Home Value: Do what needs doing, and nothing more.

Simple, smart upgrades and fixes won’t cost you a lot of money and they can help you clinch a deal if you are trying to sell.  The best way to improve home value on the cheap is to do what needs doing, and nothing more.  Before thinking of a fancy upgrade, address the basics, know your buyers, choose projects carefully, and know when to quit.  You never get a second chance to make a good first impression.  

1.  Refurbish Cabinets

Give your cabinets a brand new face life with something as simple as paint and new hardware.   Hardware is a easy way to add a quick updated look to your cabinets without having to spend a pretty penny.  You can easily find great looking knobs as low as .50 cents if you do a little hunting.IMAG0189

2.  Curb Appeal

Basic landscaping can help you get the most for your buck.  Choose perennial plants rather annuals, patch any bald spots in the yard with fresh sod and trim existing trees and bushes to complete the yard’s new look.  

3.  Refresh Front Door

Don’t underfront doorestimate the power of a front door.  People make up their minds within the first seven seconds of entering a house.  Invest in a door that speaks to you are as a homeowner but also stay within the architectural detailing.  By incorporating both mindsets, you’re bound to have potential buyers come a knocking.

4.  Let the Light in

A “bright” way to increase the vKitchen 1alue of your home is to lighten up.  Adequate lighting in a home makes a major difference.  Not only does a bright, well-lit room feel more cheerful but it also makes spaces feel larger and cleaner.

 

5.  Paint, Paint, and Paint20150121_134411_resized-1024x576

One of the most cost-effective enhancements of all is paint.  Rooms look clean and updated, and that spells value.  Keep in mind neutrals appeal to the greatest number of prospects.  Soft, muted colors such as pale green or a muted beige can still be neutral while greatly improving the look and feel of each room.

5. flooring Flooring 

Flooring is a forgotten upgrade.  The rule of thumb for flooring is the more resilient and long lasting, the higher the upgrade is, but the higher return is on investment.  Vinyl flooring and carpet is at the bottom of the upgrade spectrum.  Consider wood, tile, or natural stone for flooring options to add value.

Renovating prat of your home is the best route to increasing market value.  Part of the appeal and motivation for home renovations is that a large portion of that money spent will be paid back through increased equity you gain in your home.  However, not all projects improve the value of your house by the same amount.  Know how to add value and carefully select how you spend your money.  

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One Response to Home Value: Do what needs doing, and nothing more.

  1. Scott Strenger says:

    This is really great Advice. And it works well. I just wish some of my investors would go by this rule of thumb.

    Thanks Dave, Great information!

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