Did you know that there are changes or hacks you can make to increase your home’s value? This can often result in a significant return on your investment (ROI).
Are you a smart homeowner who probably sees your home as a way to build wealth? Well, a lot of people are now looking into home equity.
Thankfully, as a potential home seller, the aspect of home appreciation is in your favor. This is when property value increases automatically. Statista reveals that home prices in the U.S. went up by 11.3% in 2020.
Although, it may be hard to predict your home’s exact appreciation rate. This is because the value is based on things that keep changing, such as:
- How many buyers want to buy homes
- Inflation rates
Most likely, you want to be sure that your home will be worth many dollars when it comes to selling it. Who knows? You may be ready to dispose of your home when the market is high up. Thus, the market price goes in your favor.
So, keep reading to discover the best hacks to increase your house value. In addition, if you need some professional advice, you can also check out Lincoln Frost for some real estate development advice and specialist finance solutions.
Increase Your House Value
1. Upgrading Your Kitchen and Bathroom
CNBC’s report indicates that the kitchen and bathroom are so far people’s best remodeling areas. In June 2020 alone, these two common remodeling areas went up by 40%. This trend is compared to the previous year.
Kitchens and bathrooms are highly regarded as the areas in a house that create the most impression to homebuyers.
When targeting home buyers, bathrooms are particularly excellent areas for home renovation.
This is primarily the case when you add a new bathroom. The home’s value also increases when you expand and refurbish your bathroom.
Opendoor’s data reveals that, on average, adding a full bathroom can boost the median home value by 5.7%. This is equivalent to a dollar increase of approximately $17,638.
According to Opendoor, adding a complete bathroom means converting your existing space to include features like:
- Bathtub with shower
- Toilet
- Sink
- Cabinets
- Lighting fixtures
Therefore, it’s worth spending your money doing kitchen and bathroom upgrades. Once you connect with the best house remodeling contractors, they can upgrade your house with a minor or a major remodel.
If you intend to increase your home’s value with a bathroom or kitchen remodel, they’ll sort you out cost-effectively.
The things to consider when deciding on the remodeling contractors to work with include:
- The company should have credible references
- They should have reasonable years of experience
- They should be located close to your residence
- They should be certified in their industry
- They must be insured and bonded
2. Enlarging Your Home’s Spaces
Do you know that bigger homes sell for more money? You can achieve a bigger house in different ways during the remodeling process.
For example, you can open up some wall spaces to make your rooms feel bigger. This includes creating a flow between your kitchen and dining area. It may also involve eliminating a bedroom to extend the spaces.
You can also consider adding another bathroom. While doing this, ensure you prioritize an extension spot to make things much easier for the home dwellers.
For instance, you can do a mid-range bathroom addition with a nice shower, sink, and toilet. You’re doing this only to ensure that the space you add to boost your home’s value is worth it.
You can have your house enlarged in the following ways:
Making Your Ceilings High
Do you know that you can change your home’s appearance by extending the height of your ceilings? This is one incredible way to make your house look bigger.
The higher ceilings work such that:
- They increase the space of your house in terms of volume
- They make your overall house look bigger from inside
- They make your rooms look spacious, hence improved ventilation
- The extended ceiling height makes the wall hangings and other sceneries appear more attractive
Enhancing Multi-Purpose Rooms
Multi-purpose rooms are now a big part of modern designs. They help to serve the purpose that different rooms would do.
Most of the present-day builders don’t forget to include multi-purpose rooms in the small house designs. The rooms that you use for study can also serve the purpose of guest rooms.
They can also act as a private room or dining area. It’s upon you to decide the purpose for which you can use the space.
You get to benefit from multi-purpose rooms in the following ways:
- They help to enlarge the other rooms because they serve the purpose of different rooms
- They allow you to save space in a small house
3. Installing Smart Home Technology
According to Investopedia, security and efficiency are significant reasons for the increasing smart home technology use.
The statistics by Investopedia show that the global home automation market value was at $45.8 billion in 2017. This was a significant rise from $24 billion in 2016. By 2025, the number of active smart home households in the U.S. is expected to rise to 77.0m.
Smart homes are set up either through wireless or hardwired systems. This technology offers homeowners convenience while saving costs. You only need to be connected to the right home design professionals.
With a smart home, you can control lights, appliances, thermostats, and other devices remotely. You only need to use a smartphone or tablet with an internet connection.
Indeed, smart home automation systems can increase house sale value. They’re now a consideration in the appraisals for home sales. People want devices like home security systems, smart thermostats, and smart smoke detectors in their homes.
These devices have proven to increase a house’s value. Thus, they may also help you sell your house faster. With smart home appliances, you also benefit from self-learning skills.
The appliances can learn your schedules and make any necessary adjustments. If your smart home is enabled with lighting control, it helps you reduce your electricity usage. Therefore, you benefit from saving energy-related costs.
Fascinatingly, when you’re away, your home automation system can alert you anytime a motion is detected in your home. Other smart home systems can even proceed to call the police or fire department on your behalf. This is in case the automation detects such forthcoming situations.
Key Takeaways on How To Increase Your House Value
We have discovered the best three hacks that will help you increase your house value. So, are you planning to increase your house’s worth and sell it soon? Do you want to be sure that you’re getting the highest value for your home?
Don’t delay in seeking the advice of the best remodeling contractors. That way, you get connected to professionals who know best how to help you get the most value for your home.
Besides, remember that your current home value and your location are critical factors. You should consider them when deciding which remodeling project will create the utmost resale value.