In the current recession, selling your home can be a difficult task. For now, it’s probably best to sit the storm out and wait till the skies clear before putting your house on the market. There are tasks here and there that can actually raise your property value when you’re ready to sell. Renovations big or small can add a lot to your home’s value, if executed properly.
They say it’s what inside that counts, but everything outside is just as important- especially when it comes to your home. No one wants to buy a house that looks outdated, dirty, or just plain unkempt. New windows, siding, doors, etc. all make a difference in how your home looks. Outdoor living spaces are in high demand as more people opt for “staycations”, so why not build a deck? This can cost anywhere from $1,000 to $10,000, depending on whether or not you do it yourself or hire a contractor.
Along with the outside, the barrier between in and out is just as important. Efficient insulation can both save you money on your energy bill and raise your property value. The best way to determine where there are leaks in your insolation is to use a thermal leak detector, which can be purchased for less than $50 at most hardware stores. The most common areas for leaks include the following: around windows and doors, attic hatches, electrical sockets, light switches, and especially the basement. Additionally, you can install energy efficient windows to make your home more appealing. When you install certain certified windows, namely Energy Star, a select number of utility companies will offer rebates.
Let’s focus more on the inside now- there are a number of ways to revamp your home interior for virtually next to nothing. For starters, the kitchen provides endless possibilities for cooking up some value. These renovations can cost anywhere from $20,000 to $40,000, depending on your budget. Inexpensive renovations include replacing hardware, repainting cabinets, or even redoing your molding. Replace old, worn out appliances with sleeker, more efficient ones. Don’t go too overboard though- nobody needs a kitchen full of gourmet appliances they’ll never use.
Reinventing an otherwise useless room can skyrocket your property value as well. Why not convert the basement you never use into a den? What about the cluttered attic that could be cleaned out and turned into a lofty book nook? You could even build a loft apartment over your garage and rent it out. You could increase your value and generate income from rent at the same time! What’s not to love about that?
When it comes to increasing your property value, there are a number of options available to you. Have a clear goal in mind, financially as well as physically, and stay as close to it as you can. With determination and diligence, you can save yourself money and potentially make more when you decide to sell your home. Until then, happy renovating!