Your home is a place for you and your family to share memories for years, if not decades. We want to maximize our home value whenever we can, not only for ourselves but potentially if we want to sell the home in the future. If you just want to renovate your home or are looking to sell it in the future, making some changes and improvements can help maximize your home value.
However, spending money without a specific goal can be costly and return less than you are hoping for. When it comes to renovations, there are a few things that maximize your home’s value more than others.
Add Square Footage to Maximize Your Home Value
When buyers come knocking, they will be looking to spend a certain amount per square foot on a new home. Those factors will largely be out of your control since they are based on the location, neighborhood, and the current state of the market. Often, this can come down to the market and how well it has been doing recently. Hopefully, it is a seller’s market, and you can set your asking price quite high.
No matter what the case is, taking advantage of the price per square foot is best done by maximizing the amount of usable square footage your home has. This means the square footage needs to be usable and livable, so it can’t be unfinished like a basement without flooring or insulation. The best way to do this might be to add a bathroom or bedroom or another room that adds volume and function to your home.
Many homes use the basement as an in-law’s suite as this is a popular feature with multi-generational families that live together. It could also be used as a separate basement apartment and rented, providing some extra income for any future buyer. Adding more square footage to your home requires calculating the cost to construct and then subtracting that cost from the expected value increase you might be able to get when selling the home.
A Fresh Paint Job Can Help Increase Home Value
Believe it or not, applying a fresh coat of paint wherever it might be needed can go a long way toward increasing the value of your home when it comes to showing it to potential buyers. Painting both the exterior and interior of your home can spruce it up and give it a fresh presentation for potential buyers when they are imagining themselves living in it.
The rooms you should prioritize painting are any of them which have an odd or different color. For example, if a room was painted blue or yellow because that was the favorite color of a child, this can be repainted to match the rest of the house.
Additionally, neutral colors like white, grey, and others may be best for staging your home and increasing the value as buyers can more easily imagine their furniture and their vision for the home when they walk in.
Exterior painting is a great way to freshen up the look of your home and make it look newer. Any siding that can be painted is a good idea as it often fades and warps over time when exposed to the elements. Even if you have brick facing or something that can’t be painted, repainting the door and window frames with a fresh coat of paint will highlight those features and make them look newer, increasing the curb appeal and the value of your home.
Backyard Improvements Can Boost Your Home Value
You can also build equity and refresh your backyard to boost your home value. There are many ways you can do this, for example, building an outdoor fire pit or implementing a lawn-care program, such as scheduled fertilization to help your lawn be healthy and thriving. You can also use weed control for a cleaner look and insect control to stop pests from invading. Other ways you can maximize your home value include refreshing your landscape or adding a deck.
Increasing the value of your home means getting a better selling price and enjoying your home more over the long run. While it might take some initial investment, it can pay off in the long run for your bank account when it comes time to weigh offers from buyers.