It is no secret that the housing market has been on a roller coaster ride in recent years. The Great Recession and its aftermath have left home prices at historic lows, while mortgage rates are still low by historical standards. This combination of factors means buyers can now get into homes for much less than they could before, but it also means many homeowners owe more on their mortgages than their homes are worth.
If you are one of the many homeowners in this situation, don’t despair! There are things you can do to increase the resale value of your home, even if it is underwater on its mortgage. Here are some tips to consider to increase the value of your home by renovating it.
Paint the Walls
Paint is one of the most affordable and easiest ways to give your home a fresh look. A new coat of paint can brighten up a room and make it feel new again. It’s also a great way to cover up any flaws in the walls or damage that may have been caused by pets or kids.
If you’re thinking of painting your home’s interior, it’s important to choose the right color. You want to choose a color that will make the room feel light and airy, but you also don’t want it to be too bright or overwhelming. Pale blues and greens are always a safe choice, as are neutral shades like beige or gray.
If you’re not sure which color to choose, it’s always a good idea to ask the opinion of a professional painter. They can help you choose a color that will look great in your home and that will also help boost the resale value.
Increase the Living Space
Another great way to increase the value of your home is to add more living space. If your home is on the small side, consider finishing the basement or converting an unused attic into a bedroom or office. You can work with a company offering home additions services to increase your home’s living space to increase the resale value of your home.
Even if you don’t have an unused space in your home, you can still create more living space by making better use of the space you do have. For example, you can install built-in shelves or cabinets to create more storage space, or you can install a Murphy bed to create extra sleeping space when needed.
Update the Kitchen and Bathrooms
The kitchen and bathrooms are two of the most important rooms in a home, and they’re also two of the most expensive to update. If you’re thinking of selling your home, it’s a good idea to update these rooms to increase the resale value.
You don’t need to gut the kitchen or bathroom to update them; sometimes, small changes can make a big difference. For example, you can install new hardware on cabinets, or you can replace old appliances in the kitchen with more energy-efficient models. You can also paint the walls and add new flooring to give these rooms a fresh, updated look.
In the bathroom, you can install new fixtures, or you can replace an old tub or shower with a more modern model. You can also add storage space by installing shelves or cabinets.
Making these kinds of updates to your home can be expensive, but they will pay off when you sell your home.
Get a Home Energy Audit
One of the best ways to increase the value of your home is to make it more energy-efficient. A home that uses less energy will be more attractive to buyers, and it will also cost less to operate.
You can have a home energy audit done to find out where your home is losing energy and to find ways to fix the problem. Often, making simple changes like adding insulation or replacing old windows can make a big difference in the amount of energy your home uses.
When you’re ready to sell your home, be sure to mention its energy efficiency to potential buyers. This is an attribute that many buyers are looking for, and it can be a selling point for your home.
Install New Flooring
One of the quickest and easiest ways to update your home is to install new flooring. New flooring can make a room feel fresh and new, and it can also improve the resale value of your home.
There are many different types of flooring to choose from, so you can find one that will match the style of your home. If you’re not sure which type of flooring to choose, it’s always a good idea to consult with a professional. They can help you find the flooring that will be both beautiful and durable.
Renovating your home to increase its resale value is a great way to invest in the future. You don’t need to spend a ton of money on renovations for them to be worthwhile; sometimes, small changes can make all the difference when it comes time for you or someone else to sell your home.