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In hot housing markets, many homeowners enjoy significant jumps in the value of their property. But while a rising tide might lift all ships, you can also be more proactive in boosting the value of your home at a faster pace than the average, which helps if you want to sell your home or refinance your mortgage.
We’ll walk you through a few top ways to help boost your home’s value. But keep in mind, options should be filtered through the lens of your budget, current market trends and your local housing market.
Why Are You Trying to Increase Your Home Value?
Before embarking on home improvement projects, use the following question to ask yourself about your motivation:
- Are you going to put your home on the market afterwards and want to attract as many interested buyers as possible at the highest price?
- Is it a quick sale that requires just cosmetic renovations?
- Are you looking to refinance your mortgage in order to reduce your interest rate and monthly payment?
- Or are you just trying to build up more equity in your home with no intent to sell anytime soon?
These are vital questions to answer to determine how much you should spend upfront to increase your home’s value and whether it’s worth it in the long run.
Ways to Increase Your Home’s Value
While determining your budget, you should simultaneously draw up a list of home renovations. This will make clear how much money you really need, and if you can afford to pay for it yourself or need to secure financing. Here are some popular ways to help increase your home value.
New Coat of Paint
A new coat of paint can instantly freshen up the look of your home and make it more attractive. Realtors recommend using warm neutral colors such as beige, tan or gray. In addition, cool neutral colors can help smaller rooms seem bigger. The average cost to paint a 400-square-foot room is $1,000 for a professional job, though it can run far less if you do it yourself.
The exterior of your house might also need to be updated, as it is constantly exposed to the elements all year round, causing chips, cracks or peeling. A good power wash and paint job goes a long way to making the home look new.
Boost Your Curb Appeal
The outside of your home is the first thing prospective buyers will see, so investing in your curb appeal (beyond new paint) will increase your odds of grabbing a buyer’s attention and generating a lot of interest that would turn into a higher-priced sale.
Options include planting bright-colored flowers in your front yard (or hire a professional landscaper), replacing the front door, garage door, the home’s siding and windows.
Keep in mind that these projects can easily jump from a few thousand dollars to tens of thousands, so it’s important to determine which project …….