Thinking of selling your home or just aren’t happy with its appearance? Increasing resale value doesn’t need to involve expensive kitchen or bathroom renovations. We have 8 steps you can take that will increase resale value, ranging from free in cost to a few hundred dollars each. Even if you aren’t looking to sell, these tips will make your home look great in general!
A potential buyer’s first impression occurs before they ever enter your house. Landscaping strongly impacts curb appeal, so doing basic updates to the area outside your home can be beneficial for increasing value. However, don’t go overboard. If your lawn looks too difficult to maintain, busy buyers may question if they can handle the home’s upkeep. Choose foliage that’s easy-to-maintain for your climate. For a few hundred dollars, you could even hire a lawn service company to trim and shape plants. According to the National Association of Realtors, homeowners who spend around $500 on landscaping such as mulch, removing leaves and debris, mowing the grass and removing dead plants could expect an average ROI of 215%.
While your landscaping might be the first thing people see, the front entry will set the tone for how they perceive the interior of your home. Upgrade the entrance by replacing the front door. Feel free to make the door unique as it will leave a lasting impression, but avoid tacky, gaudy or dated. If you aren’t sure about the style, consult friends or neighbours to see what they think would look good! Replacing the worn-out “welcome” mat and the mailbox too will round out the front entry look. According to Kiplinger, homeowners who purchased a steel front door could expect a whopping 129% ROI.
Fresh Interior Paint
Fresh paint can do wonders for your resale value, but certain colors can also reduce it. Selecting neutrals, such as a soft grey, off white or green, is a safe bet choice that most homeowners will like. Kiplinger suggests that for a cost of $30 per paint can, homeowners can expect up to a 250% ROI (if they choose the right colors). Benjamin Moore has some great paint color options as can be seen below:
A quick and easy update that will liven up your home’s décor is replacing boring, outdated and/or generic fixtures. New light fixtures, clean outlet covers and classic curtain rods are a quick fix to refresh your decor. We also recommend replacing pull handles on drawers and doorknobs. You can buy many of these for under $5 a piece, but they can look much more expensive. These door pulls from Direct Door Hardware are just $1.41 each, but the soft brushed look is classic and appealing.
Improve Window Treatments
Cheap vertical plastic blinds and paper shades look just that: cheap. You don’t need to spend a massive amount of money to make simple upgrades to wooden blinds, new drapes or plantation shutters. Remember when we said earlier that you should stay neutral with your paint colours? Well, window treatments like curtains are one area where you can throw in a little colour. While it should still be tasteful, try a unique pattern. Check out these curtains from Macy’s.
Clean and Declutter, Staging
The cheapest suggestion we have for you today to increase your home’s value is simply to clean and declutter! Depending on the resources at hand, this part of the process can be free. Surprisingly, it can have a massive impact on your home’s resale value. The National Association of Realtors suggests its ROI is as high as 403%. This can include removing personal items that clutter up the home so potential buyers can picture their own lives there. You should also wash and clean thoroughly inside (and outside – a pressure washer could come in handy here). Freshen the air, remove objects blocking windows and arrange furniture so rooms feel spacious and welcoming. Where you may need to shell out some cash for this step is on renting a pressure washer, a storage unit or purchasing cleaning supplies you may not have.
Repair Electrical and Plumbing
Repairing electrical and plumbing is probably the most expensive fix we’ll suggest here, coming in at an estimated $800 according to the National Association of Realtors. However, they state that taking the time and money to repair items such as leaky and old faucet spouts/handles, repairing leaks and issues with pipes as well as removing mildew could have a 293% ROI.
According to HomeGain.com in 2009, even minor bathroom updates can see an ROI of 172%. We recommend spending a few hundred dollars to replace a toilet or vanity if necessary. If that’s more than you want to invest, give the walls a quick paint, replace door handles and sink taps on the vanity, declutter and update the floors. Check out overstock.com for great deals on bathroom tiles.