Top 5 Home Repairs That Will Increase Your Property Value
Selling your house at a good price during a global recession is darning. The worldwide economic upset has caused a major downturn in the real estate market, but there are still ways to increase the value of your home before you put it on the market. Making home repairs is one of the most effective ways to increase property value.
Investing in home repairs isn’t cheap. You might not be able to recover 100% of the investment, but doing major repairs, such as roof replacement, can result in a 60-68% return on investment, which is significantly higher than selling your home with a worn-out roof.
That’s why we’ve compiled this guide to discuss the five necessary home repairs you should consider to increase your property value.
Do Home Renovations Pay Off?
Whether you’re looking to make a few cosmetic changes or embark on an entire renovation project, it’s important to consider the return on investment of any home renovations. Many think their upgrades will directly increase their homes’ value, but this is not always true. The cost of renovations can quickly add up, so you’ll want to ensure that any changes you make are financially beneficial.
Focusing on cost-effective upgrades is essential when considering a renovation project to bring the most significant return. Some of the most popular ROI-friendly upgrades include updating the kitchen and roof, adding outdoor living space, and installing new windows. Installing energy-efficient appliances is also a great way to save on bills while increasing the value of your home.
Regardless of the renovation you choose, it’s essential to understand the housing market before investing in any upgrades.
Increase Your Property Value With These 5 Home Repairs
Here are the top five home repairs that significantly increase your property value.
Remodel Your Kitchen
When looking to increase your property value and make your home more attractive, remodeling your kitchen can be a great place to start. A modernized kitchen can add value to the home, making it more desirable when selling.
When starting a kitchen remodel, you should start by making a plan and setting a budget. Research different materials and styles that would fit in with your home. Figure out what appliances you want to keep or replace and determine how much work you can do yourself and what parts need to be done professionally.
Consider the type of countertops you would like, whether you want to replace or paint the cabinets and decide on a flooring material. Also, consider adding extra storage space for organization, such as shelves and drawers.
Boost Your Outdoor Living Space
Adding amenities and boosting the appeal of your outdoor living space is a great way to increase the value of your home. From small DIY projects to larger-scale renovations, plenty of creative ideas can make a big difference in how much you’ll get from your home sale.
One easy change you can make is to add lighting to your outdoor area. It will make your garden or patio more inviting and create a warm and cozy atmosphere.
You can also spruce up your outdoor space with a decorative patio, including colorful pillows, cushions, and blankets. This will make it comfortable for entertaining guests or just enjoying a moment of peace in the great outdoors.
Adding plants to your outdoor area is another great way to create a beautiful space. Choose from various flowering shrubs, trees, and ground cover plants that are low-maintenance and easy to care for. If you want more dramatic changes, consider building an outdoor kitchen or adding a fire pit.
Upgrade Your Appliances
Upgrading your appliances when it comes to increasing the value of your home is not a desirable change homeowners consider. But investing in newer and more energy-efficient appliances can be a great way to boost your property value. Plus, you’ll reap the rewards with lower monthly utility bills.
There are many options for new appliances – it can be overwhelming to know where to start. Here are a few tips:
- Think about how much use the appliance will get and what features are essential for your household. It may seem like a splurge, but investing in a high-end range could be worth the cost if you’re an avid baker or cook at home.
- Research energy-efficient appliances when replacing. Look for an Energy Star label – these products use less energy and cost less to run in the long term.
- Buy smart. Check online stores and local sales papers for discounted items on discontinued models, factory overruns, and clearance sales.
Add a New Roof
Your home’s roof is one of the essential factors determining your property value. Roofs have an average life of 20-30 years. This can be lower or higher depending on the weather conditions and maintenance. Replacing your roof is one of the best investments you can make in-home repairs to increase property value.
The cost of the roof depends on various factors:
- Type of roof
- Size of the roof
A more complex job means a higher cost. Roof repairs can also be expensive, but depending on what needs to be done, you might save money by not replacing it altogether. Whether adding a new roof or repairing the old one, this job is for the experts. Hiring a roofing company ensures the job is done correctly and has a warranty.
Improve Energy Efficiency
Making your home more energy efficient reduces the cost of utility bills and encourages potential buyers to pay more for a home that offers energy savings.
Here are some easy and affordable projects you can do to make your home more energy efficient:
- Replace outdated windows with energy-efficient windows. Look for double-paned and insulated windows to keep the cold air out during winter.
- Install a programmable thermostat. Buying and installing a programmable thermostat allows you to set it to turn off when you’re not at home and turn it back on before you arrive.
- Insulate your walls and attic. Insulating your walls and attic is an effective way to keep the warm air in during winter months and cool air in during summer months.
- Update your lighting. Upgrade your light bulbs to LED or CFL bulbs, which are much more energy efficient than traditional incandescent ones.
With the right home repairs, you can efficiently increase your home value and recoup a significant return on investment. There are many ways to add value to your home while enjoying the benefits of an improved appearance, more comfort, and higher energy efficiency.
You can increase your home value by:
- Renovating your kitchen by adding new flooring, appliances, and storage spaces.
- Adding decorative and functional elements to your outdoor space, such as patio furniture, plants, fire pits, and kitchen.
- Replacing outdated windows with energy-efficient ones.
- Replacing or repairing the roof increases the lifespan of your house.
- Upgrading to energy-efficient appliances for increased convenience and cost savings in the long run.
Read More: How To Create A Stunning Outdoor Space