For most people, a home is the biggest investment you will ever make. With that, it’s important to protect your asset. But even more so, it is important to grow your home’s value to truly see the financial benefits of homeownership.
Unfortunately, a lot of people think that increasing a home’s value means spending tens of thousands of dollars on home upgrades and renovations.
The truth is, often, homeowners don’t see a full return on those expensive upgrades. In fact, it’s more likely that they will see only a small partial return in their home value—if any at all.
That’s why it pays to be smart and strategic about ways to increase your home’s value. Here, we have put together a list of 10 inexpensive ways that are sure to give you a good return and increase the overall value of your home.
Changing the paint on your walls is among the easiest, most inexpensive, and most effective ways to modernise your home and increase its value.
You can hire someone to paint the inside of your home for about $3,500, depending on the size. But, if you don’t want to spend that much money, with a little bit of elbow grease, you can perform this renovation in a weekend for about $1,500, or less, depending on how much you want to paint.
The best thing about painting is that it can add tens of thousand of dollars in value to your home! Talk about a worthwhile return!
Keeping up with your yard, or performing a bit of functional landscaping can prove to very valuable to the overall value of your home.
In fact, proper landscaping can add up to 20% of value to your home!
And while you are still living there, it can provide a priceless amount of enjoyment for you and your family.
Keeping your house clean probably seems like a no-brainer and is something you try to do anyway.
But, performing a regular deep clean on the inside and outside of your home can work wonders, and really pay off in the long term.
Believe it or not, most people do not keep their houses in pristine condition. If you are able to ensure that your home if free of mold, dust build-up, and grime, you are 10 steps ahead of the other houses in your area.
Also, keeping the outside of your house clean with regular pressure washes and paint touch ups are sure to add to your curb appeal and property value.
Small Kitchen Updates
The average kitchen renovation can easily cost more than $10,000. And while kitchen renovations can add more value than any other renovation in your home, if you are not careful, you could quickly lose on your return by over-renovating this space.
To ensure that you keep costs down and keep your return up, make minor updates to your kitchen. These include things like:
- Upgrade knobs and handles
- Paint your cabinets
- Replace cabinet doors
- Paint an accent wall
- Change light fixtures
- Clean backsplash and floor grout
If you have old style interior doors, consider replacing them with newer style doors that are sure to modernise your home and give the appearance of a full renovation.
Also, you might want to consider replacing or sprucing up your front door. A new front door will cost about $500, but will add more value and curb appeal to your home.
If you do not want to spend the money to get a new front door, you can always paint your current door to create some contrast and add some pop to your house.
Brighten Your Home
Brighter homes seem more welcoming, cleaner, and more modern. All of these aspects add value.
Brighten your home by replacing your light fixtures, changing your blinds, and using lighter colour paints throughout your house.
Minor Bathroom Remodel
Like the kitchen, bathroom renovations can add a lot of value to your home, but can also cost a lot of money.
And, like the kitchen, if you spend too much money on the bathroom, you are likely to see that investment go down the toilet.
But, there are cheaper and smarter ways to upgrade your bathroom without spending a fortune. Here are some ideas:
- Tile respray
- Bathtub/shower refinish
- Replace the medicine cabinet
- Replace/refinish fixtures
- Replace the towel rack
- Replace light fixtures
Create Storage Spaces
If your home is short of storage space, create some. Additional storage can be inexpensive to install and can add a lot of value to your home.
- Coat Closets
Correct Mechanical Issues
While you may have grown used to the lack of water pressure in your bathroom or the way the light blinks when the heat comes on, you should get these things checked out.
Having an electrician and plumber come in the check and correct the mechanical structures of your home can add thousands to your overall value.
Having records of these repairs also shows potential homebuyers that you are a thoughtful and diligent homeowner who cares about the property.
And, won’t it be nice to not have that flickering light anymore?
Refinish Your Floors
Floors take a lot of abuse. We walk on them, sweep them, vacuum them, bleach them – and overtime, they begin to look worn, outdated, and dingy.
Refinishing your floors will help brighten and modernise your home while adding value!
If you have carpet, look into getting your carpet professionally cleaned or replaced. If you have hard floors, get them refinished or painted.
Also, make sure to replace worn and faded rugs and runners throughout your home.