Are you looking to sell your house? You can score a handsome profit by increasing its value before advertising it in the market. This can be achieved by renovating it. There are renovations that are affordable and easy to do. They make your house more attractive to buyers. Therefore, you can net a substantial profit when you finally sell your house. Read on to learn 15 easy to do home renovations that will boost the value of your property.
As you discover them, please note that the costs and expected returns of these renovations vary according to certain factors. They include the original condition of your house and the general values in the real estate market of your state or region.
1. Replace the knob on your front door
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This is a strategic renovation that you should do. If your house has a traditional brass knob on the front door, replace it with a strong, heavy-duty, modern lock. This indicates to potential buyers that your house is fully secure. It is an affordable renovation that can make all the difference when you are selling your home. It indicates that you have made an effort to increase the value of your house in other areas too.
2. Paint your house
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This is one of the most affordable ways to increase the value of your house. At approximately $25 a gallon, paint is quite cheap. Giving the rooms in your house a fresh coat of modern, colorful paint will definitely make them look better. You can use paint that has low VOC levels. This makes your rooms eco-friendly and scores you some value points. By painting it, you can increase the value of your home.
3. Install new, energy efficient appliances
This is a method that is guaranteed to increase the value of your home. Replace your old appliances with models that are energy efficient. You can identify them by checking for an Energy Star. Potential buyers want to invest in houses that will save them money in the long run. Thus, they prefer to buy those that have energy efficient appliances.
4. Add an extra bathroom
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If your house has only one bathroom, you can increase its value by adding an extra one. Industry statistics indicate that you can regain between 80% and 130% of the money you invest in this type of renovation. You can fit an extra bathroom in the rooms or areas that you do not utilize in your house. Examples of such areas include large closets, the areas under the stairs and storage rooms. There are various sizes of bathrooms. A half-bath measures 18 square feet while a full one measures 30 square feet. You may want to add a bathtub in your new bathroom. This requires a room that has at least 35 square feet of space. An extra bathroom is a tried and true method of increasing the value of your home.
5. Renovate an unused room
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Do you have some space or a room that you can renovate and make it functional? If so, then you should begin the project right away. Room renovation has a return on investment of between 50% and 83%. There are many ways through which you can accomplish this. Examples include renovating your basement or transforming your attic into an extra bedroom. You can also convert part of your garage into a functional room for rent. This is one of the most effective ways to increase the value of your home.
6. Replace your old windows with energy efficient ones
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Modern buyers are searching for energy efficient homes. If your house still has single-pane windows, you should begin a renovation project to replace them with Energy Star windows. According to statistics, energy efficient windows can help you save $500 every year. A renovation project to replace your old windows with energy efficient ones can help you recover between 60% and 90% of the costs involved. Moreover, you can be awarded a credit of 10% on your tax for installing windows that have been approved by Energy Star. To increase the value of your home, this is the renovation to make.
7. Add a deck to your home
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A deck will effectively increase the value of your home. Living spaces located in the outdoors are currently in trend. Many people use them for staying home and relaxing during their vacations. The cost of a deck depends on the size, complexity and materials used to construct it. By adding a deck to your home, you make it more attractive to potential buyers. When you finally make a sale, you will get a return of between 65% and 90% of the value of your investment on the new deck.
8. Install better insulation for your home
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If your home has old insulation, you should renovate it before selling your house. Buyers are searching for energy efficient homes. This is because they are more affordable to maintain and live in. By adding insulation to your attic and sealing cracks around your house, you can save up to $2,500 ever year in cooling and heating costs. The process to renovate your insulation does not have to be expensive. Adding insulation to your attic only costs $200 while a thermal leak detector costs only $40. Make the effort to renovate your home insulation and you will effectively increase the value of your home.
9. Basic renovations around your home
There are various small renovation jobs that you can do around your house to gradually increase its value. For example you can repaint surfaces where the old paint is stained or peeling. You can also fix your roof such that there are no leaks. Moreover, you can replace any wood that is rotten. You can also search for spots where mold has grown and get rid of it. These little renovations ensure that your home stays beautiful, functional and attractive all the time. Such a home is bound to attract buyers and fetch you a pretty penny once you sell it.
10. Renovating your bathroom
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The bathroom is a very important place in your house. By renovating it, you can increase the value of your home by double digits. Renovating your bathroom does not have to be a big, expensive project. You can make some small additions and dramatically transform your bathroom. An example is to replace your old toilet seat with a new, attractive one. You can also renovate your floor by installing vinyl tiles that are easy to apply. Moreover, you can re-grout your tiles and spruce up your bathtub. These small renovations can make your bathroom look brand new and increase the overall value of your home.
11. Modernize your storage spaces
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If your house is old, it is likely to have closets that are quite small and cramped. This is not an attractive feature in the modern real estate market. Thankfully, you can renovate them into modern closet systems. There are some wire and laminate closets that you can install all by yourself. The process to renovate your closets takes less than two days and it is affordable. Prospective buyers love modern closets and your house is bound to sell at a high price.
12. Renovate your electrical and plumbing systems
You don't want to lose a potential buyer because there is an annoying leak in the kitchen or a broken socket in the lounge. One of the activities that you should do prior to selling your house is to hire a plumber and an electrician to go through your home. They can check to ensure all systems are working properly. The plumber can fix leaks and service your waste disposal system. The electrician will wrap exposed wire, fix faulty lights and confirm there are no short circuits. These activities contribute to improving the value of your home.
13. Repair and clean your carpets
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The carpeting is one of the first things that a prospective buyer sees when they walk into your house. Carpets that are worn out or dirty indicate that you have not been maintaining your house. This puts off the buyer and you lose out on a sale. Therefore, ensure that you hire the services of professional carpet cleaners. They will restore your carpeting to look brand new. Moreover, if there are areas that are worn out, area rugs can be placed right above them and effectively conceal the wear and tear. These activities make your carpets easy on the eye and lead to a fuller pocket for you.
14. Accessorize your lights
Accessories can make your home look much more attractive to potential buyers. One effective accessory is a chandelier. You can use it to dress the lights in your dining room or your lounge. There are some chandeliers that are very attractive yet quite affordable. Such an addition adds sparkle to your home and makes it more attractive to buyers.
15. Renovate the kitchen
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Many people consider the kitchen to be the heart of their homes. Any renovations that we conduct in this room increase the overall value of the house. According to recent studies, you should expect a 60% to 120% return on investment when you renovate your kitchen. As you renovate it, ensure that you don't make it much fancier than the rest of your house. Let the renovations blend in and you will effectively increase the value of your home.
The Important Take Away
Renovating your house is a sure way to guarantee that you make a profit on its sale. There are many creative ways in which you can accomplish this. Invest some time and money in renovations and you will receive a substantial return after you sell it.