Home prices increased following an increase in demand after the Federal Reserve lowered interest rates in the middle of the pandemic. The low housing supply exacerbated the situation as buyers tried to look for homes that fit their budget.
The situation resulted in a seller’s market where the sellers control the prices of their homes. People looking to sell their homes can benefit from this situation. But they should also find ways to increase its value to sell it at a higher price than when they bought it.
Here are the best practices for homeowners to increase the value of their homes.
Enhance the Landscaping
The first thing that the homeowner should work on is the curb appeal of the home. To do this, the homeowner should enhance the landscaping. Good-looking landscaping can catch the eye of passersby and make it appealing to potential buyers. They can add perennial plants, install a patio, or add a bench close to the garden. Homeowners should make sure that the house looks good from someone standing along the street.
Enhance the Finishes of the House
Homeowners can also increase the appeal of their homes by upgrading the finished in all parts of the house. This means installing quartz kitchen countertops and stainless-steel appliances. Homeowners can also replace standard incandescent lights with LEDs, brushed nickel doorknobs for the brass ones. These finishes can increase interest in the house, especially for buyers looking for a luxurious and elegant look.
Work on the Kitchen and Bathroom
The kitchen and bathroom are among the most important areas in the house. Due to this, enhancing them can give buyers a good impression of the house. These are also the areas of the house that get outdated early, particularly with the appliances and décor.
Due to this, the homeowner should decide if a major kitchen remodel is necessary to increase the home’s value. Remodeling the kitchen is necessary it did not go through a major refurbishment for a long time. If the renovation isn’t necessary, the homeowner can upgrade the appliances and décor of the kitchen. Getting the latest appliances and making the finishes match them is a good start.
The bathroom can also use some upgrades and, if necessary, a renovation. The homeowner can expand it and install a full bath instead of a half bath. Updating the bathroom fixtures may be necessary to prevent leaks if the plumbing is already old.
Install Energy-Saving Features
Installing energy-saving features and equipment is also a good way to attract eco-friendly buyers. With increasing awareness of environmental protection, energy-efficient features in the house save money and increase the appeal and value of the home.
Homeowners can replace old appliances with Energy Star-certified models. These new appliances can help the homeowner save energy since they are designed to use energy efficiently. Getting a toaster oven and electric pan also allows the homeowner to save energy since these appliances use lesser energy compared to a full-sized oven.
They can also install a smart thermostat since it can improve the house’s energy efficiency when it comes to maintaining temperature in different areas.
Increase the Usable Area of the House
Increasing the usable space in the house also increases its value. If the house has an unfinished attic or basement, the homeowner can work on these areas. Working on these areas can be affordable even as they add a lot of value to the house.
They can convert the basement into a den or a bedroom. Homeowners can also convert an attic into a bedroom. But they may need to add a window to let fresh air come in. With this, the home can increase its footprint by at least 100 square feet for each area.
This added space increases the value of the home. The square footage of many homes determines their price. So, increasing the available space can increase its value. But this is based on the price of similar homes in the community.
Apply a New Coat of Paint
Adding a fresh coat of paint can enhance the look of the home. It also hides any areas that do not look good. Even though this upgrade is affordable, it also provides the house the wow factor that some homebuyers look for.
Homeowners can start on the exterior of the house since it increasing curb appeal. Then, the homeowner can give the living room and bedrooms a fresh coat of paint. Painting the house gives it a fresh look that some homebuyers are looking for.
Increasing the value of the home requires a lot of work. But it allows homeowners the chance to benefit from the current seller’s market in real estate.