Extensive renovation projects can add tremendous value to any home. However, there are many ways to upgrade your home without squeezing every last penny out of your investment. If you want to be a smart homeowner, you should know that your home is not just a place to live in. Home equity is one of your most valuable and largest assets. Depending on the location, the value of most homes tends to increase over time. This is known as home appreciation. But how much and how fast it will increase can depend on several factors. These include the condition of the economy, supply and demand for new housing, and the properties available on the market, among others.
The good news is that by following some simple tips, you can build or upgrade your home in a way that can skyrocket its value beyond all your expectations. Let’s take a look:
- Refresh Your Home
Even the most subtle home improvements can make a world of difference in the way potential buyers perceive your home. Cost-effective upgrades like replacing the front door or installing new furniture or even applying a new coat of paint can boost both the curb appeal and resale value of your home dramatically.
According to a recent survey, 63% of real estate experts agree that by applying new paint on the interior walls, homeowners can sell their homes much faster and at a higher price than a home without any upgrade.
- Optimize the Usable Space
Maximizing the usable space can add significant value to your home, especially if you live in a small home. The value of a home largely depends on the amount of usable space in it. For this reason, it makes good sense for any homeowner to figure out ways to increase livable space in their home.
Here are some expert tips to accomplish this goal:
- Add an extra bathroom
- Convert your basement into a well-equipped lounge area
- Create a separate suite. If done with the help of experienced professionals, this will increase the value of your home by a whopping 35%.
While these home improvements are not cheap, they can help you attain a massive return on investment (as much as 60%) over time.
- Build a Deck
When it comes to increasing livable space in a home, installing a deck is a wonderful option for homeowners. As compared to building a new room, decks can be built at half the cost. Moreover, a deck adds more appeal and value to the property. That’s because a deck maximizes the utility of open unused space by turning it into a relaxing spot for family and friends.
According to a survey conducted by a home remodeling agency, a well-designed deck can deliver a whopping 87% return on investment. If you’re on a budget, you can go for cheaper options like composite decks. They can deliver a 74% ROI which is significantly higher than most other home upgrades.
So, what type of deck should you consider for your home? If you’re looking for low-maintenance options, then the Trex Select Deck board is a perfect choice. These decks come with realistic-looking wood grain patterns and are safe and durable to withstand harsh environments.
There you have it – some of the best ways to boost the value of your home without breaking the bank. With some help from experts and using your own DIY skills, you can upgrade your home faster than you might think. This means you can sell your home at a much higher price. Even if don’t want to sell your home, you can have a more stunning and comfortable place to enjoy with your loved ones for years to come.
For more guidance, don’t hesitate to contact our experts immediately. We will be glad to help you achieve your dream home by keeping your exact needs, style preferences, and budget in mind.
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