According to a NerdWallet survey, 65 percent of American homeowners are confident that the value of their home will increase over the next decade. This is perhaps especially true of Hawaii, which has been continually named the most expensive state in America to purchase a home. Few people find this surprising, considering the number of luxury real estate and beach front properties on the islands. However, if your home is not well-maintained and hasn’t been upgraded to keep up with the neighbors, it will be less competitive on the market when you’re ready to sell, thus losing instead of gaining value. So, here are six ways to increase the value of your home.
1. Increase Curb Appeal
First impressions matter and when it comes to a home, the first impression is based on its curb appeal. How does your home look from the street? Does it immediately look like the kind of home your ideal buyer could see themselves in? To ensure your answer is a continual yes, try some simple things such as landscaping, power-washing the driveway and lanai, and a fresh coat of paint on the front door.
Walk around the outside of the house – are the gutters clean and free of debris? Are there visible spider webs? Consider adding new door hardware for or inserting small pieces of outdoor furniture to better utilize the space in front of the house, and if there are any minor repairs such as chipped paint or bricks it’s worth the quick fix to ensure your home is looking smart and attractive on first glance.
2. Decrease Maintenance Cost
Selling a home with a long laundry list of potential repairs will immediately decrease its value, no matter how beautiful it is from the curb or on the inside. Because of this, completing a major repair before putting your house on the market, such as roof replacement, helps to make it more attractive. Strongly consider a pre-listing inspection so you have the chance to get the property into optimum condition, and this will have the added benefit of reducing stress during the selling process as well putting you in control by knowing what repairs the buyer may come to you with (and helps to avoid any nasty surprises during the sale itself).
3. Upgrade the Kitchen
One of the major selling points for any home is the kitchen. Keep the kitchen updated, but try not to stray too much from the general design of the home. A buyer who likes a contemporary layout, for instance, is unlikely to go for a wood-paneled cabin-feel kitchen. In fact, the best advice is to keep it simple. A minor kitchen upgrade adds 81 percent of its original cost to the value of the home, compared to just 53 percent for high-end remodels.
4. Better Lighting
Bright and airy rooms put people in a good mood. They also create the illusion of space, even in smaller rooms. To ensure you have proper lighting, you could consider installing better light fixtures. However, these days, homeowners are taking the route of installing bigger windows or entire window walls. This is especially common for living rooms, master bedrooms and dining rooms.
5. Go Solar
While we’re on the topic of lights, another great way to boost your home’s selling potential and home value is by going solar. Americans are increasingly intrigued by clean energy, but many are reluctant to take on the cost and the renovation project. By selling a home where the hard work is already completed, you save them the trouble, increase your home value and save money on your utility bills, in one fell swoop.
6. Open Up Space
Another way to increase the perceived size of a room is to open one up to another. For instance, joining a kitchen with the dining room, or even better, pooling in the living room to boot. Not every home structure can support this kind of renovation, but if yours fits the bill, it’s worth considering.
Ensuring the increased value of your home required time, effort and money. However, the payoff in increased home value for a beautiful and well-maintained living space is well worth it.