Practical Home Improvement Tips to Boost Property Value
Bert Hofhuis, an expert from Every Investor, recently shared a wealth of practical advice for homeowners seeking to boost their property’s value before selling. The recommended updates, which are both budget-friendly and impactful, have the potential to add up to $50,000 to a home’s market value.
Practical Home Improvements
According to Hofhuis, homeowners can increase their property’s appeal and functionality by focusing on key areas of the house. These include painting high-traffic spots with neutral colors to create a sense of spaciousness and brightness, and modernizing light fixtures with energy-efficient alternatives. Minor kitchen upgrades, such as changing cabinet handles and upgrading appliances, can also make a significant difference.
Bathroom and Curb Appeal
In the bathroom, homeowners can increase their property’s value by implementing simple changes like replacing taps and performing a deep clean. Enhancing curb appeal is another effective strategy; homeowners can accomplish this by refreshing the exterior, repainting the front door, and investing in landscaping.
Interior and Energy Efficiency
Inside the house, upgrading or cleaning flooring, decluttering, and organizing can also contribute to a home’s value. Further, adding an outdoor living space like a deck or patio can significantly enhance a property’s appeal. Hofhuis also stresses the importance of investing in energy efficiency, suggesting homeowners consider better insulation and smart thermostats. Regular maintenance is vital and can greatly appeal to potential buyers.
Crucially, Hofhuis emphasizes that these updates do not require extensive spending. Instead, they are practical and cost-effective strategies that homeowners can employ to make their property more attractive and valuable on the market.
According to a late 2023 survey by Craftsman, two-thirds of American homeowners plan to make improvements to their homes within the next six months to a year. Meanwhile, a 2023 Houzz study found that the median price for a home renovation project in 2022 was $22,000, with 27% of homeowners facing challenges in keeping the job within their budget. This underscores the importance of budget-friendly improvements that can significantly enhance a home’s value.