Tuesday, November 5, 2019 / by Ashleigh Townsend
5 Innovative Ways To Increase Your Home’s Value This Year
Are you looking for creative ways to increase your property’s value? 70% of Americans believe that their home is their biggest asset. As such, many homeowners are always on the lookout for unique ways to up the market price of their investment. We’re going to take a look at five of the most innovative ways to go about home improvement without breaking the bank.
1. Build a deck
A deck is the perfect outdoor patio to enjoy when summer nights get long and hot. If you don’t have a pre-defined outdoor space already, building a deck just might be that one thing that could instantly increase home value.
In fact, in Remodeling’s 2019 Cost Versus Value Report, it was shown that composite deck additions had the amazing effect of yielding 69.1% ROI if you ever decided to sell your property. To put this into perspective, say you spent $19,000 building the deck, when selling your property, you should expect about $13,000 ROI.
2. Improve curb appeal
94% of realtors agree that first impression matters a lot and curb appeal is what people see of your home first time round. The importance of curb appeal has also been studied extensively and the bottom line as published in a 2016 article in the Journal of Property is that curb appeal plays a major role in positively impacting selling prices.
Where to start with your curb improvement? Take a look at your house from across the street. Look at the condition of your front lawn, driveway, trees, flowers, picket fence and the house in general. Your lawn should be neatly manicured and trees trimmed. Driveways should be level and not show signs of crack, wear and tear.
3. Repaint the property
Did you know that painting your house’s interior results in a 107% on ROI and painting exteriorly generates a 55% ROI? Nothing breathes new life into a house than a fresh lick of paint. Painting your entire house will be a costly exercise but it is one that will instantly increase home value.
And it’s not just any color you should paint your house either! Specific paint colors can boost your home value by up to $6,000! What colors are these? We’re glad you asked. Warm neutral colors such as tans, beiges, nudes, and grays are excellent choices. Stay far from white which tends to be a little too stark. Additionally, to make small rooms look larger paint them using pastel colors. For larger rooms that you wish to appear smaller, you can paint them using warm or dark colors to give the appearance of a cozy tight space.
4. Make your home energy efficient
A house that features smart technology which reduces energy consumption and monthly utility bills is a home whose value will certainly not be low! Consider installing solar panels so that you’re off the grid. If solar panels are not within your scope, then small changes such as using LED light bulbs instead of incandescent ones can still help to lower your energy bill while increasing home value.
Other smart features you can add include thermostats, fire detectors, security cameras, and keypad door looks. Owner of Breyer Homes Buyers, Shawn Breyer puts it this way: “Your home will win with a smart boost between homes that all look the same.” To show you just how important smart technology is, it was identified as a top trend by Zillow’s 2019 Design Forecast.
5. Install an irrigation system
This is one sure-fire way of boosting home value according to NAR’s 2018 Remodeling Impact Report. A home irrigation system is a great way of ensuring that your lawn always looks lush and well-kept. It makes the task of yard maintenance easier too.
In the NAR’s report, an irrigation system was featured as the ninth best way to increase resale value of a house. The expected ROI on average was 86%. All things considered that’s a very healthy ROI.