Are you planning to improve your home's value but don't know where to start? We can help!
You can increase the home value for several reasons, from making the home stand out for potential buyers to improving its curb appeal for yourself.
Luckily, there are several ways to make a home more valuable, such as adding a new kitchen, building an extension, and facelifting the exterior.
Some house renovation projects are easy, quick, and improve interior & exterior appeal. Others are large extensions that'll boost the home value on the property market. Although it's tempting to focus on large-scale projects, the smaller tasks count, too, and are often less hassle.
Keep reading to discover how to add value to a home for aesthetics and increase its worth in the property market.
What do appraisers look for in a home?
An appraiser's job is to assess a home's fair value. To achieve this, an appraiser evaluates the feature and conditions of the house, including the location, size, condition, etc. Here's what an appraiser looks for in a home:
Checks Habitability
An appraiser performs a simple inspection to confirm whether or not the condition of the home is livable to future home buyers.
Compare Local Home Sales
An appraiser will compare a home to other recently-sold houses in the area and incorporate his sales price after determining the market value of your home.
Remember that a home's appraised value is determined by considering specific metrics. The condition of the local real estate market and extra upgrades will also influence the final sales price.
Inspect Outdoor Space
This involves measuring and inspecting the outdoor landscaping.
Checks Exterior Condition
An appraiser checks the home exterior and evaluates if there are signs of damage or red flags that can reduce its value to home buyers.
Take in the View
An appraiser will evaluate the immediate surrounding of the home. For example, a lake view can boost a home's value compared to a shopping center.
Confirm Home Size Accuracy
An appraiser will measure the livable space to confirm the accuracy of the residential square footage numbers.
Inspect the Number of Bedrooms
While individual appraisers have their opinion of what qualifies as a bedroom, the international residential code clarifies that a bedroom must have the following:
- An entrance point that can be accessed from the home interior (often from a door)
- Ceilings at least 7 feet tall in at least half of the room.
- An exit point aside from the entrance point (a door or window that leads outside).
- A minimum square footage of 70 square feet, plus at least seven measurements in the horizontal direction.
Condition of the Garage, Attic, and Basement
If your home has a functional garage, basement, or attic, an appraiser factors them into the home's overall value. Most times, the square footage in these areas does not count in the measurement of the overall total square footage.
Damages
An appraiser will cross-check each room for damages or any low-quality project that can reduce the home's resale value.
However, severe fixtures such as bad lighting, plumbing, ceiling fans, and electrical outlets may reduce the home's value.
Permanent Fixtures
An appraiser will check through the appearance and functionality of permanent features like built-in appliances. (These appliances will be left behind after a home is sold).
Cooling and Heating Systems
An appraiser will examine the HVAC system to see if the heating and Air Conditioning are in top-notch condition.
What are some cheap ways to increase home value?
Homeowners considering selling their property at some point or in the future usually think of easy and cheap ways to boost value before selling. This is to ensure that it's more attractive inside and outside to boost the home's resale value.
Following are some cheap ways to increase the value of a home;
External Wall Painting and Repair
The exterior design is the first thing visitors see in a home, so a house looks its best from the outside.
A fresh coat of paint makes a house look new, modern, and generally appealing. In addition, a freshly painted house looks fresh and aesthetically pleasing.
When choosing a paint color, remember that natural colors attract people and give the home a desirable look.
Apart from adding fresh home paint, it's also essential to check the exterior wall for possible signs of damage.
Brick homes may require filling the small gaps with fresh mortar and concrete to block visible cracks.
This best simple idea can give a property a new look without spending money on significant renovation.
Upgrade Windows and Doors
The outside view of the doors and windows of a home can create an impression of the interior and the rest of the house.
Fitting new doors and windows will increase the home's curb appeal and property value.
Although this is not the cheapest option, it can drastically boost the home's value. If there is not enough funds for this upgrade, choose outside funding options such as personal loans or credit cards.
This upgrade will pay off in the long run and it's one of the best ways to increase value with aesthetic innovation.
In addition to looking classic, new windows and doors can increase the home's energy sufficiency, attracting many people (including buyers).
Spice up Lighting Fixtures
Improving the lighting fixtures can require a higher investment, but if your home still use old-fashioned hanging lights, it's time to upgrade.
Lighting is an essential factor to consider when you want to boost the value of a home.
Great lighting looks good in an environment and can cover up for other design errors.
Energy-efficient lighting can attract people and buyers (when selling a home ) and increase the property's market value.
Renovate the Kitchen
Did you know buyers first look at the kitchen's condition before making a purchase decision?
The kitchen is one of the most visited places for residents and guests. People love extra space in food and dining areas, such as cupboards, taps, and countertops.
Painting or replacing doors and kitchen cabinet handles are budget-friendly ways of renovating the kitchen. However, make sure the appliances are in good working condition. Any kitchen renovation should start with updating appliances to keep them in running condition.
Great lighting and clean surfaces will make a huge difference in the kitchen's aesthetics and attract future buyers.
