What Upgrades Increase Home Value?

Meta Description: 10 Actions You Can Take to Increase Your Home’s Value

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Updating Your Home

What updates can you do to increase the value of your home? Your first step should be evaluating what changes would add convenience, joy, or beauty to your home. Renovations that add any of these elements can increase the value of your house. Also, it is essential to know the market in your neighborhood, the styles preferred by buyers, and what is trending so, you choose successful updates.

Post-pandemic lifestyles have changed, so the trends in renovations are different than they used to be. For example, home offices and outdoor spaces are more popular. Additionally, upgrades that add square footage to the house overall are trending.

Top 10 Upgrades

Here are the top 10 upgrades you can make to increase the value of your home in 2022.

1. Add more space
2. Upgrades that enhance your home’s curb appeal
3. Upgrades that improve outdoor living
4. Upgrades that add style for less in bathrooms and kitchens
5. Upgrades that reduce maintenance hassles
6. Upgrades that make your home more efficient
7. Upgrades that cater to your area
8. Update your home’s lighting
9. Renovate your bedroom on a budget
10. Add creative storage space and closets

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1. Upgrades that add more space

• Convert or build a home office: The number of people working from home has risen by over 150% since 2009. As a result, a home office is a high priority for many buyers. Spaces you can use to create a home office might be the conversion of a walk-in closet or extending an existing room.
• Finish your basement: If you have a basement that is not finished, finishing it and adding HVAC can make for a good home office space.
• Open up the floor plan: An open floor plan has been a trend for a while and remains a desirable floor plan for many buyers.

2. Upgrades that enhance your home’s curb appeal

• Attractive landscaping: Most buyers will see this as a sign that you maintain the house overall.
• Add stone veneer to your house: This can make your home look more expensive.
• Get a door of steel: A steel door offers low maintenance, energy efficiency, and keeps out the cold.
• Replace your garage door: A new door adds to the house’s appeal and can add a modern touch to the exterior.
• Update your mailbox and house numbers: Details matter on the home’s exterior and make a first impression with buyers.
• Touch up or re-do your exterior paint: If your paint is faded or the color outdated, new paint can bring a house to life. Pressure washing the house is also a good idea for brick and concrete to get rid of old grime and mold.
• Dress up your front porch: Add chairs or comfortable seating to your front porch for a relaxing ambiance. People like to relax in front of their homes.
• Add a parking spot: This will add value to a home if there is currently just one parking spot.

3. Upgrades that enhance outdoor living

Outdoor living areas are the third-highest priority for homebuyers. The pandemic increased the demand for more outdoor living spaces.

• Add a deck or patio: Adding a deck or patio to the backyard creates a great outdoor living space to dine or entertain. Again, the resale value is massive on homes with entertaining outdoor areas.
• Put in a fire pit or outdoor fireplace: Most real estate agents say fire pits are highly desirable in back yards. They are a place for gathering and enjoying friends and family.
• Go for the pool and hot tub combo: Having both options is great for entertaining.
• Cook under the stars with an outdoor kitchen: Adding stylish kitchen appliances, televisions, bars and sinks makes an outdoor space fun and enjoyable.

4. Upgrades that add style for less in bathrooms and kitchens

Kitchens and bathrooms help sell houses. Give potential buyers something enjoyable to look at by doing functional updates in these rooms.

• Update your fixtures in the kitchen and bathrooms: Adding a touch of modern elements in these rooms can add value. For example, replacing faucets and drawer knobs is not expensive but provides a good return.

Do a minor remodel rather than a full-scale one- For example, in the kitchen, replace just the front of the cabinets instead of installing brand new ones.

In many cases, just re-painting the cabinets and adding new doors to the cabinets will make them look brand new.

• Granite countertops are also a feature that fetches a higher price.
• Refinish your hardwood floors or replace them with luxury vinyl planks: Carpet is out. Hardwood flooring is in high demand, and whether it is natural hardwood or engineered wood, homes with this flooring will get higher offers. Pet owners, in particular, look for low-maintenance hardwood and tile flooring.
• Paint in a neutral palette: A neutral palette will allow buyers to envision their furniture and belongings in the house without the distraction of bright colors that could clash. A blank canvas will enable buyers to think of how they will make the home their own. Paint all walls a light and neutral color.

