How to Increase the Market Value of Your Property

By
Industry Observer with LendingTree

How to Increase the Market Value of Your Property

Before putting your home on the market, it's important to do what you can to increase its value as much as possible. Even if you aren't planning on selling your home anytime soon, knowing which changes add significant value to your property can be helpful in the future.

 

Even inexpensive changes can add thousands of dollars to your home's market value. These cost-effective renovations could be the difference between being upside down on your mortgage and making a profit.

 

Consider making a few of these changes to significantly increase your home's market value before putting it up for sale.

Fix Damage

Particularly for families with young children, fixing damage made to your home over the years is the first step toward increasing your property's value.

 

Even small damages, like a door with chipped paint or a small hole in the wall, can turn off potential buyers. Repairing these items is often cheap and can even be done by yourself with a few basic materials.

 

Not only will this increase the appeal of your home, but many interested buyers will only agree to purchase your home if you fix these damages. As such, you might as well take care of them now since you will likely have to anyway.

Repaint the Exterior

Over the years, the effects of weathering have likely damaged your home's exterior paint. Even if it isn't too noticeable, this can make a home look poorly managed and could reduce a property's curb appeal. A new coat of paint will give it a fresh new look and help attract buyers before they even step foot on your property.

 

Repainting will also help depersonalize your home, which is important during the home-selling process. Buyers want to imagine themselves and their families living in your home. They don't want your vision of a perfect home to be imposed on them.

 

One easy way to do this is to paint your home's exterior with a neutral color. Bold colors, like bright reds and greens, can be a major turnoff for some buyers.

 

Instead, opt for unimposing colors. According to Zillow statistics from 2017, homes painted in a mix of light gray and beige, called "greige," sold for $3,496 more than similar homes painted in a medium brown or tan stucco.

 

Similarly, based on the same data from Zillow, homes with navy blue and slate gray front doors sold for $1,514 more.

 

This can also apply to interior rooms. According to Zillow, a popular color scheme for most interior rooms is soft shades of blue.

Make Cost-Effective Upgrades

Renovate the kitchen. Your home's kitchen will likely be one of the biggest attractions or detractions for potential buyers.

 

Bedrooms and living rooms are empty vessels that homeowners can fill with whatever they want to make it their own. Kitchens, on the other hand, come equipped with expensive appliances that are difficult and costly to replace if you don't like them.

 

According to Consumer Reports, adding stainless steel appliances and quartz countertops to your kitchen can lead to a 3% to 7% bump in your home's overall value and can be done for as little as $5,000.

 

Install hardwood floors. Hardwood is often preferred to carpet when it comes to flooring.

 

Carpet stains easily and is more susceptible to damage over time. Moreover, hardwood looks more modern and can give your home a more premium feel.

 

Fortunately, hardwood flooring is fairly cheap to install. You can go even cheaper by opting for engineered wood flooring, which uses a thin layer of real wood over a base of plywood. Installation is usually charged on a square-foot basis, typically between $5 and $8 per square foot.

 

Install new roofing. In some cases, repairing or replacing your roof may be an absolute necessity before putting your home on the market. Roof damage can lead to water damage, bug infestations and more.

 

However, even if new roofing isn't an absolute necessity, it can give interested buyers peace of mind and bump up your home's value by several thousand dollars.

 

Like hardwood flooring, the cost of new roofing depends on your home's square footage. However, according to HomeAdvisor, the national average to replace or install a roof is $7,575.

 

There are a number of steps you can take to ensure you are able to sell your home for as much as possible.

 

These cost-effective upgrades are even better if you finance them through a cash back credit card, where your expenses are returning a small percentage of the cost back to you. From repainting your home to renovating your kitchen, there are several cost-effective methods you can use to boost your home's value before putting it on the market.




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Topic:
Home Selling
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finance
market value
home buying
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