Becoming a new homeowner is an exciting phase for most individuals. Depending on the condition and size of the home, you probably have a lot of plans for renovation and updates. But, do these expenses increase the value of your home? Here are some ways to increase home value without breaking the bank.
Focus on Renovations with Highest ROI
Return on investment in home improvement and renovations is when you get to increase the asking price in selling your house in the future. One of these renovations is a kitchen and bathroom project.
In a home, the kitchen and bathroom are high-traffic areas. Making these areas updated with the latest technology can significantly increase the value of your house.
However, these updates should still be generic enough that appeals to ordinary homeowners. A state-of-the-art kitchen renovation is great but might not be appealing to many homeowners. Moreover, it won’t be sellable to budget-conscious buyers.
Update Basic Rooms
A simple paint job can do wonders in increasing the value of your house. You can also replace old tiles, appliances, or backsplash on your kitchen. Other basic updates include toilets, fixtures, vanities, and cabinets.
You don’t have to perform a complete renovation on your house to increase its value. A quick fix here and there can do the trick. However, you need to consider the overall interior design of the house.
Every renovation should match the others. Otherwise, you’ll end up with a patchy blend of colors and designs. This could defeat the purpose of increasing value for your home.
If you’re going to update and do it one renovation at a time, plan the overall outcome. This way, you can find matches or complementing colors and designs.
Add Curb Appeal
Landscaping is a great way to wow your potential buyer in case you want to sell your current house. You can plant trees and shrubs or trim your lawn regularly.
When you do these landscaping projects, make sure you follow these tips:
- plant trees in strategic places to reduce HVAC costs
- leave enough space between your house and shrub.
- use perennial plants to cut costs.
Never use synthetic turf to beautify your lawn. This will reduce the soil’s ability to replenish its nutrients, which is essential in keeping it healthy.
Add More Space
You can create an illusion of spacious through floor plan modification. This modification doesn’t have to be extensive. You can convert an attic or a basement into another livable space. Alternatively, you can finish that deck project if you’ve always dreamed of doing.
You can simply remove a kitchen wall and replace it with an island. This renovation can make your living and kitchen a lot more spacious than before.
Another way to add space is adding basic rooms. You can renovate an unused room into a second bathroom or maybe another bedroom. These renovations can add square footage, which is more appealing for homebuyers.
Make Your Home Efficient
Many homebuyers are asking how efficient a house is. So, replace appliances with the latest model. Today, all manufactured-appliances have energy ratings showing how efficient they are in conserving energy.
You can replace your roof to make your house more weather resistant. Alternatively, install affordable weatherstripping seals on your doors and windows. Consider changing your thermostat to a smarter one.
ROI and its Importance
However, you should consider the overall effect of these renovations on the ROI you’re expecting. Some experts say that if you sell the house just a few years after the renovation, you can’t get the expected ROI. Instead, you might incur a loss.
To get the desired ROI, you must live with your current house after the renovation for at least five years, 10 being the most optimal number of years for staying, or at least long enough for the house to appreciate. If you do this, you could earn three times the expected ROI.
Most importantly, secure your house with Santa Fe Home Insurance. Insurance doesn’t increase your home’s value, but it can rebuild your house in case of fire, floods, and hurricanes.
Remember, the cost of materials and construction won’t be the same five years from now. So, having an insurance policy is helpful during a repair and a rebuild.
About Daniels Insurance, Inc.
At Daniels Insurance, Inc., we have a unique understanding of the risks that businesses like yours face on a regular basis. With the backing of our comprehensive coverages and our dedication to customer service and quick claims resolution, your business will be fully protected. For more information, contact us today at (855) 565-7616.