You can have the nicest home on the block, but if you’re not smart about how to increase its value, you won’t make much money off it.
The home is a major asset and investment for many people. According to data from the National Association of Realtors, more than 90% of American homeowners plan to stay in their homes for more than 10 years. It’s no surprise that homeowners are concerned about keeping their homes valuable over the long run. After all, a property’s value goes beyond its actual physical condition. A house can be in mint condition and still depreciate if it’s located in a down market. But it can also decrease in value even when the house itself is in good shape.
Do you know? A little bit of updating on your home’s exterior and some smart interior decorating can significantly increase the resale value of your home.
In this article, I will provide you with NINE ideas that can make a difference!
9 Smart Ways to Attract Home Buyers
While there’s no magic formula, you can always make smart investments and upgrades that add significant value to your property.
1. Improve Curb Appeal
The first thing potential buyers notice when they walk up to your house is its appearance. One of the key things that can drive down your home’s resale value is a poorly maintained exterior. In order to ensure that your home stands out in today’s competitive real estate market, it’s important to take care of its exterior.
This can include doing some of the following:
- Repainting the exterior of your home
- Landscaping your front yard
- Adding architectural details (front porch or a garage door)
- Improving the condition of your roof
- Replacing or repairing damaged items
- Adding new fixtures and appliances
- Upgrading your bathroom, decorating the inside of your home
2. Make it More Energy-Efficient
The resale value of your home depends largely on its energy efficiency. This is because energy-efficient homes sell faster and for higher prices than less energy-efficient ones. So there is a big incentive for you to invest in improving your home’s energy efficiency.
“Energy efficiency upgrades are relatively inexpensive (compared to making repairs), can add value to your home, and can be done on your own,” said Laura Rowland, an independent real estate agent based in Houston, Texas.
3. Invest in Hard-to-Find Items
One way to increase the value of your home is to make it unique in some way. For example, you could add a home theater system or a spa. But, if you’re looking for an easy way, consider adding furniture with interesting designs. These kinds of items tend to hold their value much better than others.
These items add character and aesthetic value to a house and can potentially increase the home’s resale value. The only problem is that these items aren’t always easy to come by, and if you don’t know the right people to buy them from, you could find yourself spending a lot of money without any real gain.
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4. Make it Feel Larger Than It Is
Make your home feel larger than it really is. For starters, consider making sure all doors and windows are shut during the day. Shutting them could be as simple as using a towel to cover them. Next, give your house a fresh coat of paint.
Paints are usually cheaper when purchased in bulk, so go ahead and pick up a gallon of neutral color or two. And don’t forget to change out the light bulbs in your house. Using CFLs (compact fluorescent lights) is a great way to save energy while improving overall lighting throughout your home.
5. Use Colors and Patterns
How can you boost your home’s resale value? The answer is quite simple – just use colors and patterns in the rooms of your house that are appealing to buyers. This means choosing hues and patterns that match the style of your furniture, flooring, curtains, and wallpaper, which are all important selling points. If you want to add some extra sparkle to your home, choose complementary colors, such as blue and yellow.
While it may seem obvious, it’s important to ensure that the paint and wallpaper match. This is especially important in areas such as hallways and bedrooms, where the eye is drawn to these surfaces in the home. Buyers will see if a color scheme is mismatched or a pattern doesn’t fit.
6. Create a Welcoming Environment
Creating a welcoming environment is important if you want to sell your house. People’s first impression when visiting your home is how it looks and feels. From the curb, your home should look inviting, not shabby.
Being clean and tidy inside and out is a big plus. Consider decorating your home in soft colors like blue and brown, which don’t show dust and dirt as easily. Also, keep the furniture simple, avoid having too many knickknacks, and don’t display anything that could distract a prospective buyer. A welcoming atmosphere will help your property appeal to a broader range of buyers.
7. Put a Kitchen Island in your Living Room
The first thing buyers notice is your kitchen and how open and functional it is. In fact, the average kitchen home value is nearly $60,000 higher than the average bathroom home value. This is because buyers know that a kitchen is a place where they can prep and cook and have snacks, meals, and drinks, all without having to get up from the table.
Even if you want to sell your home for a profit, having a kitchen island is smart. It adds additional square footage, provides countertop space, and creates a convenient work surface for preparing meals. And since your island is already built in, it’s a great investment.
8. Add Usable Square Footage
Today’s buyers want homes that are functional and filled with high-quality finishes. That means putting usable square footage above all else. However, there’s a huge difference between a buyer who wants a 2,000-square-foot home and one who wants a 1,500-square-foot home. So it’s up to sellers to figure out how to fill a home with the maximum amount of usable square footage.
Adding usable space increases the value of your home, especially since people tend to have a higher appreciation for larger homes and houses with square footage.
9. Clean and Declutter
Home value has always been closely tied to the condition of a home, but with the increase in the cost of homes, this relationship has never been more important. Cleaning up and decluttering will make your home more attractive and inviting to potential buyers and make your home more valuable.
How to Pay for Home Improvement to Increase its Value?
This is very important to know, and there are several ways to pay for home improvement. Such as:
Personal Loan: Personal loans are a type of unsecured debt that a borrower can take out to finance personal home improvements. They are typically used to pay for renovations and remodeling projects. A personal loan is just like any other unsecured loan, but a personal loan can be repaid in installments, spread over a longer period of time.
With this personal loan, you can repair or improve your home without having to sell it. This will increase its value, making you a more attractive and valuable borrower. Your lender will make a direct credit transfer to your bank account. You may even have the option to set up recurring payments for the next few years, which means you’ll never have to worry about getting behind on any bill.
Home equity loan or HELOC: Home equity loans are easy to get and carry a low-interest rate. HELOCs are great for larger home improvement projects because you don’t have to pay any interest until the project is completed. So, if you’re planning to renovate the entire bathroom or even just paint the living room, HELOC might be a better option.
Cash-out Refinance: Whether it’s a new kitchen or remodeling a bathroom, a cash-out can help increase the value of your home. A refinance may be the best choice when a homeowner sells their house for less than the outstanding loan balance.
With a refinance, the loan balance is paid off in full with the funds from the sale of the home. If a seller has a loan balance of $100,000 and wants to sell their home for $105,000, that means they’re getting $5,000 cash in hand. This is a great opportunity to pay for major improvements to your home, such as a new roof, windows, or siding.
0% APR Credit Card: This is a relatively easy one. If you need to borrow money to pay for home improvement, it’s often better to go with a 0% APR credit card. It allows you to save for your project and pay it off in smaller installments. Of course, if you don’t plan on paying back the loan, the APR could cost you far more than the savings on your payments.
With the right amount of planning and preparation, you can raise the resale value of your home. The key is to spend more time and money improving your home now and less time and money trying to sell it down the road.
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