paint is one of the most cost-effective ways to transform the look of your home. Repainting dingy or oddly-colored rooms can make spaces feel clean, bright, and move-in ready. When choosing colors, opt for neutral tones that appeal to a wide range of buyers. Grays, beiges, and warm whites are popular choices.
If you DIY an interior paint job, it averages $200-$300 for a single room. Professional painting for a whole house interior averages $1,000-$3,000. Don’t forget about exterior paint as well. A fresh exterior paint job boosts curb appeal and protects your home from the elements. While more expensive (averaging $3,000-$4,500), it can dramatically improve your home’s first impression.
5. Add Usable Square Footage
Homes are typically valued by their livable square footage, so adding functional space can significantly boost your property’s worth. Popular options include finishing a basement, converting an attic to a bedroom, or building an addition.
While adding square footage can be costly, it often provides a good return on investment. For example, a basement remodel can recoup 70-75% of its cost at resale, and an attic bedroom conversion may recoup 65-70% of its costs. When planning an addition, consider what type of space would be most valuable in your market. An extra bedroom or bathroom often provides the best ROI. A separate in-law suite can also appeal to many buyers.
6. Improve Energy Efficiency
Energy-efficient upgrades can save you money on utility bills and increase your home’s value. Start with simple improvements like adding insulation, sealing air leaks, and installing a programmable thermostat.
Some energy-saving upgrades to consider include:
- Installing Energy Star appliances
- Upgrading to an energy-efficient HVAC system
- Adding solar panels (in areas where they’re popular)
Replacing old windows with energy-efficient models is another smart upgrade. While the upfront cost is high, new windows can recoup 70-80% of their cost. They also improve comfort and curb appeal. Promoting your home’s energy efficiency can be a major selling point for eco-conscious buyers. It also demonstrates that the property is well-maintained and up-to-date.
7. Update the Kitchen
The kitchen is often considered the heart of the home, so outdated kitchens can be a major turnoff for buyers. A full kitchen remodel is expensive, but even minor updates can make a big impact.
Some budget-friendly kitchen upgrades include:
- Painting or refacing cabinets
- Installing new hardware
- Upgrading to energy-efficient appliances
- Adding a new backsplash
- Replacing old light fixtures
If your budget allows, consider replacing countertops with granite or quartz. A kitchen island can also add valuable prep space and storage. While a major kitchen remodel may only recoup 60-80% of its cost, it can make your home much more appealing to buyers. Plus, you’ll get to enjoy the upgrades while you’re still living there.
8. Clean and Declutter
One of the simplest and most cost-effective ways to increase your home’s value is to give it a thorough cleaning and decluttering. A clean, tidy home instantly feels more spacious and well-maintained. Start by deep cleaning every room, including often overlooked areas like baseboards, light fixtures, and windows. Next, declutter closets, cabinets, and storage areas.
Consider renting a storage unit to store excess items if needed temporarily. Removing personal items and family photos can also help potential buyers envision themselves in the space. The cost of professional cleaning for a 4-bedroom home averages $200-$225, but you can save money by doing it yourself. A clean, clutter-free home not only looks more appealing but also gives the impression of a well-cared-for property. This can translate to a higher perceived value when it comes time to sell.
Reasons to Increase Your Home’s Value
Boosting your home’s value offers several benefits beyond just a higher sale price:
- More equity to tap into for home equity loans or lines of credit
- Protection against market fluctuations
- Potential to eliminate private mortgage insurance (PMI)
- Greater enjoyment of your living space
The Bottom Line
Increasing your home’s value takes time and effort, but the payoff can be significant. Focus on improvements that enhance both aesthetics and functionality. Even small upgrades can make a big difference in how potential buyers perceive your home.
Related Article: Think Twice Before Investing in These 8 Renovations
By strategically investing in your property, you can maximize its value and appeal – whether you’re planning to sell soon or simply want to build more equity in your biggest asset.
