The old saying goes that you need spend money to make money, and the same holds true when it comes to increasing the value of your property. From adding a bathroom to remodeling your kitchen, here are 10 cheap tips for increasing property value.
Before jumping in headfirst, make sure you realize what you’re getting yourself into. Set aside a budget, and make sure that the proposed projects you’re investing in won’t break the bank, and won’t exceed the worth of their returns. It may be pertinent to hire a professional to complete an audit so that you know what’s throwing off the value of your house, and how to remedy it appropriately.
2. Maintenance and Repair
One of most common problems older houses will have is that they’re falling into disrepair. Whether minor or severe, most homes will have something that can be improved. Check your attics and basements for leaky windows and insulation, repair any leaky plumbing and get the septic system inspected, and clean and replace rusty gutters and dirty HVAC and hood filters. Small improvements and maintenance might cost a couple hundred dollars, but they can raise value by thousands.
3. Spruce Up Your Lawn
Improving curb appeal is a common tip when it comes to increasing property value. The elements are sure to wear down the paint on outdoor furniture, so adding an extra coat can be super beneficial. Adding a garden can make the property look very inviting as well. Get to de-weeding, trim and prune any overgrown bushes or trees, lay down some fresh mulch, and even throw in some stepping stones.
4. Let There Be Light!
Lighting is considered the number one item on the 2007 HomeGain survey to noticeably enhance a home’s appeal and value. This includes everything from dimmer switches to skylights to the increasingly popular sun tubes. Anything that increases natural lighting–sun and moon–will be a benefit to the bottom line. As a bonus, natural lighting can improve health and make you more productive. Let there be light!
5. Doorway to Perception
According to Abbie Ethun at Homebridge, the front door tops the list of her five home improvements that can increase property value. This is for a number of reasons, including that older doors many not be as energy efficient, or might just simply look dated. “This is one of the lowest cost improvements you can make,” says Ethun, “and many experts have gone on record saying a new front door can also bring you the highest rate of return.”
6. Remodel the Kitchen
The kitchen is still one of the first things potential homebuyers look at. An investment of a couple hundred dollars can help you update old lighting fixtures with new, energy efficient lights, replace the cabinet faces and counter tops, and even install a new sink and faucet. Kitchen projects are almost always able to be completed DIY, and are generally able to provide a return on your investment. However, make sure you measure cost against return and don’t invest in anything too lavish.
7. Go Green to Make Green
Going green can save homeowners money in a multitude of ways. Replacing an old air conditioning unit with a current one can actually produce savings of up to 30 or 40 percent, while a solar-powered water heater can actually save as much as 80 percent on water-heating bills. Going solar can actually help save for retirement if the homeowner is at that stage in their life. All in all, The Appraisal Journal published research showing that going green adds approximately 20 times the annual savings to the value of your property.
8. Add/Remodel a Bathroom
Properties with a single bathroom can actually benefit greatly from the construction of an additional bathroom. In fact, HGTV has estimated that you can recoup 80 to 130 percent of whatever you spend in adding a bathroom. Look for any spaces might simply be spaces, underutilized and ripe for a transition. Much like your kitchen, make sure that you’re not overspending on your remodel, look for deals on discounts on your accessories like tubs, doors, toilets, and fixtures.
9. Repaint the Face
Repainting your house is still a very viable solution for increasing property value. Consumer Reports advises you don’t throw thousands away repaintaining everything, but instead focus on high-traffic areas like kitchens and bathrooms. Doorways with scratch marks and anywhere that has peeling paint should take priority, and shouldn’t end up costing much more than about $100 in material costs.
10. Focus on Floors
One minor adjustment that can add value to your home is new hardwood floors. If your old flooring is coming up, chipped, or warped, redoing the flooring can really help increase the value of your home–and if you have old or stained carpets this is a great option as well. Engineered wood flooring, which is a mix between real wood and vinyl, is actually a cost-effective and beautiful solution in place of expensive wood, and actually lasts longer.
By following these 10 tips, you’ll notice your property value increasing in no time. Just remember that you should make a plan first, and calculate your expenditure against your gains. If you have any tips to add make sure to comment below!