When the time comes to sell a home, every homeowner wants to get the most money they can. Homeowners can rest assured that their purchasers will be thrilled by the updated, modern furnishings and cutting-edge technology, but they may still question the value of these enhancements. The instructions in this handbook boil down to four simple steps:
- Before making any renovations, decide when you plan to sell your home. What you say will tell you where your time and energy are most useful.
- Doing some simple repairs and upgrades to your home will help you get a better sale price when you finally put it up for sale. Some examples of these sorts of renovations are updated lighting and minimal landscaping.
- If you don't plan to sell for at least ten years, major renovations like a new kitchen or solar panels can help you build equity faster.
Once you have chosen a schedule for your sale and identified the extent of your tasks, the next step is to develop a budget. Do it yourself or hire a professional, but don't start your home renovations until you've established a realistic budget. Professional interior designers estimate that the cost of a kitchen or bathroom remodel will be between $100 and $250 per square foot, while the cost of a more routine home renovation project will be between $15 and $60 per square foot.
If you want to get the most bang for your buck during a remodel, you should give some serious thought to updating the kitchen and bathroom. Before beginning a major repair project, it is crucial to determine how the costs will be covered. Big projects like these shouldn't be put on a credit card unless there's a solid plan in place for paying off the balance right away.
A personal loan may be the best way to get the funding you need to complete your project. Unlike credit cards, instalment loans have more favourable rates and terms, and payments are stretched out over a longer period of time (usually a month). To take advantage of the equity in your home and get some cash, you can do a "cash-out refinance," which involves replacing your current mortgage with a new one that is larger than the value of your home. Your lender will mail you a cheque for the outstanding balance of your loan.
If you had a $300,000 mortgage and paid down $50,000 of it, your equity would be around $150,000. If you refinance to receive the $20,000 you need for repairs, your new mortgage total will be $170,000 and the old one will be paid off. Refinancing with a cash-out option typically results in lower interest rates than home equity lines of credit or mortgages with less equity. In addition, if rates have dropped dramatically since you first secured your mortgage, you may be able to negotiate a much more favourable interest rate.
13 Simple Ways To Increase Your Home's Value
In terms of both monetary and sentimental worth, your residences are your most prized belongings. There are a few simple things you can do to increase your home's value, whether you want to use it yourself or resell it in the near future. Here are a few quick and cheap alternatives that won't send you into a rabbit hole of an extended renovation project. Any of these tactics to increase your home's value can be put into action right away.
Plant Some Trees
Trees planted in a yard, if there is space for them, can boost a property's value. Consider planting a tree in your yard to increase your home's resale value in the same manner that renovating a bathroom would increase its price without any work or expenditure. A home's value can increase by as much as $8,870 in the local Oregon area where one research was conducted, and this is a phenomenon that is witnessed all around the world. The survey also shows that trees can cut down on the number of days a home spends on the market, by an average of 1.7 days.
Property-based trees serve a number of environmental functions, including providing shade, reducing noise pollution, and improving stormwater runoff. They can also act as a windbreak and sunshade for your home, saving you money on your HVAC system. There are a variety of ways in which tree benefits might be increased.
Although planting trees takes minimal time and effort, bear in mind that in order for them to thrive and add value to your home, they will require regular maintenance. Your neighbours' property value may also rise if they are within 30 metres of the trees. There should be discussion about trees that grow beyond property lines to avoid having to contact the local government.
Do A Full Deep Clean
The simple act of cleaning your house from top to bottom can have a major impact on the selling price you obtain. Perhaps you already keep a somewhat tidy home; if so, great job! However, because to the high volume of family traffic in these spaces, kitchens and bathrooms frequently end up with a plethora of unnecessary items, including clutter that can trap dirt in difficult-to-clean corners.
When you clean your home on your own, you can take stock of its current condition and make a list of any minor improvements or updates that would be easier to undertake when you're done. However, if you're short on time and want a spotless house quickly, contacting a local professional cleaning service is a low-cost option. After the big work is done, you may settle into a routine of cleaning and tidying to preserve the quality you've just achieved.
