Renovating a home to improve its value can be a smart investment.
Interior improvements, such as updating kitchens and baths, offer good return on investment, but there are plenty of exterior renovations that can add value to a home and give it that coveted ‘wow’ factor.
According to James Carey, one half of the Carey Bros., the nationally-recognized experts on home building and renovation, discretionary home improvements are rising in popularity.
Repaint (or reside) the exterior
“A punch of color is something that makes the home pop, it’s not just a white door, it might be a red door, it might be a black door, it might be a blue door,” said Carey. “It’s a punch color that is analogous with the overall look of the home but is not blasé. Maybe the shutters or the trim are black, and they want a black front door. Painting can be as simple as a fresh coat of paint on the entry door, or it can be painting the house in general.”
Even something as simple as a postal upgrade can make a big difference to your home’s exterior.
“A new mailbox – or painting the mail box – is something that can be done, if you have a mailbox that is tattered and old, you can improve the appearance with a coat of paint, or you can replace the mail box, depending on how ambitious you are,” said Carey.
Abundant and well-planned landscaping can instantly boost curb appeal. According to the landscaping company Lawn Starter, 71% of prospective homebuyers say a home’s curb appeal is an important factor in their buying decisions. As buyers use the internet to look for their dream homes, there’s no denying a beautifully landscaped, nicely photographed property can entice buyers to click and read more about a house.
Address insects and minor repairs
Improving home value may come down to fixing areas of the home that can negatively affect its appeal to buyers. Hire an inspector to look at key components of the house and recommend what needs to be fixed. This way it is discovered before homebuyers come in and do their own inspections. Termite infestations, deteriorating roofs and hidden water leaks are some things that might need fixing.
Outdoor lighting can add to the ambiance of a property and serve as a security feature. Utilize different lights, such as a bright light by the entry, up-lighting in trees and shrubs for drama, a light-lined path to the door to improve visibility and motion-detection lights to improve the security of the property.
Knowing which improvements add value to a home can help homeowners tailor their efforts to those that are most financially beneficial.