Increasing the value of your home can help you both build equity and get a higher return on investment (ROI) when you sell your home.
Install hardwood floors or refinish yours
One way to increase the value of your home is to install hardwood floors. According to the National Association of Realtors Research Group, new wood flooring ranked as the fourth most popular project to attract potential buyers. The same report found that refinishing hardwood floors recovers 100% of the cost at resale, while new wood flooring recoups 106% of costs.
Replace the bathroom vanity top
Of all remodeling projects, bathroom remodels can benefit your home’s value the most. According to Zillow, bathroom remodels yield the biggest returns in terms of boosting your home’s resale value. For minor cosmetic changes, you’ll see a $1.71 increase in home value for every $1 you spend.
Investing in your bathroom will not only increase your home’s value but could also be the selling point that sets your home apart for buyers. You’ll get more offers on your house if you have an updated bathroom and those updates could get you 2-3% more for your house.
Natural stone countertops, such as marble or granite, have the most appeal with buyers. These materials are durable and resist chipping, scratching, and cracking. They also raise the value of your home. The return on your investment can be as high as 100%, so they can potentially increase your home’s value by the amount spent on them.
While a new vanity can offer a higher return on investment (ROI) than other bathroom projects, it’s usually the most expensive. Updating the vanity will generally also include the countertops, faucet, and sink, which can use up a lot of your budget. If you’re going to update the vanity, you might want to consider extending the vanity to include double sinks, especially in the master bathroom.
Repaint the front door
Improving your home’s curb appeal will give visitors a good first impression before even entering your home.
Painting the entire exterior of your home is expensive, but painting just the front door will increase both curb appeal and the value of your home at a small cost. The national average materials cost to paint an exterior door is $6.67 per door.
According to research by Zillow, a black front door could increase the price of a typical U.S. home by 2.9 percent. Zillow reviewed 135,000 photos from old houses across the country to see how paint colors impacted sales. They discovered that homes with charcoal gray, smoky black, or rich jet black doors sold for $6,271 more than expected.
Make your home more energy efficient
Going green will help you save on your utility bills and make your house more attractive for buyers, especially millennials.
Potential buyers are often looking for ways to save money when shopping for a new home. An energy-efficient home will save utility costs over the years. According to a study by the National Association of Home Builders (NAHB), home buyers are willing to pay an additional $8,728 upfront in order to save $1,000 a year in utility costs.
If you plan on replacing any of your appliances, make sure to choose ones with the Energy Star symbol, the federal certification that signifies that these appliances are better for the environment and use less energy. For example, a new Energy Star dishwasher could save you more than $30 a year on power and almost 500 gallons of water.
Just like energy-efficient appliances, programmable thermostats and other energy-management systems are also popular among home buyers.
Smart thermostats will automatically adjust your home’s energy consumption depending on utility prices and allow you to control certain settings from a smartphone, so you can turn on the furnace before you get home or adjust the heat when you’re out of the house.
Replacing your thermostat with a smart model can trim about $180 off of your annual heating and cooling costs. Simple models that only control heat sell for around $25.