Just as there are lots of ways to make a house a home, there are plenty of opportunities for owners to increase their home’s value. Whether selling is a long- or short-term goal, these renovations could give the property more appeal to potential buyers down the road. Below, we’ll explore a few ways to maximize your home’s value with around-the-house projects.
Let’s start with the outdoor spaces. Homebuyers often get their first in-person impression of a property as they drive up. As such, having positive curb appeal is highly recommended. In fact, investing in curb appeal projects can yield a return on investment (ROI) of 238% . These projects could relate to maintaining the lawn through fertilization and weed control as well as spreading mulch and tidying up the landscaping.
Other outdoor improvements include going beyond the greenery. For instance, a fresh coat of exterior paint can add around 152% ROI . Along the same lines is updating the exterior to a manufactured stone veneer, which has a 91.4% ROI. Even a new garage door, which is relatively inexpensive, could bring an estimated ROI of 133%, or roughly $2,800 in resale value.
If in the budget, you could also appeal to today’s buyers by making your outdoor spaces more functional through stylish upgrades. A few of the more sought-after features include a comfortable deck or patio, pool, and hot tub. Of course, there is some debate surrounding the value-adding potential of pools, so it’s best to speak with a local professional before breaking ground. One functional feature requiring little work that you might want to consider is building a firepit, as it can bring in an average ROI of 67%.
Moving inside, you can increase home value and interest from buyers through several simple updates. Swapping out the wall paint to neutral light colors is an effective yet low-cost option. Light blue is seen as a good investment for bathrooms, while bolder colors are reserved for the bedroom, like a dark blue. There’s also modifying the home for intergenerational living. Capable of adding sizable value, universal design features — such as widening door frames or building a ramp — make it easier for older residents or those interested in aging in place.
You could also invest in more complex interior upgrades. One value-adding home feature is a fireplace. According to Redfin, the average home with a fireplace lists for 13% more than the median sale price. What’s more, an Angi survey revealed 77% of buyers would pay more for a home with one. In the end, installing a fireplace can average a 6-12% increase in your property’s value. Be sure to consult with brick repair specialists prior to making the decision.
These are just a few ideas to get you started. For further information and additional tips on increasing your home’s value, please see the accompanying resource.
Infographic provided by Coast to Coast Masonry