Improve the Flooring Quality
The floor is one of the things people notice when they enter a home. A floor should be clean, stylish, and contemporary. Old-fashioned musty carpets will do the home no good.
Hardwood flooring is attractive, easy to maintain, and encourages a warm atmosphere. If a home has many separate rooms, it's best to change the floor plan and make it aesthetically sound.
Bathroom and Toilet Renovation
As with upgrading a kitchen, bathroom renovation should include updated features such as new toilets, showers, tubs, and sinks.
A good bathroom should be functional and aesthetically pleasing. Little repairs like getting a new tile grout and painting the wall can work wonders.
Bathrooms must be fresh and hygienic, so use natural shades for paints. It's also recommendable in some cases to get modern light fixtures that are user-friendly and energy efficient.
Although this may not add much value to the home, it'll give the bathroom a fresh appearance.
How to Prioritize Home Improvement Projects
Whether moving to a new house or improving the current fixer-upper, it takes time to determine which home improvement project to prioritize.
For instance, choosing between laying down a hardwood floor or reupholstering the couch can be difficult.
When you struggle to choose, the following tips can determine what project to prioritize and which to wait for.
Make Safety a Priority
Prioritize fixing anything that is potentially risky to the home before moving to other projects. Fixing hazardous issues such as leaking ceilings, cracks around the sidings, and tripping electrical breakers should be a priority over other home improvements. Problems like these will worsen if left unchecked, meaning the more it waits, the more expensive it becomes to fix.
Organize
Organize what you already have before kick-starting a home renovation or improvement journey.
For example, if you want to add multiple cabinets to the kitchen, get rid of the stuff you don't need to have extra space. Then, you’ll see how much room you really need.
In addition, it's way easier to get a picture of what the home needs when it is organized. You may discover that the bathroom vanity doesn't need swapping for a new one but only needs a refresh.
Evaluate Your Home Needs, Room by Room
Write down the home improvement projects you want to start, room by room.
Start with places you commonly use, such as the kitchen and bathroom, and then to places you rarely use, like an extra bedroom.
Divide the room into categories; what must be done and what you want to do. The ability to see what requires urgency and what's rarely written out should help decide on projects that are a priority.
Decide the Remodeling Budget
This is the time to decide what can wait and what can't. Ask if the particular project can improve your life in a major or minor way. Retiling a poorly waterproofed shower is something you want to correct quickly. On the other hand, cosmetic changes like a fresh coat of paint are minor and deserve a spot in the lower spectrum of your list.
Consider the Season
Some home improvement projects are cheaper at a specific time of the season. Summer and spring are the most expensive periods for home improvement. But scheduling projects off-season can help save some money.
Small-scale renovations such as kitchen or bathroom renovations are possible even when the weather could be better.
Finalize your Budget
After narrowing down the home improvement projects, the next is to determine what your budget can afford. Research each idea's cost analysis and create a document with the figures.
These factors can help you know what to DIY, when you need a pro, what will be cheaper to build in a few months, and what needs to be done later.
How to Budget a Home Improvement Project
Budgeting for a large project you've never handled can pose a bigger challenge.
Setting up a feasible budget requires research and a detailed plan. Here's how to budget home improvement projects.
Prioritize Remodeling Needs
Knowing what you want is the best way to budget for home improvement. List down everything you want to include in the project and divide them into needs and wants.
List down the proper order you want them to be done. It doesn't make sense to buy a new kitchen counter when you need to upgrade the cabinet later. Following the right steps will save money and time.
Set up a Detailed Remodeling Plan and Estimate Costs
After setting the home renovation goal, create a thought-out plan with expected expenses. This helps create a remodeling project and communicate your needs appropriately with contractors
Create a spreadsheet highlighting each part of the project and the material and labor costs.
Keep in mind the living expenses incurred during the project. Consider how much it costs without a kitchen or living outside the home during the project and add them to the spreadsheet. Remember to budget for small things.
Get Bids from Different Contractors
Since you know what you want, what you need, and what your budget is, you must find a contractor that'll fit your budget.
Prioritize local companies with positive reviews and ask them for a bid for this project. Get different bids from at least three companies to compare their prices.
Tips for Saving on Costs
Perform the demolition yourself—If the renovation involves pulling out tiles or removing the cabinet, consider doing this yourself.
Since it does not require expertise, this is a great way to reduce labor costs and save money.
Shop for finishes and fixtures yourself—A contractor may charge per hour for shopping for you or even ask for extra markup.
Manage the project yourself—If you're planning to hire a subcontractor for this project, do the hiring process yourself instead of using the help of a general contractor, which will come at a cost.
Do the painting yourself—A professional painter will cost nothing less than $300. If you're handy, try to do the painting yourself.
Shop for used items—Buy used items when needed instead of buying everything brand new. This will reduce the budget for finishes and appliances.
How can Modern Aspect help me?
Modern Aspect offers personalized sophistication of modern decor materials inside and out. We can help add value to your home without breaking the bank. It's time to style your home and add that missing piece!