If you’re refinancing or selling your home, you’ll need an appraisal. Appraisers look at square footage, materials, amenities, and the condition of the home and will compare your home to other homes that have recently sold in your area.
You can boost the value of your home in many ways, like adding a major addition to your home or completely remodeling your kitchen. But, not everyone can afford to invest $60,000 in a new kitchen. With a few thousand dollars and a can of paint, you can remodel your kitchen on the cheap and still add value to your home. We’ve provided a few other affordable ways on how you can increase the value of your home below.
Increase Your Curb Appeal
It’s said, don’t judge a book by its cover, but when it comes to selling your house, the cover matters. A nicely mowed lawn, a clean walkway, and a numbered mailbox can go a long way for buyers. You don’t need to spend thousands of dollars on landscaping from a magazine to add value to your home. A simple coat of paint on your porch, a new light by the front door, and simply removing fallen tree limbs and dead flowers will make your house more inviting from the outside.
Do a Deep Clean
Appraisers don’t care about your home décor or dirty dishes in the sink, they care about the “bricks and sticks” of the house. Of course, for the appraiser to really see the house, you need to remove your clutter. Put all your knick-knacks and other items that aren’t used daily in storage, so the appraiser can really look at your home’s square footage and the condition of the floors, walls, ceiling, and appliances. Dust, wash and vacuum everything until the floors and windows shine. Patch up holes and touch up paint as needed.
Add Livable Square Footage
Adding livable square footage to your house will increase the value of your home. This doesn’t mean you need to spend $100,000 adding a second-floor addition to your home. It could be as simple as finishing your basement or attic or turning your den into a third bedroom by adding a closet.
Many buyers want an open floor plan. Knock down the kitchen wall and open it up to the living room. Add a kitchen island for more storage and seating. According to the 2017 Remodeling Cost vs. Value Report, basement remodels yield a 70% return on investment making it one of the smartest ways to add livable square footage to your home value without breaking the bank.
Kitchen and Bathrooms Are Still King
Home buyers are still looking for a great kitchen and bathrooms in a house. If you can’t afford a major kitchen or bathroom renovation, then just a few hundred dollars can go a long way. Small things like a new kitchen faucet or cabinet door handles can go a long way. For bathrooms, replacing the toilet seat and re-grouting tile is an affordable upgrade for many bathrooms.
Have a little more budget? Replace old appliances or upgrade worn floors with ceramic tiles or hardwood floors. Minor kitchen remodels, which include replacing cabinet doors, countertops, and appliances will yield approximately 81 cents per dollar according to the 2018 Cost vs. Value Report.
Give a List of All Your Updates
As you make updates and improvements in your home, it’s important to document your renovations. Take before and after photos and keep an accurate spreadsheet of what you spent on each project that way you have tangible evidence to show to your appraiser and real estate broker. Very few home improvement projects will yield a 100% return on investment. Choose your investments wisely. If you want a gold faucet in your kitchen because you like it, then go for it, but don’t expect it to add any value to your home appraisal.
For more information on home appraisals, contact ACT Appraisal today.