Increasing your home’s value by $50,000 is a substantial goal that can be achieved through a variety of strategic improvements and renovations. But it can be difficult to know where to start, how to get the most bang for your buck, and what home improvement projects you can take on yourself or hire out.
There are other factors that are completely out of your control as well. Your location, interest rates, and even the other homes in your neighborhood could influence your home’s worth. Still, the right renovations can see your home value increase and get your home ready for market. Let’s take a look at how you can navigate the process and maximize your home’s potential value.
Understanding the Basics of Increasing Home Value
Before you start making improvements, it’s essential to know what your home is worth. You can hire a professional appraiser or use online valuation tools to get an estimate. As we said earlier, it’s vital to understand the real estate market in your area–look at recent sales of similar homes and note the features that seem to add value.
Adding $50,000 to your home value can be the combination of different upgrades, or one big renovation. According to this Cost vs Value report, new fiber cement siding can increase home value by $17,000. Add in new windows ($15,000) and a new roof ($20,000) and you’ve reached that $50k number with room to spare.
Other factors, such as the size of the home or its age will come into play as well. For example, a new garage door has a 100% return on investment–anywhere from 5-6 thousand dollars. A new kitchen in a 900-square-foot bungalow won’t add as much value as a new kitchen in a 4,000-square-foot home just because of how much more you can do with that size of a home.
So if you’re looking to reach a specific number, make sure you take into account what you’re starting with and what needs to be addressed.
Key Areas for Improvement
The first impression matters. Enhance your home’s exterior by maintaining the lawn, trimming bushes, and planting flowers. Repaint the front door, replace old hardware, and consider adding outdoor lighting for a welcoming feel. Residing your home with fiber cement siding is one of the best ways to increase the value of your home and has an outstanding return on investment (ROI) as well.
On the interior, the kitchen is often considered the heart of the home. Invest in modern appliances, upgraded countertops with granite or quartz, and consider refacing or repainting cabinets for a fresh look. You have to spend money to make money, and an extensive kitchen upgrade will be one of the most important upgrades you can make.
Update your bathrooms with new fixtures, lighting, and vanity. Consider installing a new toilet, adding a stylish mirror, and improving storage space. Energy-efficient upgrades not only save money but also appeal to buyers. Install LED lighting, upgrade windows to double-pane, and consider adding solar panels if feasible.
If possible, finish unfinished areas like the basement or attic to add usable square footage that meets codes and regulations. Consider converting a garage into a living space or adding a deck or patio for outdoor enjoyment. Incorporating smart technology into your home, such as a programmable thermostat, smart locks, or security cameras, adds convenience and appeal to potential buyers.
Budgeting and Planning
Determine how much you can afford to spend on renovations. Prioritize projects based on their potential return on investment and the condition of your home. When hiring contractors or purchasing materials, obtain quotes from multiple sources to ensure you’re getting the best value for your money.
Depending on your skills and the scope of the project, consider tackling some renovations yourself to save money on labor costs. However, be realistic about what you can accomplish safely and effectively. A few wrong moves or not understanding building codes can come back to bite you.
That’s why it is so important to work with trusted, experienced, and professional contractors like Joseph Ketner Construction. This can take the stress out of the planning process and you’ll know the job will be done right the first time.
Develop a realistic timeline for completing your projects. Consider factors such as seasonal constraints and availability of contractors and materials. For major renovations, ensure you obtain any required permits from your local building authority to avoid potential fines or complications down the road.
Keep track of receipts, contracts, and warranties related to your home improvements. This documentation will be valuable for future reference and potential buyers. For example, if you decide to put a new roof on your home, check to see if the warranty is transferable. Giving potential homeowners peace of mind about an important part of your home is very appealing.
Marketing Your Home
Invest in professional photography to showcase your home’s best features in online listings and marketing materials. Emphasize the upgrades and renovations you’ve made in your listing descriptions and during showings. Point out energy-efficient features and modern amenities that set your home apart.
Staging your home can help potential buyers envision themselves living there. Consider hiring a professional stager to arrange furniture and decor in a way that maximizes space and appeal. This may include putting your furniture in storage, taking pictures of an empty home, and using rented furniture, artwork, and other pieces for showings.
Interested in improving your home and increasing its value? Reach out to Joseph Ketner Construction to see how a few exterior upgrades can make a big difference to the overall value of your home. With a free consultation, we can show you which renovations will make the biggest impressions.