5 tips to increase the value of your home
If you want to increase the value of your home, you can do so without spending a fortune. The secret is to plan the project (both time and money), know where to spend and when to save with DIY tips. Home renovations do cost money and take time, and they’ll turn your normal day-to-day routine upside down for a period of time. However, at the end of the day (and at the end of your project), home renovations and upgrades can increase the functionally of your space, as well as increase the value of your home.
Use the space you have
You don’t need to build an addition in order to increase the square footage of your home. Sometimes it’s all about the feel of the space – not necessarily about the numbers. Knocking out walls and removing fixtures that aren’t necessary to the structure and support of the home can help open up some rooms and increase the usefulness of your existing space.
Before starting any home renovations – especially if you’re changing the structure – it’s a good idea to talk to your insurance provider about revising your coverage. Ensure you’re covered during renovations, and increase the coverage as necessary to include all new upgrades to your home.
Focus on the kitchen
If you want to increase the value of your home, focusing renovations in the kitchen can be a big help. Most real-estate agents will tell you that the kitchen is a major selling point for any home. It’s the room where families spend a lot of time together, and it's where they entertain guests. So, money spent in the kitchen is money well spent.
A kitchen makeover doesn’t need to cost a lot of money, but with appliances, tiles, cabinets and backsplashes, it will take more than a coat of paint to renovate your kitchen. Talk to an expert and figure out where you can save a few bucks and where you should absolutely spend.
Think about your bathroom
According to Home & Garden TV, small upgrades to your home lead to a big increase to its value. “Bathroom updates are always a smart move. Even if you can't afford a full remodel, small changes such as replacing dated wallpaper with a faux or textured finish and replacing old lighting will update the room without denting your wallet.” Just like with the kitchen, bathrooms strongly impact the value of a house.
Fix existing problems
It's not always about adding. Sometimes it's about fixing. If you have leaky pipes or a crack in the foundation of your home, take care of those issues first. Because while augmenting the square footage may increase value, existing problems decrease it. And while putting off an addition can cause stagnation, some small problems, like that leaky pipe, can turn into a big issue, like a flooded basement.
Add value from the outside
It’s not just what’s on the inside that counts when it comes to increasing the value of your home. Homeowners want to make a good first impression on friends, family, neighbours and potential buyers – and that starts with curb appeal.
Make your home welcoming with a clean, colourful landscape and a fresh coat of paint on the exterior. An overgrown lawn is unappealing. If hiring a professional landscaper isn’t in your budget, take it one section at a time. Visit your local hardware store for some ideas on how to make your lawn more visibly appealing.