In light of the crisis that occurred last year, there has been a substantial decline in home sales. Simultaneously, the asking prices of houses across the entire country have reached unprecedented levels. This can be primarily attributed to inflation and the surge in interest rates, which have impacted the demand and the purchasing power of potential buyers.
Being a savvy homeowner is key in today’s competitive real estate market. Your home is not just a place to live but also an opportunity to build wealth through home equity. That’s why knowing smart strategies to increase the resale value of your house is more important than ever in 2023.
Indeed, numerous homeowners are currently embarking on smart home renovation endeavors to allure potential buyers. In this article, we shall delve into four home improvement areas that will enable you to navigate the prevailing market conditions and effortlessly enhance the value of your home. So, without further ado, let’s find out!
Upgrade Your Kitchen
The kitchen is known as the heart of the home. It is the area that can impact the value of any house or property. This is exactly why potential buyers always search for a functional and modern kitchen when purchasing a house. Thus, it is one of the best opportunities for you to boost the resale value of your house by upgrading your kitchen.
However, it is crucial to entrust your project to a reputable kitchen remodeling company such as CMK Construction that possesses the expertise to handle the job efficiently and provide a guarantee of satisfactory completion.
You can start the remodeling by upgrading outdated appliances with energy-efficient models. This will help improve the overall aesthetics and reduce energy bills. Similarly, replace cabinets with modern and newer options. Update worn-out or dated countertops with granite. You can also make design changes that would help maximize storage space and provide a sense of openness, such as removing non-load-bearing walls to give a more open look.
However, if you do not want to make the above changes, you can still transform your kitchen by adding just a fresh coat of paint. Similarly, installing Kitchen Island and modern lighting and fixtures can create a huge difference.
Remodel the Bathrooms
While most homeowners often neglect this fact, if you ask any experienced real estate agents, they will tell you that bathrooms are the spaces that sell homes. To your surprise, by remodeling your bathroom smartly, you can gain an almost double or even higher return on investment based on the selected finishes and your budget. Indeed, it is one of the most valuable and easily manageable upgrades to increase your home’s resale value.
Also, if you cannot undertake a complete remodel, you can start with minor changes. For example, replace your old wallpaper with some faux/textured finish. Install a stylish or durable tub or change old lighting for a more modern appeal. Moreover, you can replace old fixtures like faucets, showerheads, and toilets with aesthetically appealing and water-efficient options.
You can also refinish or re-tile surfaces and add storage or stylish mirrors to help breathe new life into your tired-looking bathrooms. Lastly, upgrade to low-flow plumbing fixtures to reduce water consumption, benefiting both the environment and your wallet.
A Fresh Coat of Paint
Sometimes, superficial changes can create a lasting impression on potential buyers more than other intensive renovations. Thus, one of the simplest, cost-effective, and instant improvements to boost the value of your house is to get a fresh coat of paint.
When freshly painted, we know how clean, fresh, and vibrant a room looks and spells value. Moreover, you may have heard many experienced real estate agents raving about the huge difference a fresh coat of paint can create, especially if we consider the low cost of the upgrade.
However, before starting the painting process, consider different paint colors. For instance, you should know that many homebuyers often go with neutrals. It is because a fresh, crisp paint job using modern neutrals like gray and putty can show off your house to the best advantage. So, choosing this color will make your house a lot more visually appealing and desirable for potential buyers.
While it doesn’t mean you should not go for bright colors or avoid them completely, just be mindful that when you go with bolder color choices, it often fails to impress potential buyers.
Invest in Energy-Efficient Fixtures
If you think that investing in energy-efficient fixtures doesn’t seem promising and may not increase the value of your home, you are wrong. In fact, let’s face it, using energy-saving and environment-friendly enhancements are good for your pocket, planet, and property. It can help attract potential customers while reducing your energy bills.
So, what energy-efficient or eco-friendly improvements can you make? One of the most effective home improvements includes installing energy-efficient lighting, appliances, windows, doors, and siding. Also, you can go with landscaping to ensure energy conservation or install solar panels on your home. While the initial cost of this project may seem slightly more expensive than others, it can help you save a ton lot of money in the long run.
For example, imagine you want to upgrade or replace ten old damaged windows in your home with new energy-efficient windows and choose vinyl window replacement. As per the statistics, the upgrade will cost you almost $20,000. However, the value of your windows can help you earn more than 68% return on the overall cost. This means that your home’s value will be increased by more than $13,000, let alone long-term savings on your energy bills.
The Final Words
Boosting your house’s value by making smart improvements is the best way to grow equity and earn profit. Thus, wait no longer. Start following the simple and budget-friendly home improvement tips discussed above and beautify and update your home instantly.
However, remember some home improvement projects may require more attention and effort than others. Also, not every strategy or plan is guaranteed to work in your favor. Therefore, as you look for different and smart home improvement ideas, only choose the easily manageable ones that make the most sense for your situation. Good luck!