Do you know how to increase the value of your home? The majority of Americans believe their home is their greatest asset. These homeowners also believe their home’s value will continue to increase in the next decade and beyond. But, how can anyone be sure of this when many factors that contribute to home value are out of our control? For instance, your home’s location and the popularity of that market will fluctuate, and there’s nothing you can do about that.
The good news is that there are a number of smart investments for homeowners to increase home value. At TriFection, we know that high-quality remodeling is the smartest investment for your home’s resale value. If you are planning a remodel, here are several renovation ideas that increase home value.
Increase Home Value By Updating Your Kitchen and Bathroom
If you ask any real estate agent how to increase the value of your home, one of the first things they’ll mention is updating your kitchen and your master bathroom. These are two areas that experience the most intense daily use and are most important to potential home buyers.
Renovate Your Kitchen
Your kitchen is undoubtedly one of the highest-traffic areas in the home. Therefore, one can easily see why a kitchen remodel would bring one of the biggest returns on investment at resale. The kitchen is one of the first rooms prospective homebuyers will ask to see, and if it isn’t up to snuff, the rest of your home almost doesn’t matter. During a kitchen remodel, there are a few crucial elements that will immediately increase the value of your home:
- Custom cabinetry
- Granite or quartz countertops
- Entertainment-friendly layout
- Modern appliance package
Additions like fashionable backsplash and a spacious kitchen island also help enhance home value.
While you should establish a budget that fits your situation, don’t fall prey to cheap, inferior remodeling options. Remember, you typically get what you pay for, particularly when it comes to remodeling craftsmanship and materials. If you need more time to save up the money so you can remodel correctly, then wait. You’ll be glad you did.
For instance, you could spend $60,000 on a good-quality kitchen remodel and raise your home’s value by $40,000 to $50,000 relatively soon thereafter. Or, you could spend only $30,000 on lower quality materials and craftsmanship but not improve resale at all. The higher quality option not only represents a smarter long-term investment but also provides more enjoyment while you continue to live in the home.
Updated Master Bathroom Adds Value
Along with a kitchen remodel, updates to your master bathroom typically provide the best return on investment. The master bathroom needs to be both functional and visually appealing to prospective home buyers.
For the most part, bathrooms aren’t as utilitarian as they were a few decades ago. Large luxury showers with nice tile, solid wood custom cabinets and granite or quartz countertops are the most popular bathroom upgrades these days. Some other bathroom renovations you can make to improve resale value include:
- Modern plumbing fixtures, including certain digital options
- Undermount sinks
- LED lighting
Bathrooms that are more accessible and safer for elderly users will broaden the appeal of your home. Features such as stylish grab bars, wide doorways, and a curbless shower will help achieve this objective.
As with the kitchen, if you choose to renovate your master bathroom, choose high-quality materials and skilled installations. Spending $20,000 to $30,000 on a renovation that provides no increase in market value is a pretty poor investment.
Update Your Flooring
Making the switch from lower grade carpet, laminate, or old linoleum flooring to tile or wood in key areas is a smart investment. Carpet can be damaged more easily and definitely will show wear and tear after years of high traffic. While useful for certain bedrooms or game rooms, most home buyers these days are seeking a more modern, upscale look in the kitchen, bathrooms, and living areas. New, higher quality laminates can be very appealing in the right areas of the home, but some home buyers will have concerns about older versions and the potential impact of exposure to water. And, linoleum….well, that’s just from a long ago era and likely won’t appeal to anyone.
Make Your Home More Energy-Efficient
Investments in energy-related upgrades, such as replacement windows, LED lighting and insulation, can lower your monthly bills and make your home more attractive in the market. New double-paned, gas-insulated windows with Low-E protection can make a huge difference in comfort and your pocketbook during the summer and winter months.
They also immediately enhance curb appeal. Just make sure to do your homework and shop around for a good deal on replacement windows from a reputable company because prices for very comparable products can vary greatly.
LED lighting requires less energy usage, and the fixtures last much longer than those with traditional bulbs. Those fixtures also produce better quality light compared to older alternatives. And, they can be equipped with dimmer switches to control the amount of light needed at different times.
Many existing recessed can lights can be easily retrofitted with LED inserts instead of replacing the entire fixture, which will save you money.
The good news is these types of upgrades can be completed fairly quickly and usually for much lower cost relative to other options.
Add Square Footage
While it may seem too obvious or perhaps cost prohibitive, adding livable square footage in a structurally sound, aesthetically pleasing manner will increase the value of your home. We certainly don’t recommend adding square footage simply to increase resale value. A room addition project should be pursued when your family truly needs more space and you don’t want to move to a bigger home at the time.
Plan to enjoy the added room(s) for awhile, with knowledge you should recoup a major component of your investment down the road, all else being equal.
Be sure to partner with a contractor who has significant experience in room addition projects. Either you or the contractor will need to enlist assistance from an architect and engineer. Early in the evaluation process, you need to carefully review your deed restrictions and local city or county permitting requirements. Upon completion, a well-designed and well-executed room addition should look original to the structure of the home.
Curb Appeal Counts
The outside of your home is your first chance to make a good impression on home buyers. If you want to know how to increase the value of your home, stronger curb appeal is a great first step. If your home doesn’t appeal to home buyers from the street, any inside renovations may not matter. Here are just a few actions TriFection suggests to enhance curb appeal:
- Better landscaping and lawn maintenance
- Landscape lighting
- Repair damaged siding, brick, stucco or trim work
- Repair damaged roof or gutters
- Exterior painting and/or refinished front door
- New fence
- Power wash driveways and sidewalks
How Much Can I Increase My Home Value in Houston?
Statistics show that homeowners in the Greater Houston area can often recover 60-75% of their remodeling investment over time in the form of increased resale value. As mentioned previously, however, the key is to spend the money wisely in the right areas of your home and to make sure you receive excellent craftsmanship, like TriFection provides.
Call TriFection to Improve the Appeal Your Home
For more information on projects that could increase the value of your home, call TriFection at 281.548.2436. You can also send us a message on our website to start the consultation process. In the meantime, check out our project portfolio for inspiration!