Everyone wants to increase the value of their home, but many are stumped by where to start. So, we’ve included practical tips and tricks to inspire you to create a plan today.
Congratulations! You’ve just purchased a home and made one of the most significant purchases of your life. Within the walls and roof surrounding you are your future hopes and dreams. So, how can you protect that future? Simple, increase the value of your home! One of the many benefits of improving your home value is enjoying the comforts of the improvements you made. Below are seven ways to increase the value of your home.
1. Planning in Advance
Improving your home value needs to start with a plan. This means setting short and long-term goals for your improvements. For example, a long-term goal could include adding a detached garage. Whereas necessary maintenance items that improve home value and directly affect your way of life are short-term goals. Whether you have big plans or smaller plans, the important thing is to write them down. It’s also important to consider what improvements add value and which can detract value, as we’ve outlined here in this blog.
What You Need vs. Want
With so many options for improving a home, knowing which project to choose can be overwhelming. Which will give you the most impact for the least money? Which task takes priority?
The best advice is to write it all down, every major project and every minor fix that you can imagine. At this phase of the planning, the cost is not relevant. On your piece of paper, create two columns. One is for everything you would like to do, and the other is for everything you need to do. Once you have done this, consider the costs, benefits, and ability to complete said tasks. Then organize your list in order of priority and get started on your first task!
2. Get Professional Advice
When looking for inspiration, professionals are typically your best option. This doesn’t mean you need to rush out and hire someone; there are lots of options. Begin with a recent home inspection report.
If you purchased your home recently, you most likely had a home inspection done before closing on the property. The paperwork you received may be well worth your time to look over. The report should include all of the minor fixes you may need to take care of right away. It also should be an excellent place to find long-term suggestions for your home value. If you haven’t had a recent home inspection, consider scheduling a professional to examine your property. Typical home inspections cost $500 or less, and their insight can be beneficial.
But Where To Get Advice?
Great professionals to seek for suggestions include:
- Interior Designers
- DIY Experts
Some of these specialists are often willing to offer free estimates. If you are on a budget, you can research home improvement blogs or get inspiration from DIY pros.
3. Take It One Room At A Time
Once you have created your list and prioritized your projects, you are ready to begin! Having recently purchased your home, you may be on a strict budget for home improvements. While there are lots of difficulties with home improvements, don’t get overwhelmed.
All you need to do is take it one room at a time. Some people who try to do too much take the risk of doing a less than perfect job, which could decrease your home’s value. Before even starting one project, consider how much time you will need to finish, then give yourself two extra days. In many cases, you may find new issues while you’re repairing the original task. When you focus on one room at a time, you also minimize the impact on your living space. When planning a project, consider how it will interfere with daily activities in that part of your home.
4. Get Painting
One of the quickest and best ways to improve your home value is painting. Whether inside or outside, a fresh coat of paint can instantly elevate the value of your home.
On a budget? This one is easy to solve. Put on some old clothes and grab a paintbrush! Follow a few simple tips, and even amateurs can do a great job.
Crucial Painting Tips
- Take the necessary time to spread out tarps and plastic. Don’t be careless with the tape. Remember that prepping is taking the precautions to protect places where you don’t want the paint.
- Don’t skip the primer. Using primer ensures that the previous paint doesn’t show through and helps achieve an even, professional paint job.
- Keep a clean wet rag handy. Your mistakes are not unfixable if caught right away.
- Always start at the top. Don’t forget to paint the ceilings. Ceiling paint can brighten any room instantly.
If you have the money to spend on a professional painter, it can make a significant difference. While painting yourself can be a fun DIY opportunity, a professional paint job can quickly improve your home’s value.
5. Easy Interior Updates
Something to remember when improving your home is that small usually pays off big. It’s easy to get caught up in the improvements thinking you need to redo the whole kitchen. For example, however, it’s easy to overspend on kitchens without seeing much of an increase in value. But don’t worry, there are many small tasks you can do that will be inexpensive but hugely beneficial.
Here are some examples:
- Add or upgrade lighting fixtures
- Upgrade appliances (dishwasher, refrigerator, etc.)
- Replace old doorknobs, outlet covers, drawer pulls, and switch plates
- Swap out the front door
- Make your house more eco-friendly (install exterior solar lights, switch to LED bulbs, install a tankless water heater, etc.)
- Change up the bathroom look (install new vanities, sinks, toilets, etc.)
- Add crown molding
6. Your Home’s Curb Appeal
People tend to judge a house by the first look. What is the first thing they will notice? Is the lawn mowed? How does the roof look? Does the house look clean and welcoming? You want your home to make an appealing first impression. Consider the ideas below to help your home’s exterior:
- Take good care of your landscaping: whether you have a lawn or a more environmentally friendly alternative, make sure it is tidy, free of weeds, and well-maintained overall.
- Grow local: When considering what plants to add to your landscaping, pick what is native to your area. These plants will have an easier time growing and will be easier for you to maintain.
- Throw away junk: You may have accumulated some yard debris over time. This can get donated or taken to your local landfill.
- Paint the trim: You can do this yourself, or if it’s in your budget, a professional can make your home shine.
- Power-washing: While exercising proper safety precautions and paying attention to not damage anything, power washing the deck or concrete areas can help clean up the house nicely.
- Outdoor décor: Another way to improve your curb appeal is to add some furniture. A patio set, chairs, or a firepit will quickly increase your house’s value and make it attractive and comfortable.
7. Keep It Clean
Maintaining the cleanliness of your home can improve your home’s value. Keeping your home in excellent condition protects your home’s intrinsic value, which increases over time.
So What’s Next?
It can be a straightforward process for those looking to increase their home value with proper planning and creativity.
A good question to ask yourself, now that you’ve completed your home improvements, is if you should consider refinancing your home loan? With your newly added home value, a refinance may be a smart decision and could help save you money in the long term. Talk to one of JVM’s expert Client Advisors about what your options are. You can reach our team here, by phone at (855) 855-4491, or by email at [email protected].