Your home plays such an important role in your life. It’s where you spend a lot of your time and make lasting memories with your family and friends. You also decorate it to express your personal style. It’s wonderful when your house truly feels like home, and it’s even better when it’s a smart financial investment.
The term equity refers to the value of your home compared to the amount you still owe on it. Of course, paying your mortgage increases your equity over time as you move closer to owning your home outright. In a good economy, you can also count on your home’s value to rise over time. However, your home’s value could also be negatively affected when parts of it become outdated or worn.
Whether you’re still paying on your home or not, you can instantly raise its value — increasing your equity — through home improvement projects. Knowing what home improvements add the most value can be especially advantageous if you’re eventually planning to sell it.
How to Add Value to Your Home
What adds value to a home appraisal? If you hope to raise the price of your house on the market, home improvement projects can make a big impact. These projects focus on updating your home to be more attractive and functional. You can boost the value of your home and attract more buyers when you’re ready to sell. Continue reading to learn about 12 of the best home improvement projects to increase the value of your home.
1. Replace Your Windows
One of the best home improvements to increase the value of your home is replacing your windows. New windows are a crucial aspect of both your home’s appearance and function. Over time, windows can become difficult to open and close and can experience issues that impact the rest of the home, such as condensation inside or outside the panes, leaks or drafts.
Paying to replace your windows is an investment that offers a promising return. New windows add substantial value to your home, and you can recoup up to 70.6% of your investment.
To experience a much greater return on your investment, you should install energy-efficient windows. These windows are designed to keep your home better insulated. Energy-efficient windows cost more than average windows, but the added value to your home and the money you save on energy costs mean it doesn’t take long for these windows to pay for themselves. In fact, they can help slash your energy bills by up to 35%.
If you’re interested in selling your home, energy-efficient windows will be a huge selling point for potential buyers since they are environmentally friendly, economical and made to last. Homespire Windows and Doors can replace up to eight windows in one day to improve the value of your home overnight.
2. Refresh the Entryway
Another great way to improve your home’s value is to upgrade your front door. The average return on investment (ROI) of replacing your entry door is 68.2%. Your front door is the centerpiece on the front of your home, so it’s essential for boosting curb appeal. Undoubtedly, your front door impacts how buyers and visitors will react to your home. To make the best impression, the style and color of your door should complement the architectural style and color scheme of the house. Current trends value clean, simplistic designs over excessively decorative ones.
There are other ways to add value to your entryway. A cover above your door — such as an awning or portico — is a great addition since it provides shelter from the elements when you enter and exit your home. It also enhances the profile of your home by creating more dimension. In addition to an overhang, you should also have a doorbell that actually works. While this may sound like a minor detail, a doorbell can affect a buyer’s first impression of your home. Your entryway should be the first of many aspects of your home that communicates attention to detail and quality that will maximize your home’s value.
As an entry point for your home, your front door should also be secure. Some doors can look beautiful yet lack modern safety features. Choose a door with the highest possible residential security rating, equipped with tempered safety glass and security plates from Homespire. A front door that creates the right first impression and helps keep your home secure is a real asset to any home. Homespire front doors are beautiful and sturdy to accentuate your home and protect your family.
3. Update the Kitchen
It’s often said that the kitchen is the heart of the home — and that holds true for potential home buyers. An updated kitchen sits at the top of many buyers’ wish lists. You can even update your kitchen without tearing out everything and starting from scratch. Your goal should be to make your kitchen appear fresh and functional. Try these three ideas to start:
- Update your kitchen cabinets: While you could completely replace your cabinets, that is a serious undertaking that requires a lot of time and money. Refacing your existing cabinets is the perfect solution to update your kitchen on a budget. Add a fresh coat of paint, replace old knobs and handles and install under-cabinet lighting to brighten up your kitchen and achieve a modern style.
- Upgrade to stainless steel: Replacing your outdated appliances with stainless steel ones modernizes your kitchen with minimal effort. The sleek look of stainless steel instantly brings an updated appearance to the room.
- Replace your countertops: You can also make a big difference in your kitchen by replacing your countertops. Quartz is gaining popularity as a countertop material in upscale contemporary kitchens. These countertops come in many styles and colors, so you are sure to find an option that will complement and enhance your kitchen. Most importantly, quartz is extremely durable and low-maintenance, so it’s made to last.
4. Upgrade Your Appliances
While some appliances require a large investment, they make a huge difference in the function and style of your home. A yellow refrigerator from the ’80s or an old-fashioned washing machine from 20 years ago can diminish the value of your home. Potential buyers appreciate upgraded appliances that they can enjoy for several years to come.
Some modern appliances come with exciting tech features for added convenience. While advanced models cost more, this can be a huge selling point for potential buyers. However, if you’re working with a tight budget, replacing worn-out appliances with affordable new models can still make your home more appealing. Even basic appliances look clean and fresh to spruce up your space and add value to your home.
5. Renovate the Bathroom
Some homeowners may be surprised to learn just how critical bathrooms are to the value of their homes. Updating your bathrooms can make your home more appealing to potential buyers. Of course, you want to make sure your bathroom is in good working order, and cosmetic updates can really boost the value of your bathroom. Fortunately, you can update your bathroom’s appearance without breaking the bank and enjoy a great return on your investment with these fixes:
- Upgrade your shower: One of the most significant changes you can make in a bathroom is updating your shower or tub. You can replace the entire thing or save time and money on demolition by installing a new bathtub or shower liner that fits perfectly over your existing one. This is a great, hassle-free option that still results in an attractive shower or tub. You can also turn your tub into a walk-in shower, which is a desirable change for many people.