5. Upgrades that reduce maintenance costs

• Replace an aging HVAC: HVAC is very expensive to replace. It is a top home feature, however, that buyers look for. If your unit is outdated, a new one will likely help with an increased sales price.
• Install new siding: If your home’s siding looks old, or if you need to replace it because of durability or mold problems, you will receive a decent ROI.

6. Upgrade your home to be more energy efficient

Buyers will pay more for a home if they think it will save them annual utility costs.

• Replace your old toilets with low-flow fixtures: Do the research to find toilets with low-flow options that still have good reviews from consumers.
• Put in energy-efficient appliances and windows: Look for devices with the Energy Star symbol. The symbol is a federal certification that the appliance reduces energy but still performs well.

7. Upgrades that cater to your area

Your neighborhood and the price point of homes will appeal to a specific demographic.

Many millennials, for example, are the most significant number of homebuyers. They prefer innovative home technology such as high-end Wi-Fi and keyless entry into their homes. On the other hand, those close to retirement prefer comfortable and convenient home features that allow aging.

For buyers nearing retirement, the most-wanted accessibility features are:

• A full bath on the main level
• Doorways at least three feet wide
• Hallways at least four feet wide
• Non-slip floors
• An entrance without steps

Depending on the types of buyers that are most prominent in your market, consider the following upgrades:

• Make your laundry room more accessible
• Turn your shower into a walk-in
• Install smart features

8. Update your home lighting

Updated lighting makes your living spaces brighter and more visually appealing.

The lighting also makes your house look more prominent. Natural lighting from the outdoors is appealing to home buyers

also.

When updating your fixtures, make sure they are modern and include updated light switches.

Sometimes, higher-end lighting such as chandeliers will add value. Also, ceiling fan blades can be replaced affordably.

9. Renovate your bedroom

A bedroom should be a retreat from the world after a long day. Buyers want a space to unwind and relax. Bedrooms are easy to update with new bedding, lighting, and creative

furniture selections. The bed highlights any bedroom, making it look like a lovely space to relax. The lighting in your bedroom should be bright and vibrant.

1. Add creative storage space and closets.

Most older homes do not have more oversized closets or enough storage space for buyers in today’s market. Expanding a closet or maximizing the space in each closet with shelving will help increase the house’s value. Organize your closets and get rid of clutter to show how the area can be utilized. There are several storage options for hiding clutter and making it look intentional with stacked boxes and bins for a clean appearance.

Frequently Asked Questions

What should you not fix when selling a house?

Here is a list of several issues to not fix on a house before you sell it; cosmetic flaws, minor electrical problems, driveway or walkway cracks, grandfathered-in building code issues, partial room upgrades, removable items, and old appliances.

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Do balconies add value?

Balconies add value in a big way. They usually add a premium with outdoor spaces in such high demand. The space is valued at 25 to 50 percent of the price per square foot of the space indoors. So it adds a great deal of value to the cost of the house.

Do ceiling fans add value?

Ceiling fans add value and are one of the least expensive items to replace. The prices will range greatly depending on the fan’s style, quality, and size. They add value instantaneously.

How much do new floors increase home value?

Floors add a deal of value to a house. In some cases, new floors can increase the value of a home by ten to 54 percent.

As a result, homebuyers are willing to put in higher offers on homes with new flooring. Conversely, homes with outdated flooring reduce the potential value of a house and deter buyers.

How much value does a bathroom add?

Adding a full bath boosts the value by 20 percent. This figure holds when the number of bedrooms and bathrooms are equivalent before you make the addition.

Does adding a laundry room add value?

A laundry room does add value. You can receive a return between 67 and 91 percent if your laundry room is well-finished.

Does a garage add value to a home?

A garage adds a great deal of value to a house. Most homeowners see about an 81 percent return on their investment.

Summary

These are the top 10 updates to increase the value of your house. Buyers want to be visually awed by the blank canvas of a home that is also clean, bright, and well-maintained. They should be able to easily envision themselves and all of their belongings in the house. The more you make a home liveable and comfortable with updates, the more likely the house is to sell quickly for the most value