Your home is your most valuable asset and a significant investment. Whether you’re planning to relocate or simply aiming to enhance your living space, you need to make sure each improvement you make to your home increases its net worth and provides a higher return on investment.
Some elements like location and square footage that determine your home’s overall value are beyond your control. However, some simple and strategic home upgrades can make it stand out in the neighborhood and top the local market’s listings.
Knowing which home upgrades can increase your home’s net worth is important, and this is why we’ve compiled a list of ways in which you can increase your home’s value and make it a hot favorite for potential buyers. Let’s get started!
Reimagine Your Indoor Living Space
Home design trends are changing consistently. Today, homebuyers are less likely to go for classic home designs and may prefer modern architecture and open floor layouts. Layout changes like incorporating an open floor plan may seem like a major home upgrade. Still, these upgrades can infuse a modern touch to your home, add more convenience and accessibility, and significantly increase your home’s net worth.
If your home currently has walls segregating the kitchen, living room, and dining areas, it’s time to eliminate these barriers and fashion an open floor concept. An open floor plan not only creates a seamless flow for your everyday activities but also makes it look spacious and more organized.
Such major home upgrades often require you to relocate temporarily, but a professional mover can make this temporary relocation easy as pie! If you’re planning extensive upgrades or renovation that require relocation, simply look up a local mover near me on your preferred search engine and choose a reliable moving company. Renowned movers like 495 also provide secure and climate-controlled storage spaces where you can store your belongings for as long as you need.
Revive Your Home’s Pristine Condition
Infestations, outdated home appliances, chipped paint, broken floor tiles, and infestations are major turnoffs for your potential buyers. Cosmetic home upgrades may help you attract homebuyers, but without these critical fixes, it may be impossible to seal a profitable deal when selling your home. Additionally, minor home repair issues like a leaking pipe, a cracked chimney, or infestations can quickly aggravate and cause costly repairs down the road.
On average, a home renovation can provide up to 70% return on investment. But simple home repairs like changing the HVAC system, replacing worn-out components, and removing infestations have an ROI of over 100%. So before investing in major home upgrades, consider reviving your home’s original condition. Call in professional cleaners to deep clean your interior and pressure wash exterior surfaces. Hire a professional home inspector to assess your home and identify urgent repairs. These professionals will inspect every inch of your home’s interior and exterior and may even discover issues that are hidden from the naked eye.
Update Your Home’s Finishes
Increasing your home’s net worth can be as easy as updating your home’s finishes. Aesthetic elements and finishes can create a great first impression on anyone who enters your dominion. A refreshed look and some stunning finishing touches give your home a neat and modern appearance, which adds to its overall value.
If your home has a lackluster exterior or interior paint, consider repainting your walls and adding a touch of elegance with accent walls. Repaint your front door with bold colors to create a striking contrast with your home’s exterior and bring it into the spotlight.
Other than that, you can refinish your wooden doors, floors, and cabinetries to revive their pristine condition and finesse. Replace any outdated or worn-out hardware with trendy pieces. These simple upgrades can boost your property’s value and increase its appeal to potential buyers. And the best part about making these simple updates is that you can carry out most of these home improvement projects yourself.
Bring Your Kitchen Up a Notch
The kitchen is the heart of your home, and its functionality should be your top priority. Kitchen renovations can increase your home’s value by nearly 20% and have an ROI of over 85%, depending on the scale and type of kitchen upgrades.
If you’re planning a major kitchen upgrade, consider investing in a multi-functional kitchen island that can add more counter space to your kitchen and serve as a virtual separation between the kitchen and the living room. Instead of changing your cabinets, a simple cabinet refacing can revitalize your entire kitchen. Plus, swap out old hardware like cabinet and door knobs or handles, locks, hinges, pulls, and latches with new, trendy styles. Repair broken floor tiles and replace worn-out countertops and backsplash.
Add Luxury to Your Bathroom
This high-traffic space has transformed from a basic functional area to a complete self-care room. Depending on your renovation budget, you can go from a basic fixture replacement to a major overhaul. To give your bathroom a spa-like vibe, consider investing in walk-in showers and bathtubs, rainfall showerheads, and enclosed steam showers. You can invest in a new double vanity, upgrade your bathroom’s lighting, or install a more energy-efficient toilet.
If your home has only one bathroom, you can add a half bathroom attached to your living room. For compact bathrooms, use smart storage solutions to make the most of your limited space and install larger windows or skylights to let more natural light in. If you’re on a budget, consider replacing old plumbing and lighting fixtures to give it an updated look.
Make Your Home Energy Efficient
Energy-efficient solutions are at the top of homebuyers’ wishlists these days, considering the rising inflation and energy costs. These simple upgrades not only help you reduce your energy bills but also significantly increase your home’s value.
Replace your home appliances and HVAC systems with energy-efficient and eco-friendly solutions. Many energy-efficient HVAC systems have smart thermostats, which means you can control your home’s internal temperature from anywhere using WiFi connectivity and mobile devices. You can schedule self-cleaning remotely and power on your HVAC systems once you leave your workplace instead of keeping it running all day.
Moreover, smart energy-efficient lights, appliances, and HVAC systems use minimal power input and lower your energy bills by at least 20-30%. Converting your conventional power input to solar-powered energy also helps you reduce your carbon footprint, reduce your energy bills, and ultimately increase your home’s value.
Apart from energy-efficient appliances, there are many other ways to make your home energy-efficient. Invest in larger windows to allow more natural light to flow into your home. Seal your windows and doors using weather stripping, caulk, or duct tape to reduce heat loss. If you live in a hot climate, weatherproof the roof by installing solar reflective shingles and tiles. Investing in these energy-efficient upgrades can make your home more attractive and increase its value. You may also qualify for energy efficiency tax incentives and rebates, which makes these upgrades even more financially beneficial.
Every homeowner dreams of increasing their property’s value and wants higher returns for their investments. Whether you’re a fixer-upper planning to seal a lucrative deal or a homeowner who wants to ensure your home appreciates in the long term, the above home upgrade suggestions and strategies are surefire ways to increase your home’s net worth. If you want to get the biggest bang for your buck, look for ways to preserve whatever you can and avoid replacing items that may only require a minor repair.