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7 simple ways to increase your home's value


young couple holding up paint samples at home

Increasing your home’s value doesn’t have to be stressful or expensive. It doesn’t even need to take a long time!

With some creativity and effort, you can increase your property value in just a few days. All it takes is a little cleaning, tidying and refreshing.

Here are seven simple ways to increase the value of your home:

1. Add a fresh coat of paint

It’s simple, and it makes a big difference. Adding a fresh coat of paint to interior walls and ceilings is a low-cost home improvement that can yield up to a 75 to 100% return on investment.

If you’re looking to maximize your painting budget, prioritize main living spaces like the living room, kitchen, and bathrooms.

Consider painting your home with neutral colours for a clean and contemporary look. Plus, if you decide to sell, this will help potential homebuyers envision the space as their own.

2. Update your kitchen

Your kitchen is the heart of your home. Updating this main living space is one of the most effective ways to increase property value. Before you start tearing out cabinets or replacing appliances, consider some simple upgrades that will make a big impact:

  • Replace your countertop

  • Refresh your cabinets by painting them and swapping out the hardware

  • Update your light fixtures

  • Replace your faucets - hands-free options have become really attractive

3. Give your front door some love

You never get a second chance to make a first impression.

Your front door is the focal point of your home’s exterior and sets the tone for visitors. It also plays a role in communicating the perceived value of your home. Give your place a facelift by adding a coat of paint to your existing front door and switching out the hardware.

4. Add some landscaping

Due to COVID-19, we’ve all stayed a lot closer to home recently, and this has meant getting greater use out of our outdoor spaces. This might mean re-seeding your lawn, washing windows, filling in visible cracks in walls, or just adding some potted plants. If you have a bigger budget, you could think about features like a back deck for outdoor gatherings, or even a fire pit.

5. Integrate some simple tech

You don’t have to be a tech expert to make a few digital upgrades to your living space. Make your home smarter and more valuable by adding simple plug-and-play solutions like DIY home security systems, smart thermostats, and camera-integrated doorbells.

6. Upgrade your bathrooms

Bathrooms are among the most used spaces in your home, so they’re subject to more wear and tear. Higher moisture levels and water exposure in bathrooms can wreak havoc on paint and finishes, leaving them looking tired.

Freshen up your bathrooms by simply cleaning grout, removing rust stains, applying fresh caulk, and adding a coat of paint. This will make a world of difference in the appearance of your home and lead to better value.

Looking to take it a step further? Think about replacing faucets, adding storage solutions, updating cabinet hardware, and installing a low-flush toilet. These updates can generate some of the highest returns for home renovations.

7. Get creative

Our homes had to become very multi-functional as a result of COVID-19, often including space for work, school, and exercise. A lot of these habits may continue for a while, so maybe you have an area in your home that you can showcase as a potential home office, or a section of the garage that would make a great gym. Take a look around your home and imagine all the ways you could use the space you have.

 

Budgeting for your next project

Wondering how you’ll afford all this? Before you start updating your home, keep these budgeting tips in mind.

  1. Space out your projects. Completing one project before moving on to the next will allow you to accurately fit renovations into your home budget.

  2. Don’t overdo it. The more you spend on home improvements, the greater the chance that you won’t recover the cost of your upgrades.

  3. Increase your budget by 10 to 15% to allow for unexpected expenses.

Remember: Upgrading your home doesn’t have to involve a team of professionals. Embarking on DIY projects and doing some simple refreshing can go a long way when it comes to adding value to your property.

And of course, you can always reach out to an expert! Talk over your budget with a Meridian Advisor today

 

A previous version of this post was published April 1, 2019.

 

Learn more about home improvements

How to prioritize your renovation plans
How to build home equity
How to make a budget in 7 steps

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