Owning a home can be an expensive investment. But it also has the potential to increase in value over time. Some of the best home warranty plans in California offer great increases to property value and selling point to prospective buyers.
Many homeowners make improvements with the hope of increasing their home’s value. But it’s important to consider the ROI on these changes before making them.
Fortunately, there are several projects that can give you a good return on your investment.
- Upgrade Your Light Fixtures
Upgrading your light fixtures can give your home a fresh and modern look that will attract buyers. There are many options available for indoor and outdoor lighting that will not only boost your home’s appeal, but also save you money on energy bills.
While it can be tempting to make large renovations, small improvements like decluttering and removing personal items can also add value to your property. By making your home more appealing to potential buyers, you can increase the chances of a quick sale and get top dollar for your property.
- Repair Cracked Walls
It’s important to make sure your home is in good condition before you put it on the market. Buyers will look at your property as a whole, and any damage or safety issues could cause them to either turn away, negotiate the price down, or ask for a lot of money in return for taking on a project themselves. This can include anything from fixing cracked walls to replacing the roof. By addressing these problems, you can attract a larger pool of buyers and increase your chances of selling for a higher asking price.
- Upgrade Your Countertops
New countertops are one of the biggest upgrades you can make to increase your home’s value. Whether they’re Corian, solid surface, or even granite, the look of brand-new countertops will attract more buyers and potentially add a higher selling price to your home.
However, you should be careful not to go too overboard with this upgrade. Talk to a real estate agent to see what the average homebuyer is looking for in your neighborhood. For instance, if the majority of homes have laminate counters, adding granite may not give you as much of an ROI as you’d like.
- Install the Right Flooring
Replacing the flooring in your home can be a big expense, but it adds value and makes your home more appealing to buyers. It’s important to work with a real estate agent who knows the latest trends in flooring for your area.
Installing the right flooring is an investment that will pay off for you in the long run. Especially in the key areas of your home, such as the kitchen and living rooms.
Installing storage solutions is another cheap upgrade that will improve your livability and increase your home’s value. Buyers appreciate the extra storage space and will be willing to pay more for a well-organized home.
- Add a Deck or Patio
It’s easy to get caught up in home renovations that will increase your property value, but not all upgrades add resale value. Some “upgrades” like a luxury bathroom or pool are nice to have, but not something that will make you money when it comes time to sell your house.
Decks and patios are a great option for homeowners since they can be multipurpose spaces that serve as outdoor dining areas, living rooms, and more. A well maintained and crafted deck can offer a high return on investment, especially in warm climates.
- Make Your Home Smarter
A smart home is a big selling point for many buyers, so upgrading yours to include a few key features can add value. Choose systems that are easily operable and won’t break the bank, like security devices with remote access or smart lighting switches that turn on when you enter a room.
Replacing dingy windows can also boost your home’s curb appeal. Plus, if you have an attic or basement that’s unfinished, finishing it off and turning it into a flex space will increase your home’s livable square footage and potential resale price.
- Add a Pool or Spa
The right upgrades can increase your home’s value, but it’s important to avoid going overboard. High-end features like a pool don’t always pay off, as some buyers may see them as a maintenance burden.
Other improvements like adding storage to your home could be a great way to boost its value. Cluttered rooms can be a big turnoff for potential buyers, so make sure to declutter and clean before you put up the “For Sale” sign.
A fresh coat of paint can also be an easy and inexpensive way to make your home look more attractive. Likewise, new windows can improve a home’s energy efficiency and help reduce utility bills.