Looking to increase your home’s value? Sure, homes tend to appreciate over time, but there are several things you can do to give that number a boost.
Whether you plan to sell soon or want to make some improvements, these four projects will help increase your house’s value.
Solar panels are one of the best ways to increase your home’s value – and reduce your monthly energy bill. Switching to solar power requires an initial investment to pay for the panels and installation costs, but this could pay big dividends if you plan to sell in the next few years.
Many buyers – especially Millennials and Gen Zers – consider existing solar panels on a potential home a big bonus and are willing to pay extra. A study by the National Renewable Energy Laboratory (NREL) found that solar panels increase your home value by $20 for every $1 they eliminate from your energy bill. Now, that’s a good return on investment!
Smart Tech Upgrades
Smart technology is another good way to reduce energy bills, increase home value, and make life easier. Smart technology is a broad term for several appliances that can be easily programmed and controlled, often from smartphones. This includes thermostats, lightbulbs, switches, door knobs, locks, and appliances like ovens and refrigerators.
Many buyers like to see smart technology in a potential home – it’s attractive to adjust the thermostat from work or program the lights to turn off when you leave for the day. This is also one of the easiest and most affordable home improvement projects you can do!
New windows are always a big bonus if you can swing them. This is usually a pretty expensive undertaking, with costs averaging $300.00 per window. But if you plan to sell, the payout can make it worth the investment.
Opt for double – or even better, triple-pane windows. Good windows can reduce outside noise and energy costs and help keep the home safe during storms. If you live in an area prone to hurricanes or tornados, choose windows with a good impact rating.
Improve Outdoor Spaces
Nice-looking outdoor spaces can increase your home’s curb appeal. Curb appeal refers to how the house looks on the outside, and it’s often a buyer’s first impression of the home. Houses with a good curb appeal can often sell for more than the appraised value. Things like fresh gardens, new paint, power washing, and new fences can all help up the curb appeal.
There are many ways to increase a house’s value without hiring contractors or dealing with the hassle of undertaking major construction projects. Small things, like installing smart technology devices such as thermostats, lights, and locks, go a long way. Easy outdoor improvements like fresh paint, gardening, or power washing can also go a long way to increase curb appeal. If you have the capital, bigger projects like installing solar panels or putting in new windows can also pay big dividends.