Whether you’re in the market to sell your home, purchase a home, or just like to think of ways to get a nice return on your investment, adding new elements to your house not only makes it more aesthetically pleasing but also increases its overall market value. Someday your home will be back on the market so doing what you can right now to maximize profit and desirability will help you in the long run! If you’re ready to get the most “bang for your buck,” follow these simple steps to increase your home's value.
1. Spruce Up Your Outdoor Space
Everyone wants to have the prettiest house on the block. Not only does it grab people's attention, but it could potentially add up to 12% more value to your home . According to Ali Bud , an interior designer based out of Toronto, there are four things you should add to your home’s exterior when trying to add value - a place to eat, a place to lounge, lighting, and greenery.
We recommend starting small - adding a simple wreath to the front door, flowers in window boxes, and pretty string lights to a backyard space can go a long way. If it’s within your budget to take on a more expensive project, try adding a patio, a deck, or a fenced backyard to the list as well. Not only will this increase your return on investment, or ROI, but it also adds an extra space to entertain!
2. A Fresh Coat of Paint
Fresh paint can liven up any room! Portland based designer, Heidi Lachapelle says “Whether it’s picking the right shade of white or just reapplying what was there before, paint cleans everything up instantly.” If you want to try out something new and modern, paint the ceiling, trim, and wall all the same color. While fun, exciting colors can be tempting, when you’re trying to sell your home it’s best to stick with neutrals as they appeal to the largest number of people and can add significant value to your home.
3. Optimize Your Storage Space
Whether it’s something you use on an everyday basis or something that’s been sitting in your attic for years, we all have stuff, and it has to go somewhere! Ample amounts of storage space is a hot commodity in today’s market.
Freestanding cabinets and built-ins in the living room add character to your home and maximize storage space. Ali Budd also recommends adding a deep cupboard with shelving. This makes for a great pantry space and allows you to store dishes and small appliances out of sight. You could even put a shed in the backyard to store the lawnmower that’s been taking up space in the garage. If you’re looking for a home with lots of space, we may have the one for you. Check out our floor plans!
4. Install Smart Home Features
Americans are becoming more interested in buying a home that has fancy gadgets. In a recent survey, 77% of Americans said that they wanted smart thermostats pre-installed in their home, 75% wanted smart fire detectors pre-installed, and 66% wanted a smart camera system pre-installed.
Installing smart devices allows you to be in control of what’s happening in your home while you’re not there. Smart thermostats learn your schedule and temperature preferences and smart doorbells alert you to any movement in front of your home – whether it’s the delivery man dropping off a package or a lost dog looking for some love. While adding smart features to your home can be a pricey undertaking, you’re going to have a large ROI in the end.
5. Consider Adding Energy Efficient Elements
Energy-efficient home elements not only help lower your monthly expenses, but they also increase the overall value of your home - talk about a win, win! If it’s within your budget, try adding energy-efficient windows, doors, lighting, etc. to your home. Tankless water heaters and newer, more efficient HVAC systems are also a plus and can greatly increase the efficiency of your home.
Follow the steps that we’ve provided, and you’ll be on your way to a nice chunk of change once your house sells! If you are in the market for a new home and these things sound like a great upgrade to you - we build homes with luxury amenities, plenty of storage space, and smart home packages.
Call one of our New Home Advisors to learn more about what we have to offer.