Upgrades That Will Add Value to Your Home
Are you looking for ways to raise the appraised value of your home?
The significant factors that help determine the worth of your home are its size, condition, property type, location, and the current state of the real estate market. While some of these factors may be out of your control, there are things you can do to improve the condition of your home and boost its appraised value. But before spending money on improvements, it’s essential to get advice from experts.
- Book a house appraisal: Hire an accredited home appraiser to help you understand the value of your home in its current condition.
- Consult real estate professionals: Ask advice from a real estate agent, appraiser, contractor, or designer. This will help guide your renovation journey and prevent you from spending on things that won’t add value to your home.
- Check your neighbourhood listings: Check the listing prices of homes in your neighbourhood before you start renovations. The neighbourhood listings will help you identify the upper limits of what you can expect to sell your home for, so you know how much to spend on improvements.
Improvements that increase home value
The following are home improvement tips that will help increase the value of your property.
Finish your basement
A finished basement will allow you to add more money to the asking price. This project may involve painting, installing flooring and drywall. When you finish the basement, you can convert it into a family room or another bedroom. The more versatile this room becomes, the more appealing it will be to potential buyers.
Update kitchen and bathrooms
This can cost a lot of money but can be done more cheaply if you do a “facelift” instead of a full remove and replace type renovation. People are spending most of their time in the kitchen and it is what most buyers/appraisers look at first when they walk into a home. A nice kitchen will show a buyer you care for your home and take good care of it.
Open up the floor plan
If you cannot add square footage to your home, you can make it appear more spacious with an open or partially open floor plan. Note, however, that even with an open floor plan, there still needs to be defined between spaces. Also, removing load-bearing walls could compromise structural integrity. So ensure you consult a contractor before knocking walls down.
Repaint your interior and exterior walls
Repainting your house will give it a fresh look and make it feel new. For the interior, remove wall stickers and cover scratches, outdated colours, and dirty spots with a fresh coat of paint. Choose neutral colours that will make your space look bigger, unify the whole house, and appeal to a larger pool of potential buyers.
If you’re on a budget, instead of repainting the entire exterior, you can powerwash the walls to remove dirt and touch up areas with chipped paint.
Update your curtain rods, outlet covers, doorknobs, switch plates, and light fixtures to more attractive and elegant versions. Choose items in finishes and colours that will appeal to a larger audience.
Carry out repairs
A damaged roof will be flagged during a house appraisal. So if your roof is damaged, repair or replace it. Even if your roof is in good condition, you will still need to ensure it is free of moss or debris.
Also, fix or replace cracked windows, damaged fencing, leaky faucets, holes in the walls and anything else around your home that needs repair.
Upgrade your landscaping
Keep your grass trim and green and patch any bald spots. Plants and flowers are also a great way to enhance your home’s exterior. Weed your garden, trim trees and bushes to give your yard a new refreshing look.
In summary, real estate can be a home or an investment. In either case, it is important to take good care of it to maintain its value and marketability. Typically, the money you spend on renovations will have a positive return on investment. Things that do not add value to an appraisal include: replacing the roof, hot water tank, furnace, ostentatious landscaping and fixtures. The former items are considered necessities and all homes should have working roofs, mechanical and electrical and the latter or more designed around personal tastes and not translate well into increased market value.
House appraisals in Vancouver
Are you thinking of selling your home and want a house appraisal?
At Adlaw Appraisals, our professional home appraisers have the experience and education to give you an in-depth analysis of the value of your residential or commercial real estate.
Call us today to learn more about our services or order an appraisal online.