If you plan on selling your home this year or just want to renovate, making improvements can help boost its value. The exact rate at which your property value will increase can vary depending on several factors, such as the area where it is located, the local economy, and the demand for housing. However, homeowners can still make improvements that can boost value and increase its selling price. 1. Clean and declutter Getting rid of all the accumulated junk can help boost the value of your home. Even in bigger homes, it can be relatively cheap to clean and decongest. According to HomeAdvisor, a four-bedroom house can cost around $200 to $225 to be cleaned professionally. You can save money by organizing your own cleanup. You can start by making donation piles and going through your closets and cabinets. After that, you can clean out your drawers and other storage areas, removing anything you may not need or no longer want. 2. Add usable square footage Adding more square footage to your home can be a financial advantage if you live in areas with limited available land. According to Benjamin Ross, a real estate investor and a realtor based in Texas, a home's value can be determined by its livable square footage. For instance, adding a bathroom or a great room can help boost its value. Another smart idea is to add a mother-in-law suite to your home, as most houses don't have this type of feature, according to Ross. This will set you apart from the other potential buyers. According to HomeAdvisor, the average cost of building an addition is around $49,562. However, the actual cost can vary depending on the type of room that you're planning on adding. For instance, a laundry room may cost around $8,000, while a bedroom with an en suite bathroom may cost up to $100,000. 3. Make your home more energy-efficient One of the most effective ways to increase the value of your home is by implementing projects that can lower utility bills. For instance, installing a smart thermostat can help you save money on energy. A smart thermostat can help a homeowner manage their home's energy costs. This type of technology provides a strong selling point because it shows the home's overall comfort, convenience, and functionality. Other ways to improve the value and efficiency of your home include replacing leaky windows, adding insulation, and installing energy-efficient appliances. Keep in mind that these projects will be more expensive. 4. Spruce it up with fresh paint Wallpapering or painting are some of the most popular projects, as these can make your home's interior and exterior look fresh and new. One of the easiest ways to start a painting project is by targeting any room with an odd color scheme. Your painting budget will depend on the type of room you're planning on adding a new splash of color. For instance, a painting job for a small bathroom may cost around $150 to $350, while it may cost as much as $2,000 for a 330-square-foot living room.
5. Work on your curb appeal Your home's curb appeal can make a huge difference in its value. A study conducted in 2020 by the University of Alabama and the University of Texas at Arlington revealed that curb appeal can account for up to 7 percent of a home's value. According to Joe Raboine, the director of residential hardscaping for Belgard, a well-designed landscape can help boost the value of your home. Some of these projects include adding a fresh walkway, planting new shrubs, and creating an outdoor kitchen. 6. Upgrade your exterior doors One of the easiest ways to boost the value of your home is by replacing an old front door. The front of your home is the first thing potential buyers and neighbors will see as they enter your home. A well-designed entryway can make a huge difference in the overall appearance of your home. According to Randy Oliver, the president of Hollywood Crawford Door Company, you should also consider replacing your garage doors. Replacing these doors can give you a 93 percent return on investment. 7. Give your kitchen an updated look Most buyers consider the kitchen to be the central feature of a home, which means that if it's outdated, it can impact how much you can get from a sale. Also, if you're not able to fully utilize the space, you might not be able to maximize its value. The cost of a kitchen remodeling project can be daunting, especially if you're planning on selling your home soon. According to the National Association of Realtors, a kitchen remodeling project can cost around $80,000. If you're planning on a major kitchen remodeling project, it's important to consider the impact it will have on the value of your home. A minor remodeling can also help boost the value of your home by adding modern hardware and coordinating your appliances. 8. Stage your home If listing your home for sale is the plan, staging your home can help you sell it quickly and for a higher price than you would with a traditional listing. The Real Estate Staging Association noted that 73 percent of staged homes were sold for over the list price were actually moved off the market much faster than the average. According to HomeAdvisor, staging can cost around fifteen hundred dollars, depending on the type of service that you need. The different services that can be used to stage a home include depersonalization, moving furniture, repainting, and more. A real estate agent can also help you determine which services will most benefit your home.