When it comes to what contributes to the valuation of a home, the number one factor is location. Indeed, where your home is situated will play a key role in determining how great an investment opportunity it will be. But what actually makes a home more valuable? There are numerous things that can make a home more valuable, but some will result in a better return on investment than will others. What follows is a look at what some investments that can up the worth of your home.
A kitchen that is fit for a king or queen will definitely help to increase the value of your home. If you have the budget, you can renovate and remodel to create a more modern kitchen, but you can also get great results with the investment of a few thousands dollars to perhaps replace your appliances with stainless steel options, redo the flooring, replace the countertop, and upgrade the cabinetry. Redoing or upgrading your kitchen could perhaps increase the sale price of your home by between 3% and 7% or perhaps even more if you go all-out in your kitchen remodelling.
Making your home more energy efficient will go a long way towards increasing the valuation of your residence — after all, the cost for electricity, natural gas, and other energy sources can be cost prohibitive. While exchanging windows might not seem all that exciting, you can actually reduce your house’s energy bills to the tune of between 7% and 15% if you install Energy Star windows. Of course, it can cost thousands — and even tens of thousands — if you need to replace every one of your home’s windows. And while you might not be able to get back all you spend on this when you sell, you’re sure to drum up interest from buyers who are concerned about energy efficiency. You can boost your home’s energy efficiency by replacing things like your fridge, washing machine and dryer, hot water tank, and dish washing machine.
With a coat or two of quality paint, you can go a long way towards increasing the value of your home. It probably doesn’t make sense to paint the entire residence, but you should consider repainting areas such as the kitchen, the living room, the den, and other areas that benefit from high foot traffic volume. Try to select the sort of colors that will go with just about anything. Consider that repainting your home can potentially boost the valuation by up to 2%. And it needn’t cost you much if you can do it yourself. Just buy the paint, brushes, and drop cloths.
While it’s hard to quantify just how much value a garden can bring to your home, there’s no denying that curb appeal is something that can make the difference as to whether prospective buyers decide to to view your home or decide to take a pass. A flower garden, in addition to a tidy lawn and well-maintained hedges or bushes, will demonstrate pride of homeownership. And this can make your home more appealing to prospective purchasers. It’s important to know that planting a garden is not a one-and-done event. You’ll need to invest time and effort to do it right, and the benefits to you can extend well beyond the traditional gardening season.
Location, location, location is the old adage in the real estate industry, and it makes sense since where your home is located will play a major role in determining its desirability and worth. Even so, there are things you can do, regardless of where you are, to boost the value of your home.