Owning a home is a significant life achievement but also an investment in your financial future. There are upgrades you can make to your home that increase its value quickly, resulting in a significant return on your investment. These simple actions won’t just make your home LOOK better—they’ll have a direct impact on the perceived value of your home. Homeowners should look for easy, cost-effective ways to increase their home’s value over time. This is especially important if you’re planning to sell in the future. Here are five ways to increase the value of your home to receive a strong return on your investment.
1. Landscaping
Real estate agents talk about “curb appeal” for a reason—first impressions have a significant impact on the perceived value of your home. Affordable landscaping and other modest enhancements to the front of your exterior can help increase its value to both appraisers visiting your house and potential buyers looking for a home of their own. A weekend spent working on your front yard can be a massive value builder. Trim back trees, cut the grass, rake up leaves, and plant flowers. Consider simple changes, such as switching from brass doorknobs and locks to brushed nickel material or resealing your tar driveway. Even a small investment of $1,000 and some ‘sweat equity’—rolling up your sleeves—can increase the value of your home by 4x that, according to HomeGain. Don’t neglect your curb appeal!
2. Repaint to increase the value of your home
Does the home look a little worn, inside or out? A DIY paint job carries a low cost for materials, but it can also have a significant impact on the eye appeal of your home. One of the best ways to revitalize a property is with a fresh coat of paint. Opt for bright, neutral colours, like cloud white or light grey. Not only does painting refresh the room, but it will make it feel bigger. Far too often, people neglect how impactful paint can be. Rooms will feel larger, brighter and fresher.
Remember: A neutral landscape in your home is best. Add flare and personality in your decorative choices and not so much in your paint colours—think pillows, rugs and art pieces to add a pop of colour. A neutral colour palette on the walls will make it easier to change up your look when your next design inspiration hits.
3. Invest your money into your kitchen and bathrooms
Kitchens and bathrooms are widely regarded as the rooms in a house that make the strongest impression on homebuyers. They’re also the fastest parts of your interior to become dated, as appliances, finishes and other décor fall out of style.
When people look at a home, the one place they spend the most time considering is the kitchen. It’s the central point of the home and where people often gather for events, parties, or just hanging out. A quick and simple way to add value to this room in as little as a day is to focus on the cabinets. Unlike doing a complete kitchen reno, taking down the kitchen cabinet doors, sanding & repainting them, and then adding on some new hardware can give your kitchen an inexpensive facelift!
Additionally, bathrooms, in particular, are an excellent option for upgrades and renovations, financially speaking. This is especially if you’re adding a new bathroom or expanding from a half-bath to a full. If you are working with your existing home footprint, replacing faucets or floor tiles can have a considerable impact.
FYI: Replacing your toilet is a quick way to freshen up your bathroom and save money. Many toilets are older and not water-efficient, while newer ones can save money.
4. Invest in energy-efficient home features
Today’s homebuyers tend to place a greater emphasis on eco-friendly features. This is due to a greater focus on environmental issues and a recognition that energy-efficiency saves money on utility bills. If you’re upgrading in-home appliances—ranging from your microwave to your furnace—seek out energy-efficient equipment that can lower the cost of your electricity and gas bills.
You might also consider upgrading to a smart thermostat that improves energy efficiency. This thermostat saves you monthly money on your utility bill as long as you live in the home. This simple upgrade improves the value of your home, and as an added bonus, you can replace your smoke alarms with smart alarms for a connected home.
5. Increase your finished square footage
If your home has an unfinished basement or other unfinished rooms or areas, building out this space can be a relatively low-cost way to add value to your home.
Any upgrade, from finishing your basement or adding on an addition, will affect the overall value of your home. So, as renovations have increased home values, the cost of home replacement has also increased. Be sure to talk with one of our isure representatives if you are considering home renovations or additions to learn how it can affect your home insurance premiums.
6. Upgrade your rain gutters
One way you can increase the value of your home is by upgrading your rain gutters. Upgrading to the popular “clog free” gutter protection systems helps to prevent costly repairs for property damages and relieves the issues of cleaning gutters. Products like LeafFilter™ are patented with micromesh technology to help protect from any blockage and will be guaranteed with a lifetime warranty.
Updating rain gutters enhances your home’s value by protecting it from water damage, which can lead to costly repairs. New, well-maintained gutters improve curb appeal and demonstrate to potential buyers that the property has been cared for, increasing its market desirability.
Rapid fire value increasers
The above five suggestions are, statistically, the most likely to result in significant increases in the value of your home. That said, there are many other fast ways to improve your home. Here’s our rapid-fire list of ways you can add value to your home in a hurry!
Get solar lighting: We’re not talking about the Canadian Tire on-sale unique. We mean investing in high-quality solar lighting.
Declutter: Amazingly, just getting rid of things impacts the value of your home.
Replace your kitchen counter: It’s a slightly more significant job, but modernizing your counter will improve your home’s value.
Replace appliances: Older models are not only less aesthetically pleasing to the eye but also are costlier to run.
Plant trees: Everyone loves a little shade in the backyard. Consider a fruit tree for a side benefit.
Modernize your art: Banish the old, faded art prints to the basement and get something new, modern and unique. There are several ways to purchase art at a reasonable price.
Marketplace sites on popular social media sites are a great place to look for second-hand purchases that will be pleasing to the eye and your wallet!
While these modest changes can improve the comfort of your home while living there, they can also increase your future list price if you decide to sell. Speak with an isure representative to inquire how these tips may increase your home value and how this can affect your home’s replacement cost and home insurance premiums.
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