1. PERSONAL FINANCE

How to Increase Home Value

How to Increase Home Value
BY Jessica Thiefels
Jul 10, 2019
 - Updated 
Sep 23, 2024
Key Takeaways:
  • Home improvements can add thousands to your property value.
  • Small changes often provide the highest return on investment.
  • Many improvements are easy to DIY.

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.

Learn More

Debt relief by the numbers

We looked at a sample of data from Freedom Debt Relief of people seeking debt relief during August 2024. This data reveals the diversity of individuals seeking help and provides insights into some of their key characteristics.

FICO scores and enrolled debt

Curious about the credit scores of those in debt relief? In August 2024, the average FICO score for people enrolling in a debt settlement program was 583, with an average enrolled debt of $24,249. For different age groups, the FICO scores varied. For instance, those aged 51-65 had an average FICO score of 588 and an enrolled debt of $25,402. The 18-25 age group had an average FICO score of 548 and an enrolled debt of $14,432. No matter your age or debt level, it's reassuring to know you're not alone. Taking the step to seek help can lead you towards a brighter financial future.

Credit card debt - average debt by selected states.

According to the 2023 Federal Reserve Survey of Consumer Finances (SCF) the average credit card debt for those with a balance was $6,021. The percentage of families with credit card debt was 45%. (Note: It used 2022 data).

Unsurprisingly, the level of credit card debt among those seeking debt relief was much higher. According to August 2024 data, 89% of the debt relief seekers had a credit card balance. The average credit card balance was 15659.

Here's a quick look at the top five states based on average credit card balance.

StateAverage credit card balanceAverage # of open credit card tradelinesAverage credit limitAverage Credit Utilization
Connecticut$18,8179$28,21875%
Arkansas$18,7737$24,23796%
New Jersey$18,3729$26,61179%
New Hampshire$18,2558$25,17081%
Massachussettes$17,9428$25,53877%

The statistics are based on all debt relief seekers with a credit card balance over $0.

Are you starting to navigate your finances? Or planning for your retirement? These insights can help you make informed choices. They can help you work toward financial stability and security.

Support for a Brighter Future

No matter your age, FICO score, or debt level, seeking debt relief can provide the support you need. Take control of your financial future by taking the first step today.

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