How to Increase Home Value
- Home improvements can add thousands to your property value.
- Small changes often provide the highest return on investment.
- Many improvements are easy to DIY.
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If you’re looking to sell your home, making some simple updates could put some extra cash in your pocket come closing time. The good news is, you don’t have to do an entire remodel to increase home value. With less than $500, you can DIY your way to a home that looks, feels, and appraises at a much higher price point than before you started. Consider these ideas to boost your home’s value for less than $500.
1. Increase your curb appeal
If you want to boost the perceived value of your home, curb appeal is the best place to start—and there are so many ways to do it, starting with landscaping and maintenance. Lawn care can recover 267 percent of the cost estimated by landscape professionals in increased home value, according to a report published by the National Association of Realtors.
But don’t stop there. Here are a few more proven ways to improve both perceived and actual value of your home with outdoor projects:
Tree care. The costs of tree care were estimated to be 100 percent recovered when it comes time to sell your home.
Outdoor features. A new deck, water feature, statement landscape piece, or new patio received a Joy Score of 9.7 or higher (on a scale of one to 10) for features that increase home value.
Adding birdhouses, feeders, and a bird bath will invite colorful songbirds to your yard, improving the appearance of your yard and home along the way.
2. Switch out your light fixtures
Light fixtures may seem like a small feature, but they add to the look and feel of any room and can enhance other features that otherwise get overlooked. Light fixtures can be inexpensive to replace or update, making them a perfect area on which to focus your efforts (and increase home value with minimal investment).
Consider adding ceiling fans where standalone lights used to be, which provide both function and energy-savings: “A functional, decorative ceiling fan is a beautiful thing. It provides necessary light and, in warm months, creates a soft breeze reducing the need for expensive air conditioning,” suggest experts at HGTV.
3. Install a tile backsplash
A “major kitchen remodel” has a 59 percent ROI, according to Remodeling’s 2018 Cost vs. Value report. However, the national average cost to do a full remodel is $125K. You can increase home value without the high price tag by installing tile backsplash to your bathroom vanity or kitchen sink. This can add a bright and fresh finish to the room and when you do it yourself, the cost is reasonable.
Subway tile is one of the most popular backsplash styles and is easy to install on your own. If you’re not a DIY pro, Young House Love’s tutorial will walk you through the process to update this feature for less than $200.
4. Replace your faucets
Faucets are a feature of the home that you don’t often think about, but see every day. This makes them a critical feature to consider when improving your home’s value. Focus your efforts on the bathroom faucets, which tend to be more decorative and can elevate the feel of this space with just a small budget.
Step one for this project is choosing a faucet. Check out HomeStratosphere’s 2019 bathroom faucet overview and review. Once you’ve made your choice, it’s time to get technical. Replacing your faucet can be confusing, with a lot of piping and hardware to consider, but there are plenty of online tutorials (including countless video instructionals) to guide you along the way.
5. Repaint your walls
A fresh coat of paint may be all you need to increase home value, as it can really transform a room. The right paint can add brightness to an otherwise dark room or make a small space feel bigger. If you plan to sell, your realtor will likely recommend you add a fresh coat of paint anyway. According to the 2019 Profile of Home Staging, 66 percent of realtors recommend painting and 63 percent suggest paint touch-ups.
The key is choosing the right colors, but if you lean toward funky yellows or bright greens, you need to rethink your approach. When improving the value of your home, stick with neutral colors. Freshome suggests that neutral colors are best because they:
Show off textures and fixtures
Never go out of style
Offer colorful opportunities for accessories
Work for any style
6. Replace your window treatments
Instead of replacing your windows, simply update your window treatments. Like your walls, you want the style and color to allow the imaginations of potential buyers to run wild with ideas—so keeping them simple and sleek is best.
7. Install a fire pit
Installing a fire pit is much simpler than you may think. This fun DIY project can add personality to your backyard space, while giving potential buyers something to look forward to: long summer nights around the fire pit. There are many ways to DIY a fire pit, which will help increase home value by stoking potential buyers’ sense of nostalgia and imagination.
Little changes could mean a big profit
You don’t need to spend a lot of money to increase home value before you sell. Focus on these simple updates to see an improvement for less than $500. Choose the projects that seem best suited for your home, add them to your to-do list, and get started this weekend.
When planning your future, the little things can really add up
Learning how to handle debt, make a monthly budget, and plan for a bright future doesn’t need to be hard. Whether you’re trying to pay off student loans or need tips on how to increase home value prior to a sale, sometimes all you need is some sound advice. Our simple-to-follow guide can help you realize a better financial future. Get started by downloading our free guide today.