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In the latest report of Angi, a reputable home service company, boosting the home’s value ranks as the second most common purpose for home improvements behind damage repairs. Over time, the value of your property can go down, specifically when homeowners often neglect proper cleaning and maintenance.
Hence, if you wish to keep or increase the financial worth of your house, renovation is an excellent way to do so. In a separate study by the NAR (National Association of Realtors) and the NARI (National Association of the Remodeling Industry), the top five projects that boost a house’s value in 2022 are as follows:
- Refinish hardwood floors
- New floors installment
- Insulation upgrade
- Closet renovation
- Turning the basement into a living space
However, these renovation works can be costly, so you must wisely pick the areas that will grant you a much bigger profit once you decide to sell or rent it out. Here are five more budget-friendly home improvement tips you must consider to secure a rise in property value:
1. Practice a Good Habit of Cleaning and Decluttering
Sometimes unnecessary items placed within your house knock off the value of your home. Thus, one of the cheapest ways to increase your house’s worth is to maintain its cleanliness and remove useless stuff occasionally.
It will help if you set a regular general cleaning schedule wherein you go through cabinets and closets and sort the items you’ll need and won’t use in the future. If some things still function well, you can donate them to avoid wasting them. Follow it up by cleaning your drawers and other storage areas and decluttering objects you no longer utilize.
Optionally, if you don’t have much time to do a general house cleaning but have some budget to hire professional cleaners, you can rely on them to perform spotless cleaning within your home. According to HomeAdvisor, the service of these cleaning specialists ranges from $200 to $225.
2. Restructure the Home For Increased Energy-Efficiency
Apart from the house’s sturdiness and aesthetics, interested buyers also look at the home’s energy efficiency. Therefore, homes with modernized utilities that lower the bills are more in-demand, further boosting profit.
Installation of intelligent energy-saver facilities, such as thermostats, tankless water heaters, solar roof panels, intelligent lights, and many more, is essential in raising your home’s financial worth. However, replacing old and faulty utilities with new windows and appliances can be an expensive but worthwhile investment.
3. Elevate Your Exterior Doors
Your exterior and garage doors are the first things your neighbor and prospective clients notice when inspecting the house. Thus, owners must upkeep its appeal as years pass by. You can consider refurnishing your aged and ugly front door with a solid mahogany door embellished with oval-shaped frosted lead glass.
On the other hand, you can design your garage doors with a glass panel or rustic wood door, dramatically exhibiting a modern appearance. In the Remodeling magazine’s 2022 Cost vs. Value report, homeowners generated a whopping 93% ROI from this renovation work.
Furthermore, it would be best to consider safeguarding your outdoor facilities with exterior access doors and panels that can fight off corrosion and moisture as your utilities get exposed to harsh, changing weather. Panel types like this both aid in boosting your house’s lasting and market value.
4. Improve The Curb Appeal
The next tip is somehow related to the third home improvement technique, as they both aim to enhance the look of your house outside. Improving the curb appeal means pressure washing your driveway, wiping windows, and mowing the lawn.
Aside from that, reconstructing your landscape can significantly boost the market value of your home. In fact, in a joint study conducted by the University of Texas at Arlington and the University of Alabama, the curb appeal records about seven percent, among other factors that can make a big difference in one’s home value. Other ideas you can apply to your outdoor area are placing walkways, shrubs, planters, mulching, or a patio.
5. Fresh Up Your Residence With Fresh Paint
Recoating or wallpapering the walls, ceilings, and other homes’ exterior or interior parts gives your space a fresh look. It’s another budget-friendly way of improving your house’s appearance and doubling the property’s worth.
According to the former professor and personal finance expert Timothy Wieldman, the best place to begin your repainting works is in those areas coated with odd colors. Your repainting or wallpapering expenses depend on the room’s size you’ll work on—the smaller the room, the cheaper the cost.
Estimating Future Home Value with a Home Appreciation Calculator
While implementing the tips we’ve discussed can significantly increase your home’s value, it’s also beneficial to have a tool that can help you estimate the potential future value of your home. This is where a home appreciation calculator by Omni Home Ideas comes in handy.
A home appreciation calculator is an online tool that estimates how much your home’s value will increase over time. By inputting some basic information about your property and the expected annual appreciation rate, you can get an estimate of your home’s future value. This can guide your decisions about when to sell or how much to invest in improvements.
For instance, if you’re considering making significant home improvements, you can use this tool to estimate how these changes might affect your home’s value in the future. This can help you decide whether the potential increase in value is worth the investment.
Think of Renovation as an Investment
If you plan to sell or rent out your owned house property, you need to develop the habit of scheduling regular maintenance, upgrades, and renovation. These are essential to ensure long-lasting value and immensely increase the estate’s worth. Some ways shared here don’t require money, while some demand a huge budget. Nevertheless, whether you start small or go big in maintenance, the market value of your house surely builds up, especially if you follow the five great tips in this article.
