Renovations and upgrades to the features of your home are great ways to increase its value. However, how does one do this without spending a fortune? Well, you can actually make a serious positive impact on the value of your home with small investments to only the features that today’s potential buyers actually care about. Unsure where to start? Try implementing these home upgrades to increase value:
1. The Kitchen Still Matters
Topping the list of desired features in homes is none other than a “modern” kitchen. Now, this doesn’t mean that you have to completely tear down your kitchen if it is on the older side. In fact, for only a few thousand dollars, you can replace the countertop, get a new refrigerator, and replace the sink faucet. This can totally revitalize the look and feel of your kitchen and add more value to your home. Most people desire stainless steel appliances and quartz countertops, but see what you can afford first before going overboard.
2. Flexible Living Space
Coming in at second in the list of desired features is an “open floor plan” with flexible living space. Converting a basement is the most popular upgrade, as it costs less than an attic conversation and can be used as a multipurpose room. For instance, the buyer can make it a home office, a playroom for kids, a guest bedroom, or a dedicated laundry room. Having this open floor space provides buyers with customizable options, further increasing the overall value of the home.
3. Smart Technology
Nowadays, first-time buyers (especially millennials) expect to be able to control everything with their voice. With smart technology already being extremely popular, people will want to see smart features built into your home. For a few hundred dollars, for instance, you can get a programmable thermostat installed that would allow potential buyers to adjust the temperature with their phone. Other relatively cheap technology upgrades include smart lighting, door locks, speakers, and front door security cameras.
4. Don’t Forget About the Backyard
Before you focus all of your attention on the interior features of your home, consider your patio! Buyers love a nice patio where they can hang out with guests, hosting such activities as a barbeque or a volleyball tournament. You can also purchase weatherproof outdoor furniture for under a thousand dollars, giving your potential buyer a nice, welcoming outdoor social area. Depending on the size of your yard, you may think that a pool would be the ideal investment. While that is true, it can also have some drawbacks, as there is a lot of maintenance required for pools. A cheaper option, therefore, is to add a firepit with some seating around it. As long as the backyard is appealing and offers some room for activities, it should be enough to add value.
5. A Fresh Coat of Paint Goes a Long Way
An excellent tactic for making your home look more inviting is by repainting it! To see if any rooms would benefit from being painted a different color, try asking your peers or your real estate agent. Otherwise, you can keep the walls the same color, but just repaint it to add new life to them. Now, you don’t have to repaint your entire home if it isn’t absolutely necessary. Instead, focus on areas that are suffering from wear and tear or are where people will spend the most time (i.e. the living room, the kitchen, bedrooms, etc.). For a professional paint job, you would, of course, have to spend more money. However, if you are confident in your painting skills, then you could save money by doing it all yourself. Whichever option you choose, use neutral colors, as they seem to be the most popular these days and will thus result in the most value increase.
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Lakeside Title provides title insurance and numerous title-related services, all while making sure your transactions and funds are protected and secure. Our processes streamline residential and commercial real estate transactions for lenders, realtors, buyers, and sellers. To learn more, give us a call at 410-992-1070. We look forward to the chance to serve you!