One other simple strategy for maximising your home's practical space and visual appeal is to eliminate clutter. It's easy for clutter to build up in a house with kids and pets, but if you take the time to organise and declutter, you'll make your home look larger, brighter, and more appealing to buyers. This is a great selling point since potential buyers can visualise their belongings (including furniture, children, and pets) already occupying the space. Decluttering won't break the bank, and it'll make life and the home sale easier by reducing the amount of dust and dirt that accumulates.
Use Creative Storage Solutions.
Simple tasks like cleaning and organising can be completed quickly, but the real problem lies in keeping things in working order. It can be difficult to maintain a home or apartment appearing tidy, whether it is a little studio in the city or a large mansion in the suburbs.
Containers and other forms of storage are vital for preserving a semblance of order in any given setting. Beds with built-in drawers or crates that fit neatly beneath the mattress are examples of the many modern furniture pieces that include storage solutions that make the most of every square inch of space. Vertically-oriented storage areas are underutilised far too frequently. Large mirrors hung on the wall can reflect light and give the illusion of more space if the room's storage options are making it feel too cramped.
Although electrical cords and cables have a tendency to become tangled and disorganised, simple modifications such as velcro, tape, or cable ties, and little hooks on the undersides of desks, can help to keep those items in order and out of sight.
Make use of these ingenious suggestions and shortcuts to reduce clutter, streamline your routine, and improve your home's resale value.
Apply A New Coat Of Paint.
Painting is the best technique to quickly and cheaply alter a room's appearance. Whether you choose to do it yourself and save money or employ a professional, it is a fast and low-cost way to update the look of a single room or your entire home. Costs each room should be less than one thousand dollars, even if you have to pay a professional. The value of your home might be increased most by focusing on the one or two rooms that are in the worst shape. Prioritize finding targets with either extremely light walls or walls that have been painted over extensively. A fresh coat of paint in the kitchen and bathroom is always a nice idea, and if you're lucky, the rest of the house may only require a touch-up.
Caution should be taken while choosing wall colours, since the completed project may look considerably different from the test area. Sticking to a neutral colour palette of whites, greys, and beiges can maximise future resale potential because these colours reflect light and help create space, which is the essential term that purchasers are seeking for.
Colour and character can be introduced to a space without requiring structural alterations by using furnishings, blankets, artwork, mirrors, and decorative items. This is a cheap method of making the place seem more like home while still providing a sturdy base for future owners.
If you're doing the painting yourself, make sure the new coat of paint thoroughly covers the previous one. One strategy for creating the impression of more space in a room is to paint the ceiling a lighter shade than the walls. As a final touch, you can paint any old furniture that you want to update.
Improve Your Exterior Appearance
The old adage, "you only get one chance to create a first impression," could not be more true if you want visitors to enjoy your home. If an appraiser, possible buyer, or even just a friend drops by, making a good first impression is essential. Before doing anything else, cross the street and look back at your house to get a sense of its kerb appeal. We was wondering how it fared in contrast to the other houses on the street and in the neighbourhood. Any necessary adjustments or issues that need fixing should then be recorded. Common roofing care tasks include clearing out gutters, fixing dripping downspouts, and restoring missing tiles.
When you're done with the small repairs inside and outside, it's time to clean the exterior windows and refinish if necessary. Consequently, the house's kerb appeal has been significantly boosted. DIY exterior painting requires good paint and careful attention to the manufacturer's instructions. When painting the exterior, it's important to think about things like how the paint will react to the surface and how hot or cold it is outside. When painting the exterior of your home, it's best to start at the top and work your way down on a perfectly dry surface, preferably on the shaded side of the house, to prevent the paint from drying too quickly and creating an ugly flaking appearance. Exterior house painting tips are discussed further.