- Increase storage space: No matter your bathroom’s size, you want to maximize the space you do have by adding plenty of storage and ensuring you have ample lighting to keep the room feeling bright and airy.
- Modernize your floors: If you want to make your bathroom feel more luxurious, installing heated floors is an impressive addition. Although heated floors can be costly, the expense is more manageable for a smaller space.
6. Create Open Space
These days especially, home buyers are very interested in houses that feel spacious. Whether your house is large or small, it should feel open inside rather than closed off by too many walls. Gone are the days of boxy floor plans that separate rooms from one another. Open floor plans can contribute to a brighter interior and enhance the flow inside your home.
Knocking down walls that are unnecessary to the structural integrity of your house can go a long way toward achieving an open floor plan. In particular, buyers want to see a living area adjacent to the kitchen with a natural flow between the two. Fortunately, removing walls may only cost you a few hundred dollars, making it a relatively inexpensive home improvement option. Since the cost to create a more spacious and open environment is low, and it can completely change the feel of your whole home for the better, this change is definitely worth it.
7. Consider Hardwood Floors
Carpet has some advantages over other flooring options, but you must replace it every eight to 10 years. It also collects stains and shows signs of wear earlier than other flooring materials. This may be why carpet is going out of style, and more and more home buyers are looking for hardwood floors.
Hardwood floors look elegant and are made to last, unlike most other flooring options. Research shows that 54% of homebuyers are willing to pay more for a home with hardwood floors, and many view flooring as an important attribute in their home search. Hardwood floors make a positive impression on most buyers and enhance the appeal and value of your home.
While hardwood is an investment, there are affordable ways to achieve your desired flooring. Refinishing existing hardwood is more affordable than replacing the entire floor. You could also consider hardwood alternatives like laminate and vinyl to achieve the same look for less. If you want sleek hardwood and prefer the feeling of soft carpet, placing area rugs or runners throughout your home can add some comfort and style.
8. Invest in Lighting
Don’t underestimate the power of lighting to influence the feel of your home’s interior. Generally speaking, more is more when it comes to lighting. Small spaces can feel larger with brighter lights. The color of your light is also something to consider since it can change the mood of a room. Stark, white lighting appears clean while more yellow tones feel warm and possibly cozier. Upgrading to dimmable lights gives you more control over your home’s ambiance.
Natural light is especially desirable. Replacing small windows with larger options or adding more throughout your home will brighten up any space. Another option gaining popularity is to install tubular skylights — also called sun tubes — that funnel natural light from outside through a fixture in your ceiling. With so many lighting options available, you should be strategic in fitting your home with fixtures and natural light sources that enhance your home’s interior.
9. Replace Your Roof
Replacing your roof can have a drastic effect on your home’s value. Depending on the property and the quality of the new roof, you can boost the resale value of your home by an average of $18,180. Most roofs, including asphalt shingle roofs, need to be replaced every 20 years or so. It’s no wonder why potential home buyers prefer roofs that have been updated recently.
You may want to consider higher-quality roofing materials that can last longer and better insulate your house, leading to lower energy costs. Installing a high-quality roof will significantly boost your home equity. Even if you opt for a conventional shingle roof, getting rid of your old roof is a smart financial move for your home.
10. Maintain the Landscape
When you look to improve the value of your home, the surrounding property is equally important. Even though landscaping may seem like a small detail, it can make or break your home’s curb appeal. Unkempt plants or sprawling trees can obscure your house from view and crowd out natural light, keeping the inside of your home darker. Maintaining your trees will help you take advantage of natural light as much as possible.
Landscaping makes a huge impact on the value of your property. Maintaining your yard can impact the resale value of your home by up to 28%. Don’t let overgrown weeds and trees take away from your home’s exterior. Instead, make sure your landscaping appears well-manicured and enhances rather than degrades your home’s appearance and value.
11. Add Smart Technology
Technology can make your house safer and more functional to boost your home value. Investing in smart gadgets and home accessories is an affordable way to impress a tech-savvy potential buyer. Technology is the way of the future, and you can bring this trend into your home with smart thermostats, smoke and carbon monoxide detectors, locks, lighting and security cameras.
Increasing home value is easy with the addition of smart technology. Some of these systems are easy to install on your own to make your home seem modern and updated. The world will feature an estimated 478.2 million smart homes by 2025. Smart technology allows you to control your home from the palm of your hand, providing safety and convenience to impress potential buyers and make your home stand out on the market.
12. Install Solar Panels
Installing solar panels can be a great option for environmentally conscious homeowners. Solar panels allow you to harness clean energy, which reduces your ecological footprint and saves you money. The more money you can cut off your home’s energy costs, the more you can increase the value of your home. According to the National Renewable Energy Laboratory, you can expect the value of your home to go up by approximately $20 for every dollar you save on your energy bills.
Making your home more energy-efficient is a great way to raise your equity and attract buyers if you’re trying to sell. In California, for instance, homes with solar power have been shown to sell faster than those without it. Other parts of the country may not reflect the California market, so you should do some research to find out how homes equipped with solar panels affect home values in your region.
How to Add Home Value: Start With the Windows and Doors
Now that you know how to increase your home value for appraisal, you may be ready to get started on making these improvements. While there are many home projects you can embark on, installing energy-efficient windows and entry doors that are made to last should be a top priority. At Homespire, we can help save you substantial amounts of money on your energy bills — all while adding value to your home.
If you’re interested in upgrading your windows or learning more, contact us or call 833-684-1873 today for a free window analysis. Our local company has helped many people in the Harrisburg, Philadelphia, and Baltimore areas and beyond boost their home equity with our custom-made windows.