Apply it with fresh paint. Give your kitchen an updated look. In fact, finishing a 400 to 1500 square foot basement has a potential ROI of up to 75%, according to HomeAdvisor. Statistics show that replacing an existing front door with a steel one has recovered between 65% and 91% in resale over the past four years.
Buyers appreciate the energy efficiency, low maintenance and cold blocking power of metal. Because fresh air has been shown to spread the spread of COVID-19, Americans have embraced the healing benefits and relative safety of being outdoors in recent years, impacting housing preferences. If your home is between 10 and 15 years old, some expensive items that buyers may need to repair or replace in the coming years could cause them to look elsewhere. Do some repairs now to help get the best selling price.
Toilet technology has improved since 1994, when federal law restricted toilet cisterns to 1.6 gallons per flush (GPF). According to Chase, adding stone veneer is one of the most impactful ways to generate profits with a renovation. A report found that 67% of people are more inclined to see a house if the garden is up to par, as it means less work and better views. Surveying 3,400 people, OnBuy's garden furniture sector (opens in a new tab) presented images of 20 similar-looking houses with different floors in the front garden and asked respondents to rank homes from most to least desirable.
In second place are lilies; these low-effort flowers caught the attention of 71% of potential buyers, who think they make the exterior of a home more attractive. The flowers return year after year and require minimal care, so they are definitely worth planting. The report, which surveyed more than 1,000 homeowners, also reveals the top 10 green approaches homeowners are tackling, and the number one improvement is simply installing smart lighting, energy-efficient LED bulbs that can be automated and controlled through an app. Nearly a third (31%) are making this style of lighting their priority with their home improvements, with upgrading to green appliances and double glazing next on the list, followed by domestic chargers for electric cars and improved insulation.
The value of your home is based on what willing buyers in the market will pay for your home, but each buyer is different. For example, a family might weigh location factors, such as schools and jobs, on the size and condition of the home. These factors can influence why some neighborhoods have high prices, and others that are a few miles away don't. In addition, the proximity of a location to highways, utility lines, and public transportation can affect the overall value of a home.
When it comes to calculating the value of a home, location can be more important than even the size and condition of the home. In addition to square footage, a home's usable space is important when determining its value. Unfinished garages, attics, and basements are generally not counted in usable square feet. So if you have a 2,000 square foot home with a 600 square foot garage, that's only 1,400 square feet of living space.
The impact of a project or improvement varies depending on the market you are in and the value of your current home. For example, according to data from our home improvement value calculator, a finished basement in Portland is 5 times more valuable than finishing a basement in Atlanta, an increase of approximately 13% in median home value versus 2.5%, respectively. Even if your home is in excellent condition, in the best location, with premium upgrades, the number of other properties for sale in your area and the number of buyers in the market can affect the value of your home. If there are a lot of buyers competing for fewer homes, it's a seller's market.
In contrast, a market with few buyers, but with many homes in the market, is called a buyer's market. Short-term interest rates don't directly affect long-term interest rates. Therefore, an increase in the Federal Funds rate does not mean that a 30-year fixed-rate mortgage will become more expensive. Long-term rates are influenced by Treasury yields, investor confidence and inflation rates, among many other factors.
You can learn more on our blog about interest rates and homeownership. The exterior of your home is the first thing buyers see. It's worth the cost and effort to improve your exterior appeal. Mow the lawn, trim the bushes, rake the leaves and touch up the paint on your fence.
The good news is that keeping up with repairs and making smart improvements are proven ways to increase home value over time. Okay, the first thing you can do to increase the value of your home is to make your home more attractive, literally. If you want to be more confident that your home will be worth a lot of money one day, just follow these simple tips on how to increase the value of your home. If you plan to stay in the house for a longer horizon, you could increase both your enjoyment of your home and its resale value by undertaking larger projects.