The Best Way to Raise Home Value in 2023 Without Breaking The Bank
Renovation projects can be an excellent way to increase the value of your home – be it for selling purposes or simply adding amenities – but it is crucial that you select upgrades with the highest return on investment potential.
Enhancing your home’s value, whether for longer-term living or future sale, should always be a top priority – but that doesn’t have to be at a great expense.
Subtle changes can have an enormous impact, such as applying fresh coats of paint. Energy-efficient upgrades will lower utility bills while appealing to prospective buyers.
1. Update Your Home’s Finishes
If you want to increase the value of your home, there are numerous upgrades and improvements you can make that will do just that. Any enhancement that makes upkeep easier or improves aesthetics will increase its worth and increase value accordingly.
An inexpensive and straightforward way to increase the value of your home is with fresh paint, but other ways can also work such as installing updated fixtures, building a deck, or making changes to the landscape.
Renovating your house should always be approached as an investment; any renovation should be conducted with an eye towards recovering its costs upon selling the property. Therefore, projects designed to attract a range of potential buyers would likely yield better returns.
2. Add a Deck or Patio
Add an outdoor deck is one of the best ways to increase the value of your home. However, be cautious with this project; otherwise you risk overspending when it comes time to sell your house and ending up losing money in the form of missed sales opportunities.
Patios are more cost-effective and have good resale value than decks, featuring various materials like concrete, flagstones and tile that will complement the architecture of any home. When selecting your style it is essential that it complements that of the property it will sit against as well as replacing surface material every two to four years for optimal results.
Keep in mind that any major home addition will likely increase your property taxes; however, if you plan to live in your house for many years to come, the additional expense may be worthwhile.
3. Add a Garage
An attached garage is an effective way to add value to any home, especially in urban environments where street parking can be challenging. Prospective buyers will look for these features when making their decision about where to purchase their next home.
As a rule of thumb, adding a garage should add about 5-6% value to your home; however, this figure may change depending on its design and location. It is also important to take into account other homes in your neighborhood when making this determination.
Converting your garage into a home gym, workshop or extra room can add even more value to your property as it provides buyers with flexible space they are seeking out. However, prior to embarking on this endeavor it’s wise to consult with professionals to make sure it is feasible and will produce the expected returns on investment.
4. Add a Deck or Patio
Installing a deck or patio is an economical way to add value to your home, yet selecting materials and designs with maximum Return-on-Investment potential are essential.
Wood decks typically provide the highest return on investment (ROI), though their maintenance requirements will require more work than other outdoor patio materials. When properly maintained, however, an outdoor deck can add 102% of its original cost value back into your resale value when selling your home.
Patios designed with pergolas or extended roofs may offer an increased return on investment (ROI). But keep in mind that your ROI depends heavily on both the type of patio design and how long you plan on staying in the home before selling it.
5. Add a Deck or Patio
If you live in a warmer climate, adding a deck or patio can significantly increase the value of your home. Not only is it an effective way to expand the square footage available for sale but also increases buyer attraction.
Though adding a patio can increase the value of your home, it’s important to remember that not all upgrades will add value; some might actually lower it. Therefore, before making upgrades it’s essential that you consider their costs before proceeding.
Note that adding a patio or deck will typically increase property taxes; however, this doesn’t have to be seen as negative as increasing value of your home can help compensate for this increase in tax burden.