The real estate market is quite saturated. There are lots of properties everywhere, and it’s getting harder to sell a house nowadays. If you’re in the construction and real estate industry, you may want to find out about the different ways to upgrade a property. This wouldn’t just attract more potential buyers but would also increase a home’s market value.
While many renovation projects and installations can be quite expensive, we want to stick to those affordable upgrades. These may not be as expensive, but they can significantly increase a house’s selling price.
Tips to Increase Market Value
Many people think that spending $50,000 on a kitchen remodeling project is the most efficient way to increase a home’s market value. However, if you think about it, there are other ways to upgrade your home without having to spend lots of your hard-earned money. Below are some ideas that might help you out.
Deep Clean
If you’re looking for the cheapest method to increase a property’s market value, deep cleaning costs absolutely nothing. It’s rather difficult for interested buyers to see a house’s potential if it’s cluttered, dusty, and shabby. That’s why whether you have funds or not, decluttering the house and cleaning every inch of it is the first step towards making a sale.
Add a Lawn
Homebuyers want spacious and multi-functional backyards. In fact, 95% of potential buyers are more inclined to purchase properties with a quality lawn. The good news is that it can add up to 12% of the total price of a home. That’s why looking for lawn installation services should be part of your priority list. It attracts more potential buyers, and it allows sellers to raise their property’s price.
Update Floors
A house’s flooring takes up a huge percentage of the interior’s visuals, and making sure that it’s appealing and in good condition is important if you want to make sales. As this part of the home takes a lot of beating, restoring or replacing it altogether makes a huge difference. Reflooring only costs around $1,489 to $4,476, depending on the location. In addition to this, you can recoup up to 91% of the total expenses.
Paint Job
Another affordable way to significantly upgrade the interior appearance of a home and increase its market value is a paint job. Although it can only yield around 3%-5% increase, there are many other benefits that a whole-house repaint can bring. For example, a property will look fresh and new after a repaint job. In addition to this, some colors make a room look bigger, visually suggesting that a place is more spacious than it really is.
Replace Light Fixtures
Never hesitate to replace old light fixtures with new ones equipped with the latest technology. Lighting plays a vital role in interior design, and a house’s old light fixtures may not be as efficient in showcasing the overall aesthetics and atmosphere of the home. In addition to this, replacing these light fixtures with LED counterparts will promote the place’s energy-efficiency, which is always a major selling point for potential home buyers. What makes this even better is that replacing light fixtures don’t require you to recalibrate the house’s electrical lines, significantly lessening its cost.
Room Reinvention
Homebuyers love living spaces, and the more a house has them, the higher the chances of selling it. While room reinvention may not be as cheap as the other affordable methods we’ve mentioned earlier, it’s not too expensive as a kitchen remodeling either. Room reinvention usually costs around $15,000, depending on how extensive the project is. A storage house in the backyard, the garage, or a vacant room can be converted into an entertainment center, which can significantly boost your sales.
Energy-Efficient Windows
While light fixtures and air-conditioning systems have benefits of their own, there’s also an undeniable list of advantages with using energy-efficient windows. Instead of having walls in a corner room, replace them with full-size windows. This lets in natural light during the day, reducing the need for artificial light to be turned on. Furthermore, windows can increase wind drafts inside a home, making it feel breezier, which gives the air-conditioning system more time to rest. Overall, installing windows in a home can significantly reduce the place’s energy consumption and bill, which potential buyers are always looking for.
Selling a home can be one of the most difficult challenges you may face, but you can make it easier without having to break the bank. By understanding the different ways to increase a home’s market value at an affordable price, you get a bigger return on investment while also increasing the chances of making a sale.
