Renovations that can help increase your home’s value.
Homeowners know that renovations – big and small – can help add value to a home. The challenge lies in knowing which projects are worth the investment to build equity. Here are seven home improvements that can significantly increase your home’s value.
1. Update Fixtures
In an ideal world, a full bathroom renovation would top your equity-building to-do list. However, if that’s outside your budget, there are less expensive fixes that can make a real difference.
“Outdated bathroom fixtures can detract from your bathroom’s style. Upgrade knobs and pulls, check for leaky faucets or poor drainage, consider re-grouting your shower or adding a tile backsplash, and always keep the space clean,” advises Mady Dahlstrom, U.S. News & World Report contributor.
2. Kitchen Refresh
The kitchen is often the heart of a home, and when buyers visit, they’re looking for modern, clean, and updated spaces. If a full renovation isn’t an option, you can still add value by upgrading lighting fixtures, swapping out faucets, and replacing cabinet hardware.
Dahlstrom recommends updating kitchen appliances like dishwashers, microwaves, and stoves for a higher return on investment. Stainless steel is a popular choice among buyers, adding a sleek look to the kitchen.
3. Declutter & Organize
Clutter can hide the best features of your home, making it feel smaller than it is. Decluttering is key, says U.S. News & World Report’s Ray Boss Jr. After clearing out unnecessary items, consider painting your interior walls to give your home a crisp, fresh feel.
4. Upgrade Your Entrance
A worn-out front door or slider can hurt your home’s appeal.
“The front and rear doors should be both aesthetically pleasing and functional. You want prospective buyers to be greeted by doors in good working condition – not one they have to struggle to open,” says Boss.
5. Maximize Space
Your home might have underused areas that, when refinished, can boost its value.
“Refinishing a basement or another underutilized space can dramatically increase the value of your home in certain markets,” reports Maryalene LaPonsie, U.S. News & World Report.
6. Install Hardwood Floors
Wall-to-wall carpeting is no longer a highly sought-after feature. Hardwood floors are more desirable, making them a great investment.
“Removing carpet and refinishing wood floors might seem like a daunting task, but with the right tools, this DIY project can be done on a budget. From prepping the floors to sanding and staining, hardwood floors offer a significant return on investment,” says Dahlstrom.
7. Increase Curb Appeal
While indoor improvements are important, don’t neglect the exterior of your home. Curb appeal matters. “Any yard work that enhances your home’s curb appeal will benefit you in the long run,” says Dahlstrom. By focusing on key areas like the kitchen, bathroom, lighting, flooring, and exterior, you can add real equity to your home.
Financing Your Home Upgrades
Five Star Bank provides financing options that can help you upgrade your space based on your goals. A Home Equity Loan or Line of Credit can help you borrow against the current equity you’ve built in your home. Learn more and connect with a Five Star Bank representative today.
FINANCING OPTIONS
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