When it comes to increasing the value of your home, not all investments are equal. In addition, not all improvements need to cost a fortune either. There are a number of home improvements that can significantly increase your home's value that require little more than a bit of sweat equity. On the other hand, there are also a number of "improvements" you can make that can actually decrease the value of your home. Here are 5 great ways to increase the value of your home - and what upgrades or improvements not to do.
1. Make small repairs
Most people that have lived in a house for some time just get used to the small imperfections in their house. You may have a chipped bath tile you never got repaired or a small leak under the kitchen sink that you just keep a bucket under and empty every once in a while. These small issues, however, can actually create larger issues over time, so fixing the small things can actually significantly increase your home's value. That small chip in the bath tile may be letting moisture into the drywall behind it leading to the formation of mold, mildew or even dry rot. When you get ready to sell your home, you may be surprised how much those small issues can end up costing you.
2. Invest in roof and siding
While you may want to upgrade your master bath and install a soaking tub, that may not provide you with the best ROI. When buyers are looking to buy a new home, they are going to want to invest their home improvement dollars in tailoring the home to their style, not putting on a new roof or installing new siding. When you keep the structure of your house in good repair, you make your house most attractive to buyers.
3. Outdoor living areas
One of the biggest reasons that people move from apartments to houses is for outdoor living spaces. Having a great deck, patio and landscaped backyard can significantly increase your home's value and appeal to buyers. On the other end of the spectrum, you want to be careful of how much you invest in your backyard as well. In many areas, especially the southwest, a pool is a must. Not having a pool may actually hurt your chances of selling when the time comes. You can research swimming pool financing companies to determine how much installing a pool will cost, and decide from there.
4. Paint front door and trim
While replacing your siding is a major overhaul that requires a large budget and professional installers, almost anyone can paint a front door and trim. You might be surprised what a difference a fresh coat of paint on just the front door and trim can make to the overall appearance of your home.
5. Keep it clean
It can be difficult to keep up on daily cleaning, let alone find the time to do a once-a-month deep clean. Keeping up on not just the daily cleaning, but the deep cleaning can actually increase your home's value - particularly when it comes to things like floors and large appliances. When you are getting ready to sell your home, it is far less expensive to just give the carpets or floors a good cleaning than to have to replace them entirely because of how worn and stained they are. Same thing with major appliances. By keeping up on deep cleaning, you won't have to invest a fortune just to get your home ready to put on the market.
While you may not have any current plans to sell your home, that doesn't mean it will never happen. Even people that plan on living in their home for many years can have the unexpected happen. The best way to ensure you will always get the best return on your home in a sale is to keep it clean, tidy and well-maintained.