To improve the home's "kerb appeal," concentrate on the entrance. Since it is the first thing guests will see, investing in new fittings and a shiny or brightly coloured accent wall could provide a great first impression. As an added precaution, get your garage door fixed as soon as possible if it opens directly onto the street. Add a final touch to your new home with a personalised mailbox plaque or house number.
Cleaning Up Your Yard
Having a well-kept front and back yard contributes to a home's overall kerb appeal. Maintaining a green lawn and neat garden doesn't have to be laborious thanks to sprinkler systems, which can water the grass and cut the edges for you. Raking leaves when the ground is damp can cause you to pull grass up by the roots.
Choosing plants that do well in the regular temperatures and rainfall of your region is a smart first step towards creating a low-maintenance garden. Mulch flower beds to keep weeds at bay, trim back overgrown bushes and hedges, and remove moss and foliage from pathways and stepping stones to keep them weed-free.
The grass and any outdoor furniture, such as chairs and cushions, would look better if they were brighter and more vibrant colours. A new coat of paint or varnish can give even the oldest piece of furniture a facelift. With proper lighting, the outside area can be used even after dark, and solar lights can maintain any walkways safe.
Improve Your Lighting
Lighting should be adjusted in each room to suit its intended use. You may reduce your electricity bill and make any room in your house more relaxing by installing a dimmer switch. Dimmers can be used in every room, from the dining room to the living room to the bedroom. However, there must be soft, ample light in the restroom. To avoid blinding yourself when using a wall-mounted vanity mirror, illuminate the area surrounding the mirror rather than staring into the bright above light. Kitchen lighting is important for more than just seeing what you're doing; it also helps prevent accidents.
A tracking system, which can be adjusted to highlight particular work areas, is an alternative to standard overhead lighting. LED strip lights fitted beneath cupboards and tables are a great addition as they brighten in every direction and eliminate shadows.
Natural light is invaluable, and its importance cannot be overestimated. Keep the drapes and blinds open and strategically place mirrors about the house to reflect light and give the impression that there are more windows in the room than there actually are.
Get New Floors
An expensive option, but one with the potential for the highest return is replacing the flooring of a home to make it look more modern. Hardwood or tile flooring, as opposed to carpet, can raise your home's value by as much as five or six times.
Carpet flooring has been less popular for several decades, but this new trend brings a modern feel to the room. The softness, warmth, and ability to block outside sounds make carpet a popular choice for bedrooms; however, if you opt for hardwood floors, rugs can serve the same purpose.
Ensure Energy Efficiency
This is not always simple to determine, as low-energy solutions can have a higher unit cost. To solve this issue over the long term, consider investing in energy-efficient light bulbs and appliances, which have been demonstrated to lower monthly utility bills.
Using low-flow fixtures in the bathroom will help you save money on your water bill and preserve your pipes from damage caused by hard water deposits. Ensure a steady indoor temperature by inspecting window and door seals. Air conditioners have filters that need to be changed on a regular basis, and if you don't want to have the air conditioning on all the time, adding ceiling fans is a wonderful compromise.
Insulation spray, which may be used to patch up cracks and fissures, is one option for updating outdated materials. If energy efficiency is a major concern of yours, you may also want to have an expert visit your home to assess how well it performs in that regard. To maximise your home's energy efficiency, they can recommend the greatest upgrades and additions.
Households that take measures to reduce energy use enjoy financial rewards, lessen their negative effects on the environment, and increase their property's resale value. That's why it's crucial that any renovations you make also boost your home's energy efficiency. Some governments offer grants to help pay for renovations that make a home more energy efficient, and eco-conscious homeowners have access to a wide range of creative mortgage options.
Make Your Home Technologically Sound.
Since it is impossible to know where technology may take us in the future, it is prudent to update your home periodically. Once a building's energy efficiency has been determined, automated controls for features like lighting, heating, air conditioning, and alarm systems can be considered. Install an extra electrical conduit for possible future data, internet, and telecommunications needs inside the building. Any subsequent setups will be easier and cheaper as a result of this. To ensure the building continues to meet the needs of its occupants, it is important to avoid installing obsolete equipment.
Despite our love for our animals, the odour they leave behind might lower the value of our homes. It's important to get rid of any bad odours in the house because this is something that guests and potential buyers will remember. If you're trying to sell your house but don't want to get rid of the dogs, there are still things you can do to lessen the unpleasant odour.
The most practical pet supplies are those that can be easily cared for, such as those that can be washed in a washing machine (especially with bedding). It's better to keep them away from the furniture to avoid hairballs, but a sponge sealed with duct tape would do in a pinch. Put baking soda in the litter box and sprinkle it on the carpet before vacuuming to get rid of pet odours (just one per pet).
Know Your Limits
Finally, you need to know where your skills end. To save money, it can be tempting to do home repairs and renovations on your own. However, there comes a moment when it's best to leave the task to the professionals. Select your DIY projects with care, taking into account the time and effort they will require, the level of complexity, and the materials you currently have on hand. It's possible that you'd hire experts to handle the main renovations while you took care of the finer things, such as painting and putting in new fixtures.
If you don't have the proper training or experience, stay away from the water heater, electrical outlets, and toilet. Damage to these internal systems, which is more likely to be done by an amateur, will result in a substantially greater repair bill and a drop in the value of the home. Professional plumbers and electricians may inspect the inside for leaks and other problems and make any necessary repairs. The tools and supplies needed to complete a do-it-yourself project are an essential part of making that endeavour a reality.
FAQs About Home Value
Kitchen renovations are essential to increase your home's selling price. Beginning with one thing, like a filthy sink or ancient microwave, you can make a big difference.
A home's value can be significantly increased with even modest kitchen renovations. Experts detail kitchen upgrades that provide the greatest return on investment.
The most well-liked makeovers aren't necessarily the best investments for your property. For example, the most common renovation is a new bathroom, but the best return on investment is seen with a loft conversion.
Homeowners with ambitious plans for remodelling would be wise to prioritise those enhancements that increase the property's worth. In this approach, your current expenditures will yield a return in the form of a higher asking price when it comes time to sell.
Putting in new vinyl windows and a new roof is the best way to increase your home's market value (more so than various front door and siding upgrades). However, among the projects, new wood windows score fourth and sixth, respectively, for buyer attractiveness and resale value.
The visual quality of windows and doors becomes considerably more important for higher-value homes and period properties, and the material selected might have a detrimental impact on the value of your home. Therefore, potential buyers of historic properties look for authentic, period-appropriate details, such as wooden windows.
The Benefits Of Increasing The Value Of Your Home
You want your home to be warm and inviting, but have you given any thought to your long-term requirements? There are two conceivable outcomes: either the current location is a transitory stop on your life's journey, or it becomes your permanent abode.
Whatever the case may be, it is always wise to acquire the knowledge necessary to successfully raise the market worth of one's property. Space is always preferable to lack of it. A loft addition, rear extension with side return, or updated bathroom can all increase your home's market value, which is good news for both you and future buyers. Nu projects can provide assistance. Founded to meet a specific need in London's booming construction industry, "Nu projects" (pronounced "noo-projects") has now become an industry leader. We offer a wide variety of services, such as construction management, interior design, and architectural renderings. Clients like convenience and appreciate not having to coordinate with multiple parties to get what they need.
Making your house more desirable to potential purchasers will boost its worth. Example: a bathroom with tiling and new fixtures is more likely to sell than one with a mustard-colored tub and 1980s-style cream fittings. There is little use in investing in major structural changes to your home if you are not going to retire there or live there for the next many decades. However, it may be worthwhile to make some cosmetic renovations so that your home will appeal to a wider audience when the time comes to sell.
Even if you can't afford a full remodel, updating a few details here and there can make a big difference in making your home feel more modern. Improving your home's value will reward you both when you sell and while you continue to live in